Tag: Section 89(1) of the Tier 4 Microfinance Institutions and Money Lenders Act

The kidnappers held her captive for nearly three weeks, demanding up to $1 million before accepting about $200,000 (approximately UGX 700 million). During her captivity, they cut off two of her fingers and sent them alongside a video of her pleading for help to pressure her family into paying the ransom.
Akena referred to historical statements by President Museveni acknowledging the destruction of food supplies and the destitution of about 2.7 million people during that period. He argued that the loss of cattle deprived communities of daily nutrition, household income, school fees, draft power, and soil fertility, leaving effects that continue to be felt today.

DP Lauds Finance Ministry for Lowering Monthly Money Lending...

The directive is in accordance with section 89(1) of the Tier 4 Microfinance Institutions and Money Lenders Act, which states that the maximum interest rate that a money lender shall charge on the principal or the actual sum of money advanced as a loan to a borrower is two point eight percent (2.8%) per month or thirty-three point six percent (33.6) per annum.

Money Lenders Directed to Charge Customers 2.8% Monthly Interest...

The directive aims to protect consumers from predatory lending practices and ensure that borrowing remains accessible and fair. By establishing a clear interest rate cap, the government seeks to foster a more equitable and fair financial environment for individuals seeking loans.

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