Some sense of order will soon be enforced within the chaotic industry of moneylenders, where black market interest rates have seen defaulters go on the run with hired security operatives hot on their heels.
For an industry where defaulters’ collateral is sold on the cheap to recover debts, the latest announcement that all moneylenders will be registered in the next financial year comes with a sense of relief.
“There is need for partnerships to provide a variety of safe, sound and inclusive financial infrastructure and systems for Uganda citizens,” said Haruna Kasolo, the state minister for Microfinance. He was speaking during a recent stakeholders’ meeting for the microfinance CEO working group under the theme ‘Accelerating financial inclusion through partnerships’ at City Royal hotel in Bugolobi.
For more on this story visit the following link: Government to start registering moneylenders