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Microfinance loan providers in Sierra Leone accused of ‘payday loan’ interest rates

Microfinance loan providers in Sierra Leone accused of ‘payday loan’ interest rates

Borrowers have actually accused NGOs of billing interest that is unfairly high demanding quick payback, and reporting debts to your authorities

The the greater part of individuals taking right out microfinance loans in Sierra Leone are ladies. Photograph: Kate Holt for The Guardian

Final modified on Thu 15 Oct 2020 14.19 BST

The world’s biggest NGO happens to be forced to conduct an inside breakdown of a scheme that is money-lending operates for the bad in Sierra Leone after some borrowers amassed significant debts and had been reported to police if they couldn’t repay loans.