By Caroline Kirabo
The Uganda Microfinance Regulatory Authority (UMRA) has decided not to renew the contracts of all money lenders in the country due to fraud involved in their operations.
Deputy Minister of Micro Finance, Hon. Kyeyune Haruna Kasolo, was at Hotel Africana launching the Online Performance Monitoring Tool PMT, brought by the Association of Microfinance Institutions of Uganda.
Haruna Kasolo said that the year 2023 has received many complaints about money lenders, who have gone from being money lenders to thieves who rob Ugandans.
Kasolo ordered the Uganda Microfinance Regulatory Authority, which is in the process of renewing the licenses of money lenders, to first suspend it.
Haruna Kasolo also advised Ugandans who want to get rich to stop the habit of spending every dollar they make on their mouths.
Edith Tusubiira, President of the Uganda Microfinance Regulatory Authority, said the suspension of money lender licenses will be implemented.
Jackline Mbabazi, President of the Association of Microfinance Institutions of Uganda (AMFIU), said the Online Performance Monitoring Tool PMT will help MicroFinance in its operations.
They pointed out that borrowers from lending companies who have made it a habit to change the contracts they borrow from have the intention of robbing people who have failed to pay.
Similarly, there are also crooks who borrow money from various companies with the intention of stealing from them.
Hon. Kyeyune Haruna Kasolo, Jackline Mbabazi, The Uganda Microfinance Regulatory Authority, Money Lenders, and the Association of Microfinance Institutions of Uganda.