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Fraud in microfinance institutions shocks GetBucks

 

One of the local microfinance institutions, GetBucks Malawi, says it is shocked with high levels of systematic fraud in the sector.

GetsBucks Malawi managing director Mike Hodgkiss said in an interview on Friday that since November 2014, fraud has doubled with criminal elements becoming more creative in the duplication of bank statements, identification and pay slips to defraud microfinance institutions.fraud

“We have been a victim of such schemes, in the process we lost millions of kwacha,” said Hodgkiss.

He said criminals have gone to the extent of forging civil servants’ payslips and identification to get loans from microlenders.

Hodgkiss said they have since instituted measures to arrest the problem.

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