Kampala, Uganda | THE INDEPENDENT | Uganda Microfinance Regulatory Authority is drafting new guidelines to regulate digital lending. Digital money lenders are emerging as the latest innovation to small loans extended through online platforms or digitally but there have been concerns that they are not regulated. But the emergence of …
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Kampala, Uganda | THE INDEPENDENT | SACCO savers are set to get relief from the rampant losses due to group dissolution or liquidation as well as closures for any reason, as the government is set to implement a fund to secure their savings with different SACCOs in the country. The SACCO …
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Kampala, Uganda | THE INDEPENDENT | The Uganda Microfinance Regulatory Authority-UMRA has rallied money lenders in the country to secure the requisite licenses to safeguard them against loan delinquents. Delinquency can negatively impact a borrower’s credit, and this gets worse the longer the balance remains unpaid. Several Ugandans have ended up …
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Njeru, Uganda | THE INDEPENDENT | Police in Njeru Municipality in Buikwe district have arrested six money lenders for impersonating staff of the Uganda Microfinance Regulatory Authority (UMRA ) and extorting money. The suspects work with Moskal Enterprises Uganda Limited, a money lending agency located at Wobulenzi , Luwero district. …
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Kampala, Uganda | THE INDEPENDENT | The Microfinance Regulatory Authority-UMRA has asked financial institutions to provide fast and unsecured loans to individuals affected by the Covid-19 lockdown. The outbreak of the pandemic and the ensuing lockdown of movement and operations led to a drop in both the demand and supply of …
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Kampala, Uganda | THE INDEPENDENT | The Uganda Microfinance Regulatory Authority-UMRA is launching what they have called impromptu operations against Tier4 microfinance institutions and moneylenders that are either not registered or are violating licensing terms. This follows persistent complaints from the public about fraud in the industry as well as uncoordinated …
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Kampala, Uganda | THE INDEPENDENT | The Finance Committee of Parliament has tasked Uganda Microfinance Regulatory Authority-UMRA crackdown on unscrupulous money lenders illegally operating in the country. This came up when the UMRA, Edith Tusubira appeared before the committee on Wednesday alongside the Microfinance State Minister, Haruna Kasolo to present their …
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Kampala, Uganda | THE INDEPENDENT | Parliament has tasked the Finance Ministry to investigate Platinum Credit Limited and Bayport for alleged exploitation of borrowers. Platinum Credit Limited is a micro finance company that offers emergency loans to borrowers among others. Bayport on the hand offers short term loans, medium-term loans, …
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Kampala, Uganda | THE INDEPENDENT | District leaders in Bunyoro sub-region have asked the Uganda Microfinance Regulatory Authority to investigate microfinance institutions that are illegally taking deposits from members of the public. The call was made at the launch of a campaign organised to create public awareness on the mandate …
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Kampala, Uganda | THE INDEPENDENT | The Uganda Microfinance Regulatory Authority has blacklisted a cryptocurrency exchange known as Dunamiscoins Resource Centre Ltd. The initial license issued to the company last year has expired, and according to the authority, it will not be renewed. UMRA, the regulators of Tier 4 Microfinance …
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