Borrowers, especially small business start-ups, have for long complained of what they call prohibitive loan interest rates charged by local banks and microfinance institutions (MFIs).
Now that Senators have added their voice to that of ordinary Rwandans, especially small business operators, the Central Bank (BNR) should heed the voice of the people and intervene. On average, commercial banks presently charge 17 per cent interest but some go as high as 24 per cent.
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