By Skandha Gunasekara
Some microfinance companies had given loans out at interest rates as high as 170%, The Morning learnt.
“Some of the interest rates are very high and unfair. Some interest rates were as high as 170%, we found out,” State Minister of Samurdhi, Household Economy, Microfinance, Self-Employment, and Business Development Shehan Semasinghe told The Morning.
He said necessary action would be taken to address this issue.
“Act No. 8 of 2016 has to be amended. We will do so to safeguard both parties.”
He said that the Government was not looking to undercut the microfinance companies.
“We don’t want to take any business away but we hope these finance companies fall in line with the Government’s policies.”
“Some of the interest rates are very high and unfair. Some interest rates were as high as 170%, we found out,” State Minister of Samurdhi, Household Economy, Microfinance, Self-Employment, and Business Development Shehan Semasinghe told The Morning.
He said necessary action would be taken to address this issue.
“Act No. 8 of 2016 has to be amended. We will do so to safeguard both parties.”
He said that the Government was not looking to undercut the microfinance companies.
“We don’t want to take any business away but we hope these finance companies fall in line with the Government’s policies.”