Cash Genie

Cash Genie is a payday lending company that has faced significant regulatory scrutiny and legal challenges in the United Kingdom. In 2014, the company voluntarily disclosed to the Financial Conduct Authority (FCA) that it had engaged in unfair lending practices, including charging excessive fees and rolling over loans without proper customer consent. As a result, Cash Genie agreed to a £20 million redress scheme to compensate over 92,000 affected customers. These actions led to the company’s eventual liquidation in 2016.

In Botswana, micro-lending is a regulated sector overseen by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA). The NBFIRA ensures that micro-lenders adhere to strict guidelines, including transparent loan terms, responsible lending practices, and proper assessment of borrowers’ ability to repay. While Cash Genie operated in the UK, its business practices have had implications for the broader micro-lending industry, highlighting the importance of regulatory oversight to protect consumers.

Physical Address:

Plot 5217, Masetlheng, Tlokweng, Botswana