Uganda: Online Lenders Harassing Borrowers Risk Closure

Source: Monitor

Licensed digital/online money lenders, who are diverting from the newly issued digital lending guidelines issued in March by the Uganda Microfinance Regulatory Authority (Umra), risk having their licenses revoked, the sector regulator has warned.

The executive director of Umra, Ms Edith Tusubira,in a May 31 circular addressed to all digital credit providers said some of them are not operating in line with the guidelines and instead publish false, misleading, and deceptive representation.