The Independent Uganda: You get the Truth we Pay the Price
SPECIAL REPORT | THE INDEPENDENT | The Minister of Finance Matia Kasaija has urged money-lending institutions to exhibit a high degree of honesty and integrity.
Kasaija was speaking at the opening ceremony of the Goldmine Finance Branch at Kabalagala. He noted that most banks and money lending institutions only prioritize collecting money from customers and do not mind the progress of the businesses for which the loan was acquired.
According to Kasaija, most businesses have collapsed because of the high interests imposed by banks and money-lending institutions.
Ezra Balihamwe, the compliance officer of Uganda Microfinance Regulatory Authority (UMRA) said that the public is still facing challenges of the long loan terms from unregulated financial institutions despite the regulations enacted by the Authority.
Balihamwe also noted that the authority faces a staff shortage, hindering it from fully delivering its mandate in all parts of the country.
Allan Tayebwa the Managing Director of Goldmine Finance pointed out that there is a need to improve professionalism and financial literacy among the public and money lenders.
According to Tayebwa, money lenders and microfinance institutions are supposed to use the laid down legal means to conduct their businesses but are instead resorting to the use of forceful approaches especially in recovering money lent out.
******
URN
