President Museveni has directed the Ministry of Finance to issue a statutory instrument in two weeks on interest paid by borrowers to moneylenders in the country.
He said the statutory instrument should operationalize section 90 of tier 4 microfinance institutions and money lenders act 2016.
Section 90 of the Tier 4 Microfinance Institutions and Moneylenders Act 2016 says a minister may in consultation with the authority by notice in the Gazette, prescribe a maximum interest rate which a money lender shall charge.
The same law says a money lender who charges an 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(shs1m) 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.
Speaking during the NRM Caucus meeting at State House in Entebbe, Museveni said moneylenders have caused misery to families and individuals to an extent of committing suicide due to the high and unregulated interest rates. The furious Museveni said something must be done to stop the thieving moneylenders.
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