oper atives ▁found ▁operating ▁loan ▁schemes ▁with ▁the ▁invol vement ▁of ▁loan ▁sh arks . ▁The ▁minister ▁of ▁K PD N K K , ▁Dat uk ▁Ham z ah , ▁announced ▁that ▁the ▁government ▁was ▁working ▁on ▁impro ving ▁the ▁Cooper ative ▁Act ▁of ▁ 1 9 9 3 ▁to ▁better ▁reg ulate ▁the ▁activities ▁of ▁nearly ▁ 1 3 , 0 0 0 ▁registered ▁co oper atives ▁throughout ▁the ▁country . ▁ ▁High ▁effective ▁interest ▁rates ▁Another ▁criticism ▁revol ves ▁around ▁the ▁actual ▁cost ▁of ▁the ▁loan . ▁Prior ▁to ▁ 2 0 1 2 , ▁the ▁typical ▁interest ▁rate ▁of ▁most ▁co oper ative ▁loan ▁was ▁around ▁ 1 0 % ▁per ▁an num ▁calculated ▁on ▁a ▁flat ▁rate . ▁Bor row ers ▁only ▁received ▁ 8 1 % ▁of ▁the ▁loan ▁amount ▁with ▁ 1 9 % ▁dedu cted ▁for ▁various ▁fe es ▁and ▁exp enses ▁including ▁a ▁commission ▁to ▁agents . ▁A ▁re calcul ation ▁of ▁interest ▁rates ▁based ▁on ▁effective ▁rates ▁on ▁the ▁actual ▁money ▁received ▁showed ▁that ▁borrow ers ▁were ▁pay ing ▁interest ▁of ▁ 2 4 % ▁per ▁an num . ▁ ▁Cooper ative ▁lo ans ▁today ▁In cre ased ▁competition ▁among ▁co oper atives ▁offering ▁lo ans ▁resulted ▁in ▁interest ▁rate ▁stead ily ▁decl ining . ▁Most ▁co oper ative ▁lo ans ▁today ▁charge ▁an ▁interest ▁of ▁ 4 % ▁- ▁ 7 % ▁per ▁an num ▁with ▁p ayout ▁usually ▁around ▁ 9 0 % ▁to ▁ 9 5 %, ▁which ▁makes ▁the ▁cost