More still needs to be done to spur access to credit

Shylocks and other digital lenders have taken advantage of this and consequently invaded the credit market. FILE PHOTO | NMG

The interest rate cap has been an ongoing debate. Some quarters, especially the banking sector, the Treasury, IMF and the pundit economists termed its introduction as a populist approach, whilst financial consumers lauded the government, claiming that “Banks should finally be tamed!” Any of these concerns were never far from the truth.

Different quarters either supported or opposed the introduction of the rate cap.

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Note: The results are not exact but very close to the actual.