Micro Finance institutions have been asked to acquire the 2022 operational licenses to enable them to work effectively and be protected from unscrupulous customers who may attempt to fleece them.
The call was made by Racheal Muwhezi, the manager for Microfinance Institutions at the Uganda Microfinance Regulatory Authority (UMRA) while launching the fourth branch of UNIFI Micro Finance Ltd in Kabalagala, a Kampala suburb, last week.
Muwhezi commended UNIFI Microfinance for providing unsecured loans to segments of Uganda’s population that can only get finance from microlenders.
Michael Boden, the country manager of UNIFI said the company aims to assist people by offering fast and trusted credit solutions when they need them and asked their clients to desist from defaulting because trustworthy clients can access larger amounts of money at a low-interest rate.
He said the Kabalagala branch is expected to bring services to people around Nsambya, Kabalagala, Muyenga, Kansanga, Kibuli and other places in the fast-growing neighbourhood.
The company also has a USSD application which gives customers an avenue through which they can check their balances, amend their personal details, or report issues as well as UNIFI loan requirements to re-loaning, Boden said.
– New Vision