Will the President’s move to cap interest rates charged by money lenders and his suggestions on regional markets yield tangible results, or are these just passing remarks? Kampala, Uganda | JULIUS BUSINGE | In his latest State of the Nation Address 2024, President Yoweri Museveni wants to cap interest rates charged …
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Kampala, Uganda | THE INDEPENDENT | The Uganda Microfinance Regulatory Authority (UMRA) is suggesting new changes in the traditional money lenders’ loan structures. The changes among others suggest caps on interests charged by the money lenders The changes are part of the proposed amendments to the Microfinance laws and regulations. “As …
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Kampala, Uganda | THE INDEPENDENT | Money lenders and microfinance institutions have been advised to use legal means to conduct their businesses instead of resorting to the use of force, especially in recovering money. This comes at a time when the small lenders are trying to get to terms with …
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Entebbe, Uganda | THE INDEPENDENT | President Yoweri Museveni has ordered the Ministry of Finance and Parliament to issue new regulations to control money lending and interest rates in the Ugandan economy. “These moneylenders who are causing suicide to our young people, who allows them to operate? Why should someone …
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Kampala, Uganda | THE INDEPENDENT | The National Identification Registration Authority (NIRA) and Police have started operations against money lenders confiscating National Identify Cards. Osborn Mushabe, the NIRA spokesperson said many money lenders have continued to defy warnings and have continued taking National IDs as security for loans. Mushabe said a …
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Masaka, Uganda | THE INDEPENDENT | Masaka Deputy Resident City Commissioner, Ahmed Kateregga has instructed police to investigate money lenders who are confiscating the National IDs of borrowers over petty loans. He issued the directives after receiving complaints from several people after failing to recover their National IDs from the loan …
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Kampala, Uganda | THE INDEPENDENT | The Uganda Microfinance Regulatory Authority-UMRA has rallied money lenders in the country to secure the requisite licenses to safeguard them against loan delinquents. Delinquency can negatively impact a borrower’s credit, and this gets worse the longer the balance remains unpaid. Several Ugandans have ended up …
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Kampala, Uganda | THE INDEPENDENT | The Uganda Microfinance Regulatory Authority-UMRA is launching what they have called impromptu operations against Tier4 microfinance institutions and moneylenders that are either not registered or are violating licensing terms. This follows persistent complaints from the public about fraud in the industry as well as uncoordinated …
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Kampala, Uganda | THE INDEPENDENT | The chief executive of Uganda Microfinance Regulatory Authority (UMRA) says money lenders and non-deposit-taking microfinance institutions should charge interest rates in the region charged by commercial banks. Avu Elly Biliku, in an interview with Uganda Radio Network on Wednesday said the microfinance law stipulates that …
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