Some banks are ripping too much from Malawians – Finance Minister

The Ministry of Finance on Thursday admitted that some commercial banks in the country are ripping too much from Malawians.

The minister of finance Dr. Ken Lipenga was speaking in Parliament when he answered a question posed by the Member of Parliament for Ntcheu North East Everton Herbart Chimulirenji who wanted the minister of finance to explain why Malawian commercial banks continue to make huge profits despite the adverse economic conditions prevailing in the country.

“Mr. Speaker Sir I would like the Minister of Finance to explain on the issue that some Malawian banks continue to make profits when the country continue facing economic hardships.

“Is this not a case of Malawians banks overcharging their customers in an attempt to maximize their profits?” asked Chimulirenji.

Lipenga: Admits some commercial banks are ripping off Malawians
Lipenga: Admits some commercial banks are ripping off Malawians

In his response, minister of finance Dr Ken Lipenga admits that some banks in the country are really posing huge profits from Malawians.

“It is true that some banks in Malawi are making a lot of profits by overcharging their customers. Let me assure this house that my ministry will continue engaging with the banks so that they do not pose huge some of interest rate on the people,” said Lipenga.

Lipenga further explained that with the increased availability of foreign currency, a lot of banks are coming forward to open their banks in the country.

“As the number of banks increase, there is also an increased competition, hence the need for the banks to provide reasonable rates as the country is passing through economic reforms,” Lipenga said.

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