{"id":9367,"date":"2021-11-11T14:49:07","date_gmt":"2021-11-11T14:49:07","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-parliament-passes-motion-on-interest-rate-capping"},"modified":"2021-11-12T15:05:23","modified_gmt":"2021-11-12T15:05:23","slug":"malawi-parliament-passes-motion-on-interest-rate-capping","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-parliament-passes-motion-on-interest-rate-capping","title":{"rendered":"Malawi Parliament passes motion on interest rate capping"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>Malawi Parliament has passed a motion allowing the tabling of a bill which seeks to amend the Financial Services Act to include interest rate capping. Member of Parliament for Dowa West Abel Kayembe moved the motion in Parliament this afternoon.<\/p>\n

The approval of the motion allows Kayembe to table a private member\u2019s bill that would introduce amendments to the Financial Services Act for purposes of regulating interest rates charged on loans and setting a limit of total interest payable on the principal of loans for the mutual benefits of customers, Banks and Government.<\/p>\n

In his remarks on the motion, Kayembe said people in Malawi are being oppressed by exorbitant interest rates on the loans secured from financial institutions.<\/p>\n

He noted that inflation in Malawi has been on a single digit for years but banks are charging interest rates that are close to 25 percent. \u201cBanks are exploiting Malawi Government and the general public because banks are charging more than is expected,\u201d said Kayembe.<\/p>\n

He further argued that interest capping will force banks to expand their customer base because as it is, banks can just overcharge their current customers and still make profits.<\/p>\n

On his part, Member of Parliament for Lilongwe South East said the interest capping will help contain how banks are operating and protect borrowers from loss of property.<\/p>\n

\u201cThis is going to help our people because legislation is the surest enabler which balances the sharing of resources in a nation,\u201d the legislator said.<\/p>\n

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

Africa-Press – Malawi. Malawi Parliament has passed a motion allowing the tabling of a bill which seeks to amend the Financial Services Act to include interest rate capping. Member of Parliament for Dowa West Abel Kayembe moved the motion in Parliament this afternoon. The approval of the motion allows Kayembe to table a private member\u2019s […]<\/p>\n","protected":false},"author":84,"featured_media":9366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12],"tags":[3305,233,371,1195,234,929,2983],"class_list":["post-9367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","tag-abel-kayembe","tag-africa-press","tag-africa-press-malawi","tag-banks","tag-malawi","tag-malawi-parliament","tag-members-of-parliament"],"yoast_head":"\nMalawi Parliament passes motion on interest rate capping - Malawi<\/title>\n<meta name=\"description\" content=\"Malawi Parliament has passed a motion allowing the tabling of a bill which seeks to amend the Financial Services Act to ...\" \/>\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\/malawi\/all-news\/malawi-parliament-passes-motion-on-interest-rate-capping\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Malawi Parliament passes motion on interest rate capping\" \/>\n<meta property=\"og:description\" content=\"Malawi Parliament has passed a motion allowing the tabling of a bill which seeks to amend the Financial Services Act to ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-parliament-passes-motion-on-interest-rate-capping\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-11T14:49:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-12T15:05:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/11\/img-618e8290bc368.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1005\" \/>\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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-parliament-passes-motion-on-interest-rate-capping#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-parliament-passes-motion-on-interest-rate-capping\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Malawi Parliament passes motion on interest rate capping\",\"datePublished\":\"2021-11-11T14:49:07+00:00\",\"dateModified\":\"2021-11-12T15:05:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-parliament-passes-motion-on-interest-rate-capping\"},\"wordCount\":265,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-parliament-passes-motion-on-interest-rate-capping#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/11\/img-618e8290bc368.jpg\",\"keywords\":[\"Abel Kayembe\",\"Africa Press\",\"Africa Press-Malawi\",\"Banks\",\"Malawi\",\"malawi parliament\",\"Members of pARLIAMENT\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-parliament-passes-motion-on-interest-rate-capping#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-parliament-passes-motion-on-interest-rate-capping\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/malawi-parliament-passes-motion-on-interest-rate-capping\",\"name\":\"Malawi Parliament passes motion on interest rate capping - 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