Clarke: Gov’t serious about Microcredit Act

Minister of Finance and Public Service Dr Nigel Clarke said that the Government will ensure vigilance in administering and enforcing the Microcredit Act in a bid to protect the microfinance subsector from “nefarious players” — stopping short of using the term loan sharks.

Speaking at the launch of BlueStart Capital — which will trade as Courts Ready Cash — at the Courts headquarters on Slipe Road in St Andrew yesterday, the finance minister argued that the regulation was necessary both to protect consumers as well as to comply with international requirements for combatting money laundering.