JUSTICE for Zambian Citizens Against Predatory Lenders (J-ZAP) has written to the Bank of Zambia (BoZ), demanding for the immediate revocation of the suspension on interest rate caps. J-ZAP wants the BoZ to reinstate statutory maximum interest rates to prevent continued exploitation of citizens by online money lending platforms. In a demand letter addressed to the BoZ on August 13, Governance and Social Activist Daimone Siulapwa said the Central Bank should commence a comprehensive investigation into the operations of all online and mobile-based lending platforms, including their licensing status, interest rate structures, and collection practices. “We act on behalf of, and with the authority of, concerned Zambian citizens gravely affected by the operations of unregulated and exploitative online money lending...

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