UMRA expressed concern over the rising number of entities offering online credit through mobile apps and social media platforms, in violation of both the Tier 4 Microfinance Institutions and Money Lenders Act of 2016 and the Tier 4 Microfinance and Digital Lending Guidelines 2024.
These unauthorised entities have been using digital platforms to entice the public into borrowing, often neglecting consumer protection standards and compromising the privacy of consumer data.The statement highlighted, “The activities of these unauthorised entities amount to non-compliance with UMRA’s consumer protection requirements and constitute an abuse of consumer data privacy.”
It further warned, “The purpose of this public notice is to caution the general public against engaging with unauthorised loan providers.”
UMRA urged the public to report any instances of non-compliance by contacting them through toll-free numbers 0800111449 or 0417799700.
Below are illegal online loan apps in Uganda:
- Flypesa
- Banana App
- Loango
- Nile Credit
- Gloan App
- Boom Loan
- Mpacash
- Cashpulse
- Credit Lab
- Flowerloan
- Wind-Money
- Lever Credit
- Cashmate
- Ezee Loan
- Sunlit
- Wind Money
- Cashflow
- Moji Loan
- Ozzy Money
- Mumu Money
- Kasquick
- More Pesa
- Get Cash
- QuickLoan: Reliable Online Loan
- CashPulse
- KashBus
- YeLoan
- SenteHub
- CreditLab
- Echo Loan
- GetLoan-Online Fast
- Fair Loans
- SweetLoan-Loan App
- Banana Credit
- Loan Cash-Easy Instant Loans
- Borrow Money-Get Online
- CashPe Instant Loans
- Faircash
- Azima Instant Loan
- Quick Loan
- Easy Mobile Loan
- Smart Quick Cash
- Cash4You Mobile
- Cash Lender Mobile
- CashGo Mobile Loans
- Unity Loans
- Happy Credit Quick Loans
- CashNow
- Mobi Loan
- CashPe Easy Loan
- Rapid Mobile Loans
- Quick Cash Loans
- Credit Sente Loans
- Muno
- My Loan
- Real Cash
- Star Loan