PM Defends Moneylenders Bill as Protections for Citizens

Prime Minister John Briceño has defended the Government’s Moneylenders (Amendment) Bill 2025. He said the legislation strikes a balance between protecting citizens and allowing lenders to operate fairly.

“I don’t think it’s a matter of tightening the noose on everyone. It is to ensure that these lenders do not take advantage of our citizens when they are most in need,” Briceño said on Thursday.

The bill lowers the maximum rate of interest, fees, and charges from levels above 240 percent to 144 percent per annum. Briceño added, “Yes, the cost of doing business is higher than the bank because they take bigger risks, but we can’t allow them to be able to charge in excess of 240 or 250%.”

Under the amendments, all interest, fees, and charges would fall under one cap of 144% per annum.

“We’re saying that whenever a borrower signs, they have to list out all of the fees that can be charged to them legally so that you, as a borrower, have signed and are fully aware of what you’re signing on. So afterwards, you can’t go and say, “I never knew,”” Briceño added. 

The law requires lenders to register as companies with at least $50,000 in paid-up capital. Lenders with assets above one million must file annual audited accounts and rotate auditors every seven years.

Borrowers must also receive full disclosure of all charges before signing agreements. Penalties of up to five thousand dollars per day apply for hidden or unlawful fees.

The bill builds on the Moneylenders Regulations of 2017.