uyo traders

Some traders within Uyo have decried high interest rate of most microfinance banks as a discouraging factor that has put them off interms of accessing loans. Speaking with one of them (name withheld), he noted that he was satisfied at his current business level, explaining that he would not want to plung himself into trouble by accessing loans in any MFBs. To him, the interest rate of these MFBs is too high for a common business person to bear the brunt of the payment.

In another development, a poultry former by name Esther also explained that the problem of who to stand in as a surety is what sometimes discourages people to access MFB loan. She revealed that many at times  people do not take the risk of standing as guarantors for others as they fear that if the person involved faulters, the guarantor will bear the brunt of the action. She also said that the type of loan can also encourage people to go in for loans.It would be recalled that during the AGM of one of the microfinance Banks in the state, customers rose to appeal for the reduction in interest rate of MFBs loans.