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

UWA Chief Urges Suppliers to Uphold Quality and Integrity

National News
The forum comes as UWA continues to strengthen partnerships and procurement systems to support conservation. The authority is mandated to conserve and sustainably manage Uganda’s wildlife and protected areas.

U.S Pushes Private Investment in Luzon Economic Corridor as $60 Million Energy Deal is Signed

Business
Dan Petrie, the Acting Chief of Staff of the Millennium Challenge Corporation, said MCC had signed a $60 million Energy Threshold Program hours earlier. The programme aims to lower high electricity costs and improve reliability by modernising the Energy Regulatory Commission, strengthening electric cooperatives, piloting smart-grid technologies and unlocking domestic capital for power infrastructure.
Business

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.
Business

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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