Published: 16 April 2014

Loan sharks and money lending firms are feasting on desperate pensioners seeking short term loans for personal use and capital projects by charging exorbitant interest charges of up to 40% per month, it has emerged.

This comes amid reports that pensioners are getting measly payouts from various pension schemes including the National Social Security Authority.

Last year NSSA increased monthly payouts from a low of $20 to $30 and a maximum payout of $60.

Zimbabwe Progressive Pensioners Trust chief Wellington Zunde said pensioners have turned to money lenders because they cannot access credit form banks.
- Zim Mail

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