FIRST is not giving out new loans
First Finance Company (FIRST) is a subsidiary of Swaziland Development Finance Corporation (FINCORP). First gives free financial planning and debt counseling services to clients. The company was established in 2009. It offers a wide range of loans including debt consolidation, educational, emergency, short term etc. FIRST which popular money lending institution is not giving out any new loans? It was affected in June and has already been communicated to the company’s clientele. In Swaziland, FIRST give considerably low interest rates on loans, as compared to other micro lenders.
The suspension was meant at allowing the organization to review its loan product offering to be in line with the prevailing economic conditions, Bonginkosi Mamba, senior business development officer said. The process would not take long, Bonginkosi Mamba assured. Findings of the ongoing review would determine whether the loan product ranges would have to change or not, he said. Loan requests would be looked into even in the period of the suspension, Mamba also said.
Dumsani Msibi, Fincorp Managing Director confirmed the suspension on new loans, but he did not want to comment further on this matter. FIRST is governed by a distinguished Board of Directors made up of selected Board members of the current Board of FINCORP.
