UMRA Issues list of Unauthorized Online Loan Providers Exploiting Ugandans.
Reading time 3 min
By Amos Ssemuwemba
The Uganda Microfinance Regulatory Authority (UMRA) has issued a stern warning to the public against engaging with a growing number of unauthorized online loan providers that have been exploiting borrowers and compromising their data privacy.
According to UMRA, these loan providers operate without any legal authorization, putting their clients at significant risk. The list of unauthorized entities includes well-known names such as Fly Pesa, Banana App, Loango, Nile, gloan App, Bloom loan, Mpacash, Cashpulse, Credit lab, Flowerloan, Wind money, Lever Credit, Cashmale, Ezee loan, and Sunlit.
In addition to these, UMRA has identified
other illegal lenders, including Cashflow, Moji, Ozzy money, Mumu money, Kasquick, More Pesa, Get Cash, Quickloan Reliable, Online loan, KashBus, Yeloan, SenteHub, and Echo loan. The authority also named 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 loan, Fair cash, and Azima Instant Loan among the unauthorized providers.
Other entities on the UMRA list include Quick Loan, Easy Mobile Loan, Smart Quick Cash, Cash For You Mobile Loans, Cash Lender Mobile Fast Loan, Omega Loans, Little Cash – Mobile Loans, Unity Loans, Happy Credit – Quick Loans, Cash Go Mobile Credit, CashNow, Mobi Loan, Rapid Mobile Loans, Quick Cash Loans, Credit Sente Loans, Muno, My Loan, Real Cash, and Star Loan.
UMRA’s statement strongly advises the public to steer clear of these lenders, warning that dealing with them is at one’s own peril. The authority emphasized that these online loan providers often abuse the data privacy of their clients and operate outside the legal framework.
“The purpose of this Notice is therefore to caution the general public to desist from transacting with these unauthorized loan providers,” UMRA stated.
As the number of unauthorized online lenders continues to rise, UMRA urges individuals to be vigilant and only engage with licensed and regulated financial institutions to safeguard their personal data and financial well-being.
