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| Introduction to the MFRC |
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NEW: Supreme Court of Appeal finds in favour of MFRC
"The primary aim of the regulatory council is to promote sustainable growth of the micro-lending industry, to serve unserved credit needs, while ensuring that consumer rights are protected."
The Micro Finance Regulatory Council (MFRC) has been established in accordance with the Usury Act Exemption Notice of 1 June 1999. The MFRC, is a company incorporated under Section 21 of the Companies Act, and has been recognized as the official and single regulator of all money lending transactions falling within the scope of the Usury Act Exemption Notice.
Any money lender who wishes to avail themselves of the benefits of the Usury Act Exemption, will be required to register with the MFRC and thereafter comply with the rules of the MFRC and the Exemption Notice.
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| MFRC Mandate |
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