BIG STORY
FULL LIST: Gov’t Releases List of 59 Illegal Online Loan Lenders
By Our Reporter
NATIONAL
Government through the Uganda Microfinance Regulatory Authority (UMRA) has released a list of 59 illegal online Credit/loan lenders.
In a statement issued today, 26th August, 2024, UMRA says the 59 online lenders are contravening Tier 4 Microfinance Institutions and Money Lenders Act 2016 and Tier 4 Microfinance and Digital Lending guidelines 2024.
These unauthorized entities mostly employ the use of Mobile Applications and Social Media to lure the Public into borrowing from them and in the process abuse the data privacy of their clients.
They are; Fly Pesa, Banana App, Loango, Nile, gloan App, Bloom loan, Mpacash, Cashpulse, Credit lab, Flowerloan, Wind money, Lever Credit, Cashmale, Ezee loan and Sunlit.
Others are; Cashflow, Moji, Ozzy money, Mumu money, Kasquick, More Pesa, Get Cash, Quickloan Reliable, Online loan, KashBus, Yeloan, SenteHub, and Echo loan.
UMRA also names the following as illegal online loan providers; Getloan online fast, Loan Changed to get, Credit, Fair Loans, Sweetloan-Loan App in Uganda, Banana Credit, Loan Cash-easy, Instant Loans, Borrow Money – Get Online, CashPe Instant loan, Fair cash and Azima Instant Loan.
Others on the list are; Quick Loan, Easy Mobile Loan, Smart Quick Cash, Cash For You Mobile Loans, Cash Lender Mobile Fast Loan, Omega Loans, Little Cash – Mobile Loans, Unity Loans, Happy Credit – Quick Loans, Cash Go Mobile Credit, CashNow, Mobi Loan, Rapid Mobile Loans, Quick Cash Loans, Credit Sente Loans, Muno, My Loan, Real Cash, and Star Loan.
The public has been alerted to deal with these entities at their own peril.
“The purpose of this Notice is therefore to caution the general public to desist from transacting with these unauthorized loan providers,” reads the UMRA statement.