Kisoro RDC warns money-lenders against seizing people’s property

Story by Mbabazi Vanansio Kakogoso

The Kisoro Resident District Commissioner Hajji Badru Ssebyala has vowed to arrest money lenders who are confiscating property from locals.

Ssebyala says that his office has registered various cases involving money lenders who have confiscated people’s property on claims that they have defaulted on the loans.

 Hajji  Ssebyala says his office will deal with such con men who are fond of engaging in such acts. He also cautioned the public against signing agreements with money lenders without understanding the contents.

Section 90 (2) of the Tier 4 Micro Finance and Money lenders Act 2016 Act states that: A money lender who charges interest that is higher than the maximum interest rate prescribed by the Minister commits an offence and on conviction is liable to a fine not exceeding fifty currency points and the court may, in addition to the fine order that the money lenders license be cancelled and the money lender pays the borrower any money paid in excess as a result of the interest rate charged.