{"id":53234,"date":"2023-07-26T21:56:33","date_gmt":"2023-07-26T21:56:33","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/mps-question-microfinance-officials-over-shs10b-loans"},"modified":"2023-07-26T23:30:00","modified_gmt":"2023-07-26T23:30:00","slug":"mps-question-microfinance-officials-over-shs10b-loans","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/mps-question-microfinance-officials-over-shs10b-loans","title":{"rendered":"MPs question Microfinance officials over Shs10b loans"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Administrators of the Microfinance Support Centre (MSC) yesterday faced a tough time explaining circumstances under which they dished out loans amounting to Shs10.6b without following the stipulated processes.<\/p>\n

This followed hard pressing questions from legislators on Parliament\u2019s Committee on Commissions, Statutory Authorities and State Enterprises (Cosase), who are currently probing the entity over queries raised in the Auditor General\u2019s report for Financial Year 2021\/2022.<\/p>\n

The lawmakers heard that Shs4.1b was released without carrying out proper loan appraisal, Shs3.1b was given to applicants without filing proper documents, and Shs1.3b was disbursed without the requisite collateral security. The money also includes another Shs1b released under unclear circumstances.<\/p>\n

To this end, the committee chaired by the Nakawa West MP, Mr Joel Ssenyonyi, tasked the MSC deputy executive director, Ms Hellen Patronella Masika, to provide answers to the said illegality.<\/p>\n

\u201cYou are giving money to companies and individuals where documents are not availed. It is as if someone comes into your office and you pull out money from a drawer and you give them [when] they have not filled any documents, tell us why such occurrences?\u201d Mr Ssenyonyi asked the MSC officials led by Ms Masika.<\/p>\n

Ms Masika told the committee that she needed more time to extract specific details from files at her office before she could answer the question.<\/p>\n

This didn\u2019t settle well with the MPs, who then insisted that the MSC leadership responds. For this reason, Ms Masika asked the head of business development services at MSC, Mr Dickson Ainemani, to respond, who said: \u201cWe can give Saccos loans of up to Shs100m without security provided they are performing well.\u201d<\/p>\n

This prompted MPs to question the authenticity of the responses of MSC and Mr Ssenyonyi consequently demanded that the team be on oath.<\/p>\n

\u201cI don\u2019t want to allow an excuse on your behalf that you are not ready, you must be ready [and] when you return tomorrow, they will still be under oath,\u201d Mr Ssenyonyi said before directing that the entity returns today with finer and detailed responses.<\/p>\n

The MPs demanded the MSC leadership returns with the board members of the entity, together with all senior management staff so questions raised on July 25 are answered without fail.<\/p>\n

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

Africa-Press – Uganda. Administrators of the Microfinance Support Centre (MSC) yesterday faced a tough time explaining circumstances under which they dished out loans amounting to Shs10.6b without following the stipulated processes. This followed hard pressing questions from legislators on Parliament\u2019s Committee on Commissions, Statutory Authorities and State Enterprises (Cosase), who are currently probing the entity […]<\/p>\n","protected":false},"author":84,"featured_media":53232,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,240,234],"class_list":["post-53234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nMPs question Microfinance officials over Shs10b loans - Uganda<\/title>\n<meta name=\"description\" content=\"Administrators of the Microfinance Support Centre (MSC) yesterday faced a tough time explaining circumstances under whic ...\" \/>\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\/mps-question-microfinance-officials-over-shs10b-loans\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MPs question Microfinance officials over Shs10b loans\" \/>\n<meta property=\"og:description\" content=\"Administrators of the Microfinance Support Centre (MSC) yesterday faced a tough time explaining circumstances under whic ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/mps-question-microfinance-officials-over-shs10b-loans\" \/>\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=\"2023-07-26T21:56:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-26T23:30:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690397852.60323.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"688\" \/>\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\/mps-question-microfinance-officials-over-shs10b-loans#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/mps-question-microfinance-officials-over-shs10b-loans\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"MPs question Microfinance officials over Shs10b loans\",\"datePublished\":\"2023-07-26T21:56:33+00:00\",\"dateModified\":\"2023-07-26T23:30:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/mps-question-microfinance-officials-over-shs10b-loans\"},\"wordCount\":395,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/mps-question-microfinance-officials-over-shs10b-loans#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690397852.60323.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/mps-question-microfinance-officials-over-shs10b-loans#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/mps-question-microfinance-officials-over-shs10b-loans\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/mps-question-microfinance-officials-over-shs10b-loans\",\"name\":\"MPs question Microfinance officials over Shs10b loans - 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