TIRANA, Jan 6 /ATA/At the start of this year, the Democratic Party put forward a legislative proposal to tackle the issue of microloans.
MP Jorida Tabaku introduced the legislative initiative through a video shared on social media, highlighting the urgent need to protect consumers and their assets from abuses within the microfinance and banking sectors.
“2024 was marred by the microfinance scandal. Thousands of small loan borrowers, those who take out loans quickly, unfortunately became victims of a pyramid scheme—a corrupt system that forced them to risk their property. Tragically, some also lost their lives,” Tabaku emphasizes.
The Democratic Party has proposed the establishment of a working group in the Albanian Parliament to implement measures that protect consumers from loan risks and prevent future abuses in the microfinance sector, according to Tabaku.
Tabaku also mentioned, “After waiting for nearly six months, and seeing no progress, we succeeded in aligning the entire Albanian law with the European Union regulation.”
Tabaku emphasizes that the proposal for consumer protection in the banking sector aims to establish better standards to protect consumers, ensure they receive proper information, and safeguard their property.
“1,700 properties were seized, and nearly 100,000 citizens were involved in an unprecedented corrupt scheme that left many families at the mercy of fate,” stated Tabaku.
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