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“Any person who operates a money lending business without a valid licence shall be guilty of an offence and shall be liable to a fine, imprisonment, or both,” the Ministry warned in a statement.

Government warns unlicensed money lenders to comply or face the law

The Ministry of Finance and National Planning has warned all individuals and companies involved in money lending, famously known in the streets as 'kaloba', to either get properly licensed or risk being dragged before the law.

https://www.facebook.com/share/1HvptfX7kH/?mibextid=oFDknk

According to the Ministry, any person or business conducting money lending must hold a valid licence issued by the office of the Accountant General under the Money Lenders Act, Cap 398 (3) and not just the court-issued certificate many have been flashing around.

If someone is out there throwing cash like a walking ATM and calling themselves a money lender without a licence, the Ministry of Finance says the free ride is over as such activities are illegal and punishable by law.

“Any person who operates a money lending business without a valid licence shall be guilty of an offence and shall be liable to a fine, imprisonment, or both,” the Ministry warned in a statement.

The Ministry further assured the public that it will strictly enforce the law and bring any defaulters to justice.

The move comes as part of government efforts to formalise the microfinance and informal lending sector, protect borrowers from exploitation, and ensure financial institutions operate within regulated frameworks...https://kalemba.news/business/government-warns-unlicensed-money-lenders-to-comply-or-face-the-law/

By George Musonda

Kalemba June 25, 2025

Good morning. Need help with any debt issues?

Lawrence Survival General Trading You lend K1,500 and your client pays back K16,000. Is that fair?

Our people are suffering from unfair and exploitative loans. We are here to stop that.

*Public Notice Regarding Bayport Lending Institution*

To the general public, I would like to share my experience with Bayport lending institution. Despite my previous challenges with them, I was surprised to receive loan offers from their agents claiming I still owe K29,000.

For clarity, I took a K68,000 loan in 2019 for 60 months. Due to frequent changes in monthly deductions, I faced difficulties. The deductions varied significantly (K3,514, K2,760, K3,314, and K3,830.79), leading to alleged defaults. Despite completing the loan term in November 2024, they extended deductions for six more months until May 2025.

My government payslip now shows "00" indicating the loan is settled. However, Bayport agents are contacting me to take another loan, stating I owe K29,000. Given my contribution of over K200,500 towards the initial K68,000 loan, I find this claim questionable.

Sincerely,
Wela

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