The Lesotho Micro Finance Association (LEMFA) in collaboration with Central Bank of Lesotho are currently mobilizing moneylenders about the amendments of regulations that govern them.

Central Bank of Lesotho (CBL) Head of Non-Bank Supervision, Mr. Bafokeng Noosi disclosed that they are currently engaged in the annual meetings with moneylenders with the aim to discuss their duties and notify them of the moneylenders Act which is soon to be annulled.

Noosi stated that once the new Act is implemented, moneylenders will be given six months of transition from the current Act to the yet to be implemented.

Meanwhile, LEMFA President, Mrs. Mamakamane Makamane indicated that the money lenders Act is stagnant, and has to be repealed.