Government Urged to Regulate Private Loan Firms to Protect Citizens in Lugari

The government has been called upon to take swift action to regulate private loan firms following complaints of exploitation from their clients. Business owners in Lugari Sub-County have decried the high-interest rates imposed by these institutions, which make it difficult for borrowers to repay their loans and often result in the forceful seizure of their property.

The traders highlighted that the current harsh economic conditions have made it increasingly difficult for them to sustain their businesses, and the aggressive practices of loan firms are adding to their struggles. They emphasized the need for strict regulations to safeguard the rights of borrowers and prevent these institutions from taking advantage of the economic hardships faced by ordinary citizens.

The traders urged the government to intervene and ensure fair lending practices, protecting citizens from exploitation while fostering an environment where businesses can thrive without undue financial pressure.