Senior Reporter
The Resident District Commissioner of Kisoro, Hajji Badru Ssebyala, has declared his determination to take decisive action against money lenders engaged in the illegal seizure of property belonging to local residents.
Ssebyala disclosed that his office has meticulously documented numerous instances of money lenders appropriating the assets of individuals, alleging default on loans. The representative of the district’s president emphasized the office’s commitment to addressing these fraudulent practices and cautioned the public against entering into agreements with money lenders without a comprehensive understanding of the terms.
In accordance with section 90 (2) of the Tier 4 Micro Finance and Money Lenders Act of 2016, a money lender who imposes interest rates higher than the maximum prescribed by the Minister is deemed to commit an offence. Upon conviction, the offender is liable to a fine not exceeding fifty currency points.
Furthermore, the court has the authority to order the cancellation of the money lender’s license and mandate the repayment of any excess money charged to the borrower as a result of the unlawfully high interest rates.G
