Exorbitant Interest rate, Affecting Businesses – DaddyFreze

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exorbitant interest rate affecting small businesses - daddyfreeze

Popular controversial broadcaster, DaddyFreeze took to his Instagram handle to express his displeasure on the high interest rate on loan for businesses especially in this hard time of the pandemic.

According to Freeze, “I don’t think the Nigerian banks need a prophet on the mountain to tell them that the people who borrowed money from them at 20-30% will find it difficult to pay back.

“I think the banks need to sit down now with the people to re-structure those loans as it will be un-fair for them not to recognize the plight of the people in this COVID period of salary cut, job losses, etc.”

He also went further to say that the 20-30% interest rate is so exorbitant and call on the Central bank to look into this.

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He said, “if it makes sense 2 years ago to borrow at 20% interest rate, it does not make sense now and the banks and their customers need to start having that conversation

Recall that some banks gave a 3-month suspension of loan payment during the lockdown which has expired now, but then, is that enough for businesses out there; should they rather cut down the interest rates?

What do you think?

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