Kampala, Uganda | By Michael Wandati | The Uganda Microfinance Regulatory Authority (UMRA), has raised concerns about the increasing number of entities offering online loans through mobile applications and social media channels, which are operating in breach of the 2016 Tier 4 Microfinance Institutions and Money Lenders Act, as well as the 2024 Tier 4 Microfinance and Digital Lending Guidelines.
These unlicensed entities have been utilizing digital platforms to lure the public into borrowing, often disregarding consumer protection standards and compromising the security of consumer data.
“The activities of these unauthorised entities amount to non-compliance with UMRA’s consumer protection requirements and constitute an abuse of consumer data privacy,” UMRA statement reads in part.
“The purpose of this public notice is to caution the general public against engaging with unauthorised loan providers,” UMRA further warned.
UMRA established under the 2016 Tier 4 Microfinance Institutions and Money Lenders Act, is responsible for licensing, regulating, and supervising Tier 4 microfinance institutions and money lenders in Uganda.
Also Read: UMRA drafts guidelines for digital money lenders
UMRA has encouraged the public to report any cases of non-compliance by reaching out through their toll-free numbers: 0800111449 or 0417799700.
Complaints on illegal online loan apps can also be sent via email to info@umra.go.ug or complaints@umra.go.ug, or submitted directly through the UMRA website at www.umra.go.ug.
Additionally, individuals may visit UMRA’s offices, located on the Ground Floor of Rwenzori Towers Wing B, Nakasero Road.
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 Loan, changed to Get Credit
- Fair Loans
- SweetLoan-Loan App in Uganda
- 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 Loans
- Cash Lender – Mobile Fast Loan
- Omega Loans
- Little Cash – Mobile Loans
- 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
