MP Alexandra Attalides submitted on Friday a bill aiming to strengthen protections for borrowers and improve transparency in Cyprus’ banking and credit sector.

The proposal, announced by the political party Volt, seeks to amend the existing law on the liberalisation of interest rates and related matters. If passed, it would require all credit institutions, credit purchasers, loan acquisition companies, and non-bank lenders to clearly state in their contracts the exact amount of charges or fees recovered as part of a credit arrangement.

These institutions would also be obliged to explain how and when such costs may change during the life of the loan. Volt described the proposed amendment as a significant step towards empowering borrowers.

The party said that clearer information on financial obligations would help prevent hidden charges and sudden increases in costs.

According to the party, the measure would not only shield consumers from unfair practices but also enhance transparency across the financial sector. With more detailed and open information, Volt argues, consumers will be able to make better comparisons between offers and choose the services that best suit them.