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The Uganda Microfinance Regulatory Authority (UMRA) has given a two-week ultimatum to unlicensed moneylenders in Bunyoro.

24 April, 2023
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The Uganda Microfinance Regulatory Authority (UMRA) has given a two-week ultimatum to unlicensed moneylenders in the Bunyoro sub-region to regularize their businesses following allegations of fraudulent activities.

 

The move comes after numerous complaints were raised by members of the public in the area against some moneylenders who have been accused of acting as con men while executing their duties.

 

A team of officials from the Uganda Microfinance Regulatory Authority, the regulators of Tier 4 Microfinance, and moneylenders camped in the region to investigate the complaints. Among the issues raised against the moneylenders are the grabbing of properties, homes, houses, motorcycles, and national identity cards.

 

UMRA Communications Manager, Edward Bindhe, says they carried out surveillance and registered numerous complaints in the area.

 

William Kasigazi Donanto, the Resident City Commissioner for Hoima East Division, said thousands of original national identity cards are in the hands of moneylenders.

 

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