{"id":17528,"date":"2022-07-16T10:47:24","date_gmt":"2022-07-16T10:47:24","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/governor-hails-consumer-protection-act"},"modified":"2022-07-16T11:23:18","modified_gmt":"2022-07-16T11:23:18","slug":"governor-hails-consumer-protection-act","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/governor-hails-consumer-protection-act","title":{"rendered":"Governor hails Consumer Protection Act"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>The Governor of the Central Bank of Lesotho, Dr Maluke Letete, on Monday hailed the launch of the Financial Consumer Protection Act as a huge milestone for Lesotho.
\nHe said the new law will seek to protect consumers in Lesotho adding that indebtedness is on the rise despite all efforts to stop it. \u201cThe situation in this country is a bit disheartening,\u201d Dr Letete said.
\nMoney lenders had even resorted to taking their customers\u2019 identity documents, he said. \u201cI hope with this law we are launching today, all these issues shall be a thing of the past,\u201d he said.<\/p>\n

\u201cThe law is the law but without it being implemented we cannot get anywhere.
\n\u201cWe are now looking for commitment and ability from the people of Lesotho to truly implement that law,\u201d he said.
\nDr Letete said it is their responsibility as the bank to see the results so that in the next five years, they can really see that they have set free the number of Basotho that were indebted and those who lost their identity documents to the money lenders.
\nUnder the new Act, financial providers are expected to provide information to consumers in a clear, fair and legible manner before they are bound by any agreement.
\nThe financial provider is also expected to provide a key fact statement that summarises the key terms and conditions of a product that will allow for easier comprehension by consumers and comparison across all different service providers.
\nThe financial provider is further expected to inform the consumer applying for credit that checks will be made at, information collected and provided, to a credit reporting system. The financial providers are also prohibited to retain or possess ATM cards, passports or identity documents of a consumer for collateral purpose.<\/p>\n

The United Nations Development Programme (UNDP) Resident Coordinator, Amanda Mukwashi, said the Act comes at a time when Lesotho is facing numbers of financial challenges triggered by Covid-19 and the war between Russia and Ukraine, amongst others.<\/p>\n

\u201cLesotho is already facing a number of shocks which include poverty, inequality and low job creation in the private sector,\u201d Mukwashi said.<\/p>\n

\u201cThis calls for youths to create jobs for themselves,\u201d she said. She said financial inclusion \u201cbecomes a pillar to help Basotho create jobs\u201d.<\/p>\n

She said young people need to be equipped with the necessary resources to turn around this tragedy. \u201cAll these are going to require very clear protection of the consumer,\u201d she said.
\nMukwashi said we should consider protecting them from high competition which drives them out of the market. She said if they do not have access to the market, they are not going to be able to achieve the intent of the Financial Consumer Protection Act.
\nThe president of the Insurers Association of Lesotho, Mpho Vumbukani, said the objective of this Act is to create a fair play for their clients. He said as financial service providers they exist to serve the clients and it is important that this gets done.
\nVumbukani said they are aware that as financial service providers, especially in the insurance sector, some of their services might be quite complex and the issues of transparency, financial literacy and education are very critical.
\n\u201cWe believe that through this Act, they will shape a better future for our nation,\u201d he said.<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. The Governor of the Central Bank of Lesotho, Dr Maluke Letete, on Monday hailed the launch of the Financial Consumer Protection Act as a huge milestone for Lesotho. He said the new law will seek to protect consumers in Lesotho adding that indebtedness is on the rise despite all efforts to stop […]<\/p>\n","protected":false},"author":84,"featured_media":17527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,246,1821,245],"class_list":["post-17528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-lesotho","tag-bank-of-lesotho","tag-lesotho"],"yoast_head":"\nGovernor hails Consumer Protection Act - Lesotho<\/title>\n<meta name=\"description\" content=\"The Governor of the Central Bank of Lesotho, Dr Maluke Letete, on Monday hailed the launch of the Financial Consumer Pro ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/governor-hails-consumer-protection-act\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Governor hails Consumer Protection Act\" \/>\n<meta property=\"og:description\" content=\"The Governor of the Central Bank of Lesotho, Dr Maluke Letete, on Monday hailed the launch of the Financial Consumer Pro ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/governor-hails-consumer-protection-act\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-16T10:47:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-16T11:23:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/07\/postQueueImg_21-62d29f7d5a8cf.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1536\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/governor-hails-consumer-protection-act#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/governor-hails-consumer-protection-act\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Governor hails Consumer Protection Act\",\"datePublished\":\"2022-07-16T10:47:24+00:00\",\"dateModified\":\"2022-07-16T11:23:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/governor-hails-consumer-protection-act\"},\"wordCount\":567,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/governor-hails-consumer-protection-act#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2022\/07\/postQueueImg_21-62d29f7d5a8cf.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Lesotho\",\"Bank of Lesotho\",\"Lesotho\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/governor-hails-consumer-protection-act#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/governor-hails-consumer-protection-act\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/governor-hails-consumer-protection-act\",\"name\":\"Governor hails Consumer Protection Act - 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