Microfinance borrowers across Nepal converged in Kathmandu Wednesday for a powerful demonstration, marching from Siphal ground in Chabahil to Baluwatar. The protesters, largely women, demand relief from what they allege are unfair lending practices and crippling debt imposed by microfinance institutions.
The protest marks the culmination of a week-long march in Muglin on February 13th. Around 3,000 individuals, upended by debt, walked for seven days to reach Kathmandu and bring their plight to the government’s doorstep.
Their stories are heartbreaking. Many protesters claim microfinance companies lured them with promises of financial opportunity, only to saddle them with exorbitant interest rates and harsh repayment terms. The protesters demand government intervention, seeking debt forgiveness and an end to the exploitative practices they say have ruined their lives.
The demonstration underscores a growing crisis in Nepal, where microfinance institutions, intended to aid the poor, are increasingly accused of predatory lending. The protesters’ determination and solidarity highlight the urgent need for reform and protection of vulnerable borrowers.
