{"id":37264,"date":"2022-09-17T18:46:26","date_gmt":"2022-09-17T18:46:26","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/government-details-tricks-fraudulent-money-lenders-use"},"modified":"2022-09-17T19:04:41","modified_gmt":"2022-09-17T19:04:41","slug":"government-details-tricks-fraudulent-money-lenders-use","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/government-details-tricks-fraudulent-money-lenders-use","title":{"rendered":"Government details tricks fraudulent money lenders use"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>The government has expressed concern over the rate at which some fraudulent money lenders and microfinance institutions are reportedly hoodwinking unsuspecting Ugandans into borrowing at exorbitant interest rates, with a target of snatching the collateral security of defaulters.<\/p>\n

Ms Rachael Vanesa Muhwezi, the manager of microfinance institutions at the Uganda Microfinance Regulatory Authority (UMRA), said the practice is common among some money lenders, whose companies are not licensed.<\/p>\n

UMRA is a government agency responsible for licensing, supervision and regulation of Tier 4 microfinance institutions, money lenders and savings and cooperatives, among others.<\/p>\n

Addressing participants at a stakeholders training organised by UMRA on Thursday, Ms Muhwezi revealed that they \u201chave handled several cases of borrowers whose property has been taken by the money lenders and \u201cwe have helped in the process of redeeming them back to the owners.\u201d<\/p>\n

She added: \u201cAs a regulator, we have a complaint-handling mechanism\u2014the consumer protection bureau. Every time a complaint is raised, we investigate the matter.\u201d<\/p>\n

Ms Muhwezi said it is illegal for any money lender to attach, confiscate or sell off the property of borrowers without following the law.<\/p>\n

\u201cThe law is very clear that within 60 days after issuing demand notice of one, two, three\u2014in a proper delinquency management\u2014that is when you can enforce on property that was offered,\u201d she said, adding, \u201cThe borrower has a right to seek someone who can purchase his property at a price higher than what they are meant to pay, instead of a money lender taking it over or selling it cheaply.\u201d<\/p>\n

Ms Muhwezi also cautioned money lenders and microfinance institutions in the habit of charging \u201cexorbitant interest rates\u201d.<\/p>\n

Close to 1,500 money lenders have been registered by UMRA.<\/p>\n

Mr John Sunday, the chairperson of Rebahare Investments Limited, a money-lending business, admitted that a number of lenders have not covered themselves in glory. Some of them, he revealed, disappear \u201cuntil the payback period expires, and [they] take away the collateral.\u201d<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. The government has expressed concern over the rate at which some fraudulent money lenders and microfinance institutions are reportedly hoodwinking unsuspecting Ugandans into borrowing at exorbitant interest rates, with a target of snatching the collateral security of defaulters. Ms Rachael Vanesa Muhwezi, the manager of microfinance institutions at the Uganda Microfinance Regulatory […]<\/p>\n","protected":false},"author":84,"featured_media":37263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,12],"tags":[233,240,234,643],"class_list":["post-37264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-homepage-english","category-policy","tag-africa-press","tag-africa-press-uganda","tag-uganda","tag-uganda-microfinance-regulatory-authority"],"yoast_head":"\nGovernment details tricks fraudulent money lenders use - Uganda<\/title>\n<meta name=\"description\" content=\"The government has expressed concern over the rate at which some fraudulent money lenders and microfinance institutions ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/government-details-tricks-fraudulent-money-lenders-use\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government details tricks fraudulent money lenders use\" \/>\n<meta property=\"og:description\" content=\"The government has expressed concern over the rate at which some fraudulent money lenders and microfinance institutions ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/government-details-tricks-fraudulent-money-lenders-use\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-17T18:46:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-17T19:04:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/09\/postQueueImg_9-63261a2bc0a47.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/government-details-tricks-fraudulent-money-lenders-use#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/government-details-tricks-fraudulent-money-lenders-use\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Government details tricks fraudulent money lenders use\",\"datePublished\":\"2022-09-17T18:46:26+00:00\",\"dateModified\":\"2022-09-17T19:04:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/government-details-tricks-fraudulent-money-lenders-use\"},\"wordCount\":341,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/government-details-tricks-fraudulent-money-lenders-use#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2022\/09\/postQueueImg_9-63261a2bc0a47.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\",\"Uganda Microfinance Regulatory Authority\"],\"articleSection\":[\"all news\",\"homepage-english\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/government-details-tricks-fraudulent-money-lenders-use#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/government-details-tricks-fraudulent-money-lenders-use\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/government-details-tricks-fraudulent-money-lenders-use\",\"name\":\"Government details tricks fraudulent money lenders use - 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