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.
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