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Better monitoring of moneylenders needed

March 12, 2019 5:15 am

There needs to be better monitoring and supervision of moneylenders.

Association of Banks in Fiji Chair, Rakesh Ram says moneylenders need to have something similar to the banks and financial institutions.

Ram says there are many moneylenders who are not registered under the banking act and most probably do not understand the terms and conditions in place.

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He says they need to have better control of all moneylenders in Fiji including the financial institution that lends money.

Ram reiterates that financial literacy and education are important and people need to know when and why they should borrow money and not do it for the sake of it.

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