The Uganda Microfinance Regulatory Authority (UMRA) is suggesting new changes in the traditional money lenders’ loan structures. The changes among others suggest caps on interests charged by the money lenders.The changes are part of the proposed amendments to the Microfinance laws and regulations.“As the regulators, we are mandated to make sure that there is sanity […]

Using National Identification (ID) cards as security for acquisition of loans from money lenders is illegal, the National Identification and Registration Authority (NIRA) has said, adding that this is issued for proof of identity and citizenship.The directorate of legal and board affairs at NIRA has also warned members of the public to desist from stating […]