Government Heightens Crackdown On Illegal Money Lenders

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Government has heightened operations to crackdown on illegal financial dealers within the country.

The latest report indicates that several financial dealers especially money lenders have been and still levying high interest rates and fleecing clients off their property in the guise of Security.

Rachael Muherez, the Manager in charge Microfinance Institutions at the Uganda Microfinance Regulatory Authority (UMRA) while presiding over the launch of another branch of UNIFI Uganda at Kabalagala, Makindye Division, a financial Institution recently said Government is committed to regulating financial services in the country.

She adds that this shall enhance clients’ protection from dubious service providers.

According to Ms. Muherez Government of Uganda is committed to supporting financial institutions in a bid to guarantee innovative services to the market.

β€œGovernment welcomes all innovative ideas and services in the finance market,” she said.

Michael Boden, the UNIFI Country DirectorΒ  said the expansion is meant to extend various financial services to employed city dwellers.

β€œThe opening of this branch is to bring services to employees around Nsambya, Kabalagala, Muyenga, Kasanga, Kibuli and other places in the fast-growing neighbourhood,” said Mr. Boden.

He noted that the existing and prospective Unifi customers will be using the *282# USSD mobile application on MTN and Airtel networks at no cost to save time and effort for clients, giving them value for money services, transparency and improvement of service as well as the convenience of access to loans service using their mobile phones.

The application give customers an avenue through which they can check their balances, amend their personal details, or report issues as well as Unifi loan requirements to re-loaning.

UNIFI has been offering unsecured lending services to underserved markets across Sub Saharan Africa since 2006 using world-class analytics and technology to offer credit and other finance related products and services. The countries UNIFI already operates are Zambia, Tanzania and South Africa and now Uganda.

UNIFI Uganda has four branches; Wandegeya, Clement Hill Branch, Kabalagala and Parliament Avenue.

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