Uganda Microfinance Regulatory Authority (UMRA) board inaugurated, urged to streamline SACCOs, money lenders

There were cries of joy when investors from Global Finance opened shop and promised a 15% monthly interest for savers. Members who recruited their friends, family and acquaintances were also promised 10% of the new investment. It was a deal that was just too good to leave.

However, in the end, some 3,000 people, many with millions of shillings in the company were left to scratch their head in distress when officials from the company simply vanished in thin air.

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5 Comments

  1. AHEREEZA RONALD-Reply
    November 15, 2018 at 1:24 pm

    thanks for the regulatory services because i have been a victim of these fake saccos and companies that take advantage of uganda’s administrative loopholes

  2. Elvis Kadhama-Reply
    November 29, 2018 at 5:04 am

    I want to start money lending but I don’t know how to get a license for operations

  3. MAISO John Kennedy-Reply
    December 12, 2018 at 7:25 am

    My God that was quite terrible theft of Ugandans. Scumist are everywhere and regulations are necessary but too must be passed to public knowledge and awareness.

  4. AHIMBISIBWE SIMON-Reply
    January 4, 2019 at 6:57 pm

    this is so good but i just need to know what it takes to have a microfinance company

  5. Brian Pounds-Reply
    January 11, 2019 at 10:58 am

    I was wondering why the renewal of 2019 licences for us the money lenders isn’t possible.
    I would like to know why the issuing of new 2019 licences that were previously done by courts isn’t now in progress.
    Perhaps when shall we expect its issuance and what immediate help can I get

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