Chibuyu Finance Limited has been found to be the most expensive lender of loan facilities among the 33 non-bank financial institutions with a total effective annual interest rate of 262 per cent. According to a publication of charges, fees and commissions compiled and published by the Bank of Zambia (BoZ) as at June 30, 2018, Chibuyu is the most expensive lender of credit charging consumers an annual interest rate of 262 per cent among the 25 micro-financing companies, and total 33 non-bank financial institutions. BoZ data reveals in a demonstration of the cost of borrowing K1,000 for one year across all 33 entities, Chibuyu ranked the most expensive lender with a total cost of borrowing amounting to K2,400 in interest…...

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