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The President firmly stated that such practices are no longer tolerable and called for urgent action to protect borrowers from predatory lending.
The President highlighted the detrimental impact of these high interest rates on individuals and the economy as a whole.
He further emphasized that such exorbitant rates burden borrowers, trapping them in cycles of debt and hindering their economic progress.
Additionally, the President raised concerns about the negative effects on small businesses, which often rely on loans to sustain and expand their operations.
President Museveni stressed the need for regulatory measures to curb predatory lending practices.
Meanwhile he called upon relevant authorities, including the central bank and financial regulatory bodies, to tighten regulations and ensure that moneylenders operate within reasonable limits.
The President emphasized the importance of striking a balance between protecting borrowers and fostering a conducive environment for entrepreneurship and economic growth.
The President’s strong stance against exorbitant interest rates resonates with the concerns of many Ugandans who have struggled under the burden of high-interest loans.
By addressing this issue head-on, President Museveni demonstrates his commitment to promoting fair and responsible lending practices in the country.
President Museveni’s call for action against moneylenders charging a monthly interest rate of 20% serves as a wake-up call to address an issue that has long troubled borrowers in Uganda.
The President’s firm stance positions him as an advocate for financial justice and underscores the necessity of implementing measures to protect borrowers from predatory lending.
Check also;
- Uganda Microfinance Regulatory Authority Warns Public Against Illegal Money Lenders
- List Of Money Lending Companies In Uganda For Instant Loans
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![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
