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Abdel Latif Jamal on Microfinance Risks
The article discusses the exploitation of some microfinance associations by citizens, especially those with limited income, through the imposition of high interest rates and financing costs, as well as collusion between employees and brokers during loan grants. It also highlights practices of pressure and threats during debt collection processes. Deputy Abdel Latif Abu Shaikh emphasized that the goal of microfinance is to support poor families and improve their economic conditions, not to increase their financial burdens. He called for strict supervisory measures, including reviewing interest rates, investigating manipulation, examining default loan files, and scrutinizing affected loan contracts, to ensure the protection of citizens and prevent financial exploitation. Regulating these practices aims to preserve the role of developmental financing and safeguard the rights of the targeted groups.
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