Edwin Okiror the legal officer of Uganda Microfinance Regulatory Authority says that the Authority got complaints from Njeru municipality that a group of people impersonating their staff were extorting money from lenders to process operating licenses for them.
Rachel Vanesa N. Muhwezi the Manager Microfinance Institutions, Uganda Microfinance Regulatory Authority says that small lenders play a big role in bringing numerous benefits and access to business opportunities and innovative technology-driven products and services especially instant loans without security.
The microfinance lending institution which operates in Mutukula Town Council at Uganda-Tanzania border post in Kyotera district is accused of defrauding residents.
Elly Avu Biliku, Executive Director UMRA, says that licencing which will start this month, will put an end to unscrupulous moneylenders who cheat borrowers.
