By Kabuye Ronald
Uganda Microfinance Regulatory Authority (UMRA) an institution mandated to regulate, license and supervise all the microfinance institutions and money lenders has revealed that has finalized the plans to carry out operations against all money lenders who operate outside the law.
According to the press release issued by UMRA executive director Peter Enong Ojulang, the authority has noted with concern the mushrooming unlicensed money lenders taking advantage of the desperate people affected by the Covid 19 pandemic to cheat them.
“The Authority has noted with concern the mushrooming unlicensed money lenders around the country conducting business in defiance of the Tier 4 Microfinance Institutions and money lender act 2016 and accompanying regulations.
The illegal money lending companies are taking advantage of the desperate people affected by the Covid 19 pandemic to cheat them. We are informing the general public that the authority has finalized plans to launch enforcement operations against all those operating outside the law.” Reads UMRA press release.
The authority encouraged borrowers to transact business with only licensed money lenders to avoid being cheated
