Jorida Tabaku, a senior member of Albania’s opposition Democratic Party, has introduced a new legislative proposal aimed at protecting consumers from abuses in the microcredit and banking sectors, following a major scandal that affected thousands of citizens.
Jorida Tabaku, a senior member of Albania’s opposition Democratic Party, has introduced a new legislative initiative designed to protect consumers from abuses in the microcredit and banking sectors.
Tabaku described 2024 as a year that would be remembered for its “microcredit scandal.” She explained that thousands of Albanians had found themselves trapped in a pyramid scheme that put their properties and financial stability at risk. “Unfortunately, there were also fatalities,” she added in a video posted to social media.
The proposed law aims to improve consumer protection by ensuring clearer loan terms, better safeguards for borrowers’ property, and stronger oversight of financial institutions. “We waited for months, but when the government failed to act, we took steps to align EU regulations with Albanian law,” Tabaku said.
She also highlighted that the current situation had led to serious financial consequences for many citizens. Around 1,700 properties were seized, and nearly 100,000 people were caught in a corrupt lending system that left many families vulnerable. “These families were abandoned, with no protection,” she noted.
The bill also proposes the creation of a working group in the Albanian Parliament to ensure these issues are addressed and prevented in the future.
Tabaku urged lawmakers to approve the bill, stressing that it was a crucial step towards creating a safer and fairer financial system in Albania.
