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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