By Charles Katabalwa
3rd Oct 2023
The Democratic Party (DP) has condemned the government over failing to regulate Money Lenders in the country hence causing financial problems to Ugandans.
President Yoweri Museveni has of late come out and expressed concern over the operations of the money leaders ordering for enactment of the law to regulate them to avoid cheating and causing financial loss to Ugandans who borrow money from them.
Ismail Kiirya, the DP Acting Party Spokesperson told the media on Tuesday at party headquarters city house in Kampala that there is a lot of dust in money lenders; business among others exorbitant interests collected from their clients, ambiguous agreements that have landed many into problems of losing their property to them and all this time the government has turned a deaf ear confirming to the public that most of the lending companies are owned by top government officials.
Kiirya says money leaders should have licenses which authorizes them to operate business in Uganda clearly stipulating their locations with an enforcing agency to check their operations since they are not regulated by the Uganda Micro Finance Regulatory Authority, Bank of Uganda or Financial Intelligence Authority.
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