Unifi Microfinance Launches Their Services In Uganda Market

Posted by: lukwago J in Business September 26, 2021

In a bid to extend faster financial services to those in dire need this covid season, Unifi Microfinance limited has officially launched their services in Uganda market.

Unifi offers online loans with out security to salary workers both government and private sector players.

“Unifi is bringing smarter, easier and faster unsecured lending solution to Ugandans by offering loans to salaried employees in formal employment in both the public service and private sectors,”

Unifi Country Manager Micheal Boden said on Friday at the launch event

“Unifi is here to assist the people of Uganda by offering fast and trusted credit solutions when you need it most. Our goal is to set up different branches in Kampala and in the long term offer our services country wide because we believe our services are needed by all Ugandans especially at critical time after covid pandemic stress, “Boden added.

Unifi Microfinance Marketing Manager Richard Mutwafu emphasized that clients only need national identity card, payment slip and bank statement as minimum requirements to secure loans from Unifi branches.

” We know times are hard for every one at the moment and this is why we make life simple and easy for our clients as long as they are from formal employment. We reward our first time clients with 5kg bag of rice and when they refer other clients to use our services they receive 25,000 /= as commission, “Mutwafu said.

Unifi has foot print across Sub-Saharan Africa with operations in Zambia, Tanzania and South Africa with businesses commencing in Uganda in may 2021. Unifi Microfinance is driven with passion to make life easier for one million Africans by 2025.

Vanessa Muhwezi Manager Uganda Microfinance Regulatory Authority (UMRA) warned entire public against borrowing money from illegal money lending institutions citing fraud and favourable lending terms including interest rates.

“It has come to the attention of the Authority that some unlicensed individuals are conducting money lending business in total disregard of the provisions of the law. Section 84 of the tier 4 of microfinance institutions and Money lenders Act 2016 prohibits anyone from conducting money lending business without a license,”Muhwezi said.

She however cautioned the public to demand certificates of registration before engaging in money borrowing ventures with microfinance institutions.

” The authority would like to inform the general public that tier 4 microfinance institutions and Money lenders Act 2016 is now effective. The authority has noted with concern the mushrooming unlicensed money lenders around the country conducting business business in defiance of the sections under the tier 4 microfinance institutions and Money lenders Act 2016 and accompanying regulations,”Muhwezi stressed.

Umra, Executive Director Edith Namuga noted that there are 950 licensed microfinance and Money lending institutions authorized to transact money lending businesses.

UMRAU is mandated by law to regulate, license and supervise all the tier IV microfinance and money lenders in Uganda.

Namuga however advises the public to arm themselves with knowledge to avoid inconveniences saying most borrowers are ignorant of law and borrowing agreements while some borrowers get off pay roll and laid off resulting into paying in arrears.

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