{"id":53431,"date":"2023-07-29T11:37:14","date_gmt":"2023-07-29T11:37:14","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates"},"modified":"2023-07-29T12:51:49","modified_gmt":"2023-07-29T12:51:49","slug":"speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates","title":{"rendered":"Speaker threatens to cancel money-lender loan agreements with MPs over high rates"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Speaker of Parliament Anita Among has threatened to terminate all Memorandums of Understanding (MoUs) that various money lenders have with a section of legislators in the 11th Parliament citing high-interest rates.<\/p>\n

The Speaker told Parliament on Thursday that the move is purposely to instil discipline amongst money lenders whom she accused of \u2018harassing\u2019 MPs.<\/p>\n

\u201cAnd money lenders who are harassing MPs with very high-interest rates, even if it\u2019s just one day overdue, I am going to cancel those MoUs because the easiest way to get their money is from Parliament,\u201d she said.<\/p>\n

\u201cI will do it because I can\u2019t afford to have MPs every time in court, especially those who are dealing directly with Parliament, they must behave,\u201d Ms Among added.<\/p>\n

Her caution was triggered by concerns of displeasure raised by the Vice Chairperson of the Legal and Parliamentary Affairs Committee, Mr Yusuf Mutembuli, who noted that the government complains about why the Ministry of Finance had not compelled the money lenders to adhere to Section 90(1) of Tier 4 Microfinance Institutions & Money Lenders Act, 2016.<\/p>\n

Provisions under this section define the boundaries within which outlets such as those run by money lenders ought to charge interest on loans dished out. Section 90 (1) stipulates that \u201cthe Minister may, in consultation with the Authority, by notice in the Gazette, prescribe a maximum interest rate which a money lender shall charge.\u201d<\/p>\n

Additionally, Section 90 (2) states that \u201ca money lender who charges an interest that is higher than the maximum interest rate prescribed by the Minister commits an offence and on conviction, is liable to a fine not exceeding 50 currency points and the court may, in addition to the fine order that the money lender\u2019s licence be cancelled and the money lender pays the borrower any money paid in excess as a result of the interest rate charged.\u201d<\/p>\n

Mr Mutembuli (Bunyole East) noted that this provision is not being adhered to and therefore tasked the State Minister of Finance In Charge of General Duties who was present in Parliament at the time to respond on the issue.<\/p>\n

\u201cAs you are aware, most of our colleagues have been arrested, taken to prisons because of unregulated interest rates. My question to the Minister is, when is he going to come up with the maximum interest rate that the money lenders must charge because this is how we are going to protect Ugandans. Otherwise, we have left money lenders charging 150 per cent, others are charging 300 per cent because section 90 hasn\u2019t been invoked,\u201d he said.<\/p>\n

In response to the matter, Mr Musasizi said: \u201cYes I am aware because I enacted it. What I need to follow up is whether the instrument was worked on or not and I report back to the House.\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. Speaker of Parliament Anita Among has threatened to terminate all Memorandums of Understanding (MoUs) that various money lenders have with a section of legislators in the 11th Parliament citing high-interest rates. The Speaker told Parliament on Thursday that the move is purposely to instil discipline amongst money lenders whom she accused of […]<\/p>\n","protected":false},"author":84,"featured_media":53430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[233,240,234],"class_list":["post-53431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nSpeaker threatens to cancel money-lender loan agreements with MPs over high rates - Uganda<\/title>\n<meta name=\"description\" content=\"Speaker of Parliament Anita Among has threatened to terminate all Memorandums of Understanding (MoUs) that various money ...\" \/>\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\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Speaker threatens to cancel money-lender loan agreements with MPs over high rates\" \/>\n<meta property=\"og:description\" content=\"Speaker of Parliament Anita Among has threatened to terminate all Memorandums of Understanding (MoUs) that various money ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates\" \/>\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=\"2023-07-29T11:37:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-29T12:51:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690618741.136667.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\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=\"3 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\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Speaker threatens to cancel money-lender loan agreements with MPs over high rates\",\"datePublished\":\"2023-07-29T11:37:14+00:00\",\"dateModified\":\"2023-07-29T12:51:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates\"},\"wordCount\":480,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690618741.136667.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates\",\"name\":\"Speaker threatens to cancel money-lender loan agreements with MPs over high rates - Uganda\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690618741.136667.jpg\",\"datePublished\":\"2023-07-29T11:37:14+00:00\",\"dateModified\":\"2023-07-29T12:51:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"Speaker of Parliament Anita Among has threatened to terminate all Memorandums of Understanding (MoUs) that various money ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690618741.136667.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690618741.136667.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Speaker threatens to cancel money-lender loan agreements with MPs over high rates\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/uganda\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Speaker threatens to cancel money-lender loan agreements with MPs over high rates\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#website\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/\",\"name\":\"Uganda\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/uganda\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Speaker threatens to cancel money-lender loan agreements with MPs over high rates - Uganda","description":"Speaker of Parliament Anita Among has threatened to terminate all Memorandums of Understanding (MoUs) that various money ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates","og_locale":"en_US","og_type":"article","og_title":"Speaker threatens to cancel money-lender loan agreements with MPs over high rates","og_description":"Speaker of Parliament Anita Among has threatened to terminate all Memorandums of Understanding (MoUs) that various money ...","og_url":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates","og_site_name":"Uganda","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-07-29T11:37:14+00:00","article_modified_time":"2023-07-29T12:51:49+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690618741.136667.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Speaker threatens to cancel money-lender loan agreements with MPs over high rates","datePublished":"2023-07-29T11:37:14+00:00","dateModified":"2023-07-29T12:51:49+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates"},"wordCount":480,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690618741.136667.jpg","keywords":["Africa Press","Africa Press-Uganda","uganda"],"articleSection":["all news","policy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates","url":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates","name":"Speaker threatens to cancel money-lender loan agreements with MPs over high rates - Uganda","isPartOf":{"@id":"https:\/\/www.africa-press.net\/uganda\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690618741.136667.jpg","datePublished":"2023-07-29T11:37:14+00:00","dateModified":"2023-07-29T12:51:49+00:00","author":{"@id":"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"Speaker of Parliament Anita Among has threatened to terminate all Memorandums of Understanding (MoUs) that various money ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#primaryimage","url":"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690618741.136667.jpg","contentUrl":"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2023\/07\/sm_1690618741.136667.jpg","width":1200,"height":800,"caption":"Speaker threatens to cancel money-lender loan agreements with MPs over high rates"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/uganda\/all-news\/speaker-threatens-to-cancel-money-lender-loan-agreements-with-mps-over-high-rates#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/uganda\/"},{"@type":"ListItem","position":2,"name":"Speaker threatens to cancel money-lender loan agreements with MPs over high rates"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/uganda\/#website","url":"https:\/\/www.africa-press.net\/uganda\/","name":"Uganda","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/uganda\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/uganda\/wp-json\/wp\/v2\/posts\/53431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/uganda\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/uganda\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/uganda\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/uganda\/wp-json\/wp\/v2\/comments?post=53431"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/uganda\/wp-json\/wp\/v2\/posts\/53431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/uganda\/wp-json\/wp\/v2\/media\/53430"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/uganda\/wp-json\/wp\/v2\/media?parent=53431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/uganda\/wp-json\/wp\/v2\/categories?post=53431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/uganda\/wp-json\/wp\/v2\/tags?post=53431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}