Killing the poor & desperate with shylock rates

“Those Micro-finance banks that we have today, are not ‘giving’ loans at single-digit interest rates”; for example, “You borrow N50,000 for 90 days and they expect you to pay another N50,000 interest to them in another 90 days. That is outrageous and that is too exorbitant…” besides, “if you don’t pay the N50,000 interest, they seize your bicycle, or your car or your machine.” (CBN Governor, Godwin Emefiele-see story titled ‘Microfinance Banks Charging Outrageous Interest Rates on Loans”, Punch edition of December 10, 2018).