Rwanda loan sharks 'could be allowed to operate legally'

Dec 17, 2009

Suspected loan sharks in Rwanda may be able to operate in the future, but only in the confines of the law, it has been suggested.

Suspected loan sharks in Rwanda may be able to operate in the future, but only in the confines of the law, it has been suggested.

Speaking to The New Times, Central Bank Governor Francois Kanimba claimed that the financial institution "cannot sit back" as the 14 behind the Banque Lambert business lend to people illegally and "cause losses to the public".

However, while the people involved have been arrested Mr Kanimba claims the Rwandan loan scheme could still have a future.

"We can sit and discuss terms under which they can operate instead of operating illegally," he states, adding that if they claim to be facilitating business operators then they should submit relevant applications to the Bank.

Such moves come as British newspaper the Daily Telegraph claimed that President Paul Kagame has led "a crusade against economic and financial crimes" since coming into power in 2000.

The publication claims that Rwanda is often "held up as an example" by the World Bank for its work in tackling corruption.