What You need to know:
Today the 26th of November 2024, a meeting chaired by Ijjo Emma, the chairman of Elgon Money Lenders Association was held at mbale city Chambers with a motive of drawing ideas on how they can approach president Yoweri Museveni, regarding what they termed as abnormal low interest rates on money lending.
Mbale Money leaders through their chairperson appealed to president to intervene on decision from finance minister to enforcement all money lenders to charge 2.8 percent interest rate per month, something that they say has left money them wondering whether they are also considered as citizens of Uganda.
As money lenders, they claim that thy also contribute a big percentage towards the economy of country by paying taxes.
Few days ago, it should be noted that the Uganda Microfinance Regulatory Authority (UMRA) issued a stern warning and notice to money lenders, notifying them of the new interest rate which they must implement with immediate effect.
In the notice above, money leaders will be required to get only 280,000/- for the 10m borrowed by the customers, which they say is very little.