Mkuu CottonEyeJoe,
Inaelekea huyu kagongwa vibaya sana! Hadi anashindwa kujieleza kama anavyoonesha hapa chini:
Can lazydog please make things clear? We Dare To Talk Openly, haijalishi itawakera basi ukweli walau ujulikane mkuu. Pls lazydog
Mhhh.. hapa kuna jambo, Kwa hiyo ndiyo kusema hakuna ushaidi wowote wa utapeli wa Easy Finance, jamani hamna hata mtu mmoja kati ya waliolizwa walifika polisi na ku-reporti na kama hapana kwa nini walichagua kutotoa malalamiko katika vyombo husika kama wamedhurumiwa??? Je Easy finance walikiuka msharti yoyote ambayo yaliweka kwenye mikataba kati yao na wateja wao???
Microfinance: BoT to crack down on 'loan shark' creditors
-Measures underway to keep 'easy finance' borrowers from being unfairly fleeced
FINNIGAN WA SIMBEYE
Dar es Salaam
EXPLOITATIVE money lending and loan shark operators could be in for a tough time from next year when the Bank of Tanzania (BoT) starts implementing new regulations aimed at keeping in check the mushrooming micro-finance credit institutions in the country, it has been revealed.
BoT Governor Prof. Benno Ndulu told THISDAY in an exclusive interview this week, that the bank is currently awaiting the regulations to be put in place, in order to enable a regulatory mechanism to start supervising the activities of non-banking microfinance institutions.
His statement comes in the wake of growing public complaints over a number of local micro-finance companies offering so-called 'easy finance' loan deals at interest rates and loan processing fees that are said to have been excessively hiked.
It is alleged that some of these companies and other 'rogue' lenders tend to prey on lower-rank civil servants and small-scale private businessmen/women, who apparently have difficulties accessing loans from established banks.
Apart from charging the high interest rates and fees for loan processing, the same companies are further alleged to be auctioning motor vehicles and other assets belonging to defaulting borrowers without notice when they fail to meet a single repayment schedule.
According to Prof. Ndulu, the central bank presently does not regulate the bulk of micro-finance institutions that are not part of the licensed commercial banks set-up in the country.
''We hope to introduce a mechanism to regulate these enterprises from next year, after the necessary regulations have been put in place,'' the governor told THISDAY.
A number of Dar es Salaam residents who profess to have fallen victim to alleged loan shark activities by microfinance companies say the government should intervene and investigate these firms.
''Many of these companies offering so-called easy finance are simply pure criminals,'' said Mohamed Abdallah of Sinza suburb in the city.
A survey by THISDAY has shown that both licensed and unlicensed money lending firms with low-income households forming their main clientele tend to charge exorbitant interest rates - some as high as 200 per cent of the principal amount.
Borrowers end up paying dearly with high annual percentage rates (APRs) of interest, leaving some with very little idea of how much money they owe at a given time.
However, financial experts say the proposed new regulations should help bring such loan shark operations under control.
The 2003 Financial Laws (Miscellaneous Amendment) Act, enacted by Parliament in February and accented by the president in April, mainstreams micro-finance in the country's financial system by incorporating amendments of the Bank of Tanzania Act of 1995, the Banking and Financial Institutions Act of 1991, and Cooperatives Societies Act 1991.
Some years later, however, all four Acts were repealed and replaced with the new Bank of Tanzania Act 2006, Banking and Financial Institutions Act 2006, and Cooperative Societies Act 2003.
The Mbozi East Member of Parliament on a CCM ticket, Godfrey Zambi, recently made a call in Parliament for the government to look into complaints by teachers especially that they were being taken for a ride by micro-finance lending firms like Bayport Financial Services Limited.
Contributing to the debate on the 2008/09 budget proposals of the Ministry of Education and Vocational Training, the MP accused Bayport of lending money to teachers and other civil servants ''at exorbitant interest rates that surpass those of the commercial banks.''
He said this firm was responsible for turning hundreds of civil servants into paupers by overcharging them through this manner and other hidden costs.
Zambi's sentiments were echoed by Tanzania Teachers Union (TTU) President Gratian Mukoba, who accused the government of being an accomplice to the practices of companies like Bayport ''by remaining silent.''
Teachers are understood to be the single biggest group of microfinance company borrowers from within the civil service.
Speaking in a later interview with THISDAY, Bayport's Chief Executive Officer, Etienne Coetzer, explained that the company charges 10 per cent interest rate to those who borrow money to be repaid within a month, but ''for those who acquire big amounts of money repayable in 36 months, we normally charge them between three to 5.5 per cent.''
He also said the company has official backing letters from State House allowing it to solicit civil servants for loans.
THISDAY's survey also established that commercial banks tend to charge around 20 per cent interest on savings account loans plus other processing fees, while non-bank financial institutions charge between 30-50 per cent interest.
Lasydog hiyo ndio democrasia , ukiweka link unatangaza mengine na hiyo haitakiwi
PM sent, and Am sorry for offending you. But next time pls put the news and the link not links only.But would you please PM me?
Ukisikia mwenzio amelizwa usiharakishe kufanya conclusion ukisema huyu ni mzembe tu, ukaacha kuangalia upande wa mhusika wa pili.
Nataka kusema kwamba, tutakuwa tunafanya makosa kudhani kwamba kwa kuwa organisation fulani inafanya biashara kwenye ardhi yetu basi moja kwa moja hawa jamaa ni legit na wanafuata ethics za biashara wanayodai kuiendesha. Kinachoshtua na ambacho sikutegemea, mawaziri na wakuu wengine serikalini wanahongwa (imetokea Asia). Biashara nyingine zinatumia mwanya kushamiri kwenye nchi zinazozubaa kurekebisha sheria zake.
Miaka kadhaa nyuma nilisoma magazeti yakitahadharisha kuhusu Loan sharks. Wakati huo waliokuwa wakilizwa walikuwa ni waganda.
Kuna thread humu inawahusu Easy Finance.
Ni uzalendo kuelimisha umma. Haya mambo ya utandawizi siku hizi, ni vyema tukasaidiana tuwagutukie criminals waliovaa suti. Internet imeturahisishia kazi kufuatilia yanayotokea nchi nyingine, kujua kipi ni cha kutilia mashaka. Umeshawahi kusikia kuhusu illegal MLM?
Wameshaliza watu nchi nyingi tu na wamekuwepo Tanzania hata kabla ya 2005; ila baadae kidogo ndio watu watagutuka. Miezi minne iliyopita wamekuwa kwenye kashkash mbali mbali na Interpol. Na sasa wanafanya purukushani huko Asia hususani India.
Watu wataanza kulalama kwamba navuruga business za watu, kwa hiyo sitawataja hapa, hata hivyo sio muhimu sana kwani zaidi ya asilima 30 ya wakazi wa jijini wanaifahamu biashara hii.
Illegal pyramid or Ponzi schemes.
Microfinance: BoT to crack down on loan shark creditors
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kWA DUNIA YA SASA ANAYETAPELIWA ni kuwa aidha haulizi ushauri wa kitaalamu, au hasomi magazeti au kusikiliza radio au hashiriki mazungumzo ya maana ya kujielimisha kujua nini kinaendelea.Loan sharks si kitu kipya, kadhalika pyramid schemes - walianza SP in the 1990 watu walitapeliwa wakadanganywa na wahusika wakakamatwa na kushtakiwa..sijui ile kesi iliishia wapi.zikaja schemes nyingine mpaka ile ya wake wa vigogo - Women empowerment sijui nini.. kesi iko mahakamani. Watu hawajifunzi tu... hata leo hii im sure mtu akija na scheme ya ajabu ajabu watu wataingia kichwa kichwa! Hili la easy finance na zingine , kama walivyochangia wengine, kila anayeanzisha kitu chake ana motive yake, na ni juu yetu kujiridhisha na kuona kuwa tunakubaliana nae au la.Ukiwa hukubaliani, usiingie kwenye scheme..usikope! Ukikopa ikaja kuwa chungu basi usilalame na kufanya kilio chako kuwa ni cha kila mtu.... hakuna mfanyabiashara asiyetaka faida..kuna suala la ethics lakini ni wangapi wanaangalia hilo?Kuna pia benki nasikia zinatoa mikopo bila riba kwa vile imani zao zinakataza. Nadhani ziwe promoted zijulikane ili kuwaokoa watu wasibamizwe na riba.
Albania under the Shadow of the Pyramids
by Carlos Elbirt - head of the World Bank's Resident Office in Tirana, Albania.
...In the last quarter of 1996 interest rates paid for by the pyramid schemes started to spike rapidly-30 percent, then 40 percent, and even 50 percent per month. The annual inflation rate was still below 20 percent. It was clear that collapse was imminent. Finally, in early 1997 all but four of the pyramids admitted insolvency. People blamed the government, and the pyramids' final collapse provoked an antigovernment uprising and widespread civil disorder in February and March. That eventually brought down the president and the government.
Why did people blame the government? The government did not ask or advise the public to invest in the pyramids. But it tolerated, and even legitimized, these activities, according to critics. True, the finance minister issued a formal, timid warning about the risks of investing in the pyramids (in retrospect, it looks as if the warning was aimed more at satisfying the IMF and the World Bank, than at actually stoping the pyramids). But the public could not believe that a scheme involving every other Albanian family would not be guaranteed by the government. Moreover, pyramid managers were seen at official receptions, and they were interviewed daily by the government-controlled television stations. Their association with the Democratic Party of President Berisha was obvious (and later acknowledged). Many protesters even claimed that the pyramids were the creation of the government, or more precisely, of the president. But the pyramids also reached other parties and other interest groups. After all, was their goal to gradually grind up everybody...
Loan sharks is no longer on my list of worries, naona serikali inaliwekea mkakati. Shughuli iko kwenye fedha inakwenda nje ya nchi.
Nimesoma post yako mara kadhaa, nimegundua tunatofautiana kidogo sana.
Hata hivyo, ni vyema tukaangalia si kwa mtazamo wa "hilo ni tatizo lisilonihusu". Ukisoma hii article utaelewa kwa nini (it is a bit off-topic though):
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Zanaki,
Ukikwama njoo nione. Easy finance wanachofanya ni halali. Ni jukumu la mteja kwenda au kutokwenda! PERIOD.
FP
Pamoja na kuwa na shida lazima watu wawe makini wajue wanapoamua kuchukua mkopo una masharti gani na kama wataweza kuyamiliki masharti hayo, vinginevyo EF hawakuwekei bunduki kichwani unaweza kujiondokea bila hata senti tano ili wasikutapeli. Lakini kuchukua mkopo halafu unaanza kulalama eti umetapeliwa huo ni uhayawani. Ni lazima tujifunze kuishi within our means.