The Government through the Uganda Microfinance Regulatory Authority (UMRA) has listed illegal online money lending apps. UMRA is an autonomous Government Agency Expected to promote a sound and sustainable non-banking financial institutions’ sector. In a notice issued recently, UMRA said that “the Authority has noted with concern that a number of entities engaged in the provision of online credit/loans through several applications to the public in contravention of the Tier 4 Microfinance Institutions and Money Lenders Act, 2016 and the Tier 4 Microfinance and Digital lending guidelines 2024.”
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The apps include Ezee loan, Quick loan, Star Loan, Quick Cash Loans, Echo Loan and Lever Credit among others.
According to UMRA, the entities listed above “mostly employ the use of mobile applications and social media platforms to lure the public into borrowing from them.”
“The activities of these unauthorized entities further amount to non-adherence with the Consumer Protection requirements of UMRA and are an abuse of consumer data privacy. They are violating Tier 4 Microfinance Institutions and Money Lenders Digital lending guidelines of 2024,”added UMRA.
UMRA appealed to the public to desist from transacting with unauthorized loan providers.
Government should arrest this guy’s because high interest rates short period to pay money
It true these people can give pressure they are two now cashmate and sunlit
Am a victim of these online money lenders
Got some money (350000) from Yeloan.
After six days they are demanding 500,000
And they are harassing all my contacts in the phone.
A lot of abuses and threats.
Please help
These guys are threatening me so cold Ganji and Banana loans
Thanks a lot for helping us