Financial institutions such as Microfinance Organizations and Savings and Credit Cooperatives (SACCOs), among others, have been cautioned and instructed to cease the practice of requesting Identity documents like Passports, National Identity cards, and Warrant cards as collateral security.
\nThe Minister for Information and Communications Technology (ICT) and National Guidance, Hon. Dr. Chris Baryomunsi, has made it clear during a press briefing on June 28, 2024, that documents that verify the nationality of the bearer are the property of Uganda and should not be utilized as collateral by lenders.
\nHe has emphasized that the issuance of National Identification cards to Ugandan citizens is governed by the Registration of Persons Act 4 of 2015, wherein section 59 stipulates that a National Identity card remains the property of Uganda once issued.
\nFurthermore, he highlighted that anyone who wrongfully obtains possession of another person’s National Identification card commits an offense and upon conviction, could face a fine not exceeding 45 currency points, imprisonment for up to 3 years, or both.”It is both unlawful and illicit to demand a borrower’s national identification card as collateral. Should we discover anyone making such requests, legal action will be taken.” He clarified
\nHe urged individuals in possession of these identification documents not to surrender them when obtaining loans, as it is prohibited by law to use them as collateral. The Minister has also encouraged those currently holding onto people’s identification cards to promptly return the documents to their rightful owners and explore alternative forms of collateral.
\nBaryomunsi has informed the media that the proposed amendments to the Copyright and Neighboring Rights Act of 2006 have been approved to safeguard scientific intellectual works and neighboring rights.
\nHe mentioned the grievances raised by various creative entities, particularly musicians, who have not been reaping the benefits of their intellectual property, as it has been freely utilized by communication firms, media outlets, and duplicators.
\nHe asserts that these proposed amendments will undergo parliamentary review and eventually be enacted into legislation to offer incentives to creators and writers, thereby fostering innovation and creativity crucial for the economic advancement of the country.
\nThe Technical and Vocational Education Training Bill 2024 (TVET) is currently pending approval by parliament, according to Baryomunsi. This bill aims to establish institutional framework for the advancement, organization, regulation, and implementation of TVET. It includes provisions for the establishment of a specialized council within the Ministry of Education and Sports.<\/p>\n","protected":false},"excerpt":{"rendered":"
Financial institutions such as Microfinance Organizations and Savings and Credit Cooperatives (SACCOs), among others, have been cautioned and instructed to cease the practice of requesting Identity documents like Passports, National Identity cards, and Warrant cards as collateral security. The Minister for Information and Communications Technology (ICT) and National Guidance, Hon. Dr. Chris Baryomunsi, has made…<\/p>\n","protected":false},"author":15,"featured_media":7150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[1169,1170,1171],"class_list":["post-7149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-dr-chris-baryomunsi","tag-microfinance-organisations","tag-ministry-of-education-and-sports"],"yoast_head":"\n