UNSECURED PERSONAL LOANS microfinance regulator cautions lenders
The manager of Micro-finances, at the microfinance regulatory authority, Rachel Muhereza, has cautioned money lenders especially those involved in unsecured lending to ensure they acquire the 2021 licence for lending or risk losing their money. Until now hundreds of briefcase companies are operating without a physical address and licences and are often in running battles with defaulting clients. Under the tier 4 microfinance institutions and money lenders Act, a Sacco is supposed to be licensed.
