Public warned against unlicensed moneylenders
In the past two weeks, President Museveni vowed to crack down on exploitative moneylenders who take advantage of vulnerable individuals.
Kitgum: The Kitgum Deputy Resident District Commissioner (RDC), Hajji Marijan Walire, has issued a strong warning to the public against unregistered moneylenders who are defrauding members of the community.
According to Walire, many of these fraudsters exploit people’s ignorance and financial difficulties to con money without proper verification. He stated that his office has received numerous complaints from the public regarding this illicit practice.
Hajji Marijan emphasized that these unlicensed moneylenders do not operate through the office of the security but rather at times utilize the District Commercial Officer (DCO) office and other agents.
He warned that those acting as agents for such fraudsters will face legal consequences once investigations reveal their connections to these operations.
Recently, the Uganda Microfinance Regulatory Authority (UMRA) advised the public to refrain from engaging in any financial transactions with certain companies, including El-Shaddai Financial Services Limited, as well as mobile apps such as Flypesa, Banana App, Loango, Nile, Gloan App, Boom Loan, and Mpacash, among others.
In the past two weeks, President Museveni vowed to crack down on exploitative moneylenders who take advantage of vulnerable individuals.
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