Central bank advises borrowers not to pay hidden fees on loans

Sandra Thompson.

It also advised the public to compare the interest rates of their nancial institutions with those of other lenders in making the decision on where to apply for a loan.

BoG said the notice was in line with its mandate to promote transparency and e ective disclosure practices in the nancial sector.

It also urged the public to critically assess their capacity for the loans, including making sure that they are capable of repaying prior to obtaining a loan facility.

“Borrowers are advised not to rush to acquire loans. Where possible, they may obtain and compare o ers from multiple lenders before deciding on the best deal,” the notice said.

In recent times, the bank has stepped up e orts to educate the general public on nancial transactions to help deepen nancial literacy as well as discourage unfair practices by banks and specialised deposit-taking institutions, which it regulates.