The office of Rukungiri resident district commissioner has halted the operations of 7 money-lending companies in Rukungiri town for not having the requisite documents
Wilberforce Ahimbisibwe Ongom the Rukungiri deputy Resident district commissioner who led the operation named some of the affected money lending services as Hobro financial services , Motivate financial services, Ituli establishments, Uguka financial services, Hard cash microfinance limited, Royal Orient financial services company limited, Kedcof services limited among others.
Some of these companies were found with operating licenses from other districts like Bushenyi, Mityana and Lira districts yet they were operating in Rukungiri, while others had expired Licenses
Ongom says he was forced to visit these companies to verify their documents saying most of them didn’t have operational permits from the Municipality, certificates from Uganda microfinance regulatory Authority UMRA and Tax identification numbers from Uganda revenue authority among other documents required.
The office of the Residents district commissioner conducted this operation together with the Rukungiri Municipality officials and Uganda revenue authority officials who said some of these companies have been dodging taxes
Edith Tusuubira, the Executive Director of Uganda Microfinance Regulatory Authority recently revealed that the Authority plans to carry out nationwide sensitization programs to create public awareness of the regulatory requirements for money lending this year.