{"id":8929,"date":"2024-10-02T09:19:04","date_gmt":"2024-10-02T09:19:04","guid":{"rendered":"https:\/\/smlnews.ug\/Luganda\/?p=8929"},"modified":"2024-10-02T09:19:04","modified_gmt":"2024-10-02T09:19:04","slug":"museveni-vows-to-crack-down-on-exploitative-money-lenders","status":"publish","type":"post","link":"https:\/\/smlnews.ug\/Luganda\/2024\/10\/02\/museveni-vows-to-crack-down-on-exploitative-money-lenders\/","title":{"rendered":"Museveni Vows to Crack Down on Exploitative Money Lenders"},"content":{"rendered":"<p>President Yoweri Museveni has pledged to take firm action against exploitative money lenders, accusing them of preying on the ignorance and desperation of vulnerable citizens. Speaking at the Southern and Eastern Africa Chief Justices Forum on October 1 at Speke Resort Munyonyo, Museveni condemned the unscrupulous practices of lenders who charge exorbitant interest rates.<\/p>\n<blockquote><p>\u201cMoney lenders are becoming a problem. They go to our villagers and cheat them,\u201d Museveni remarked, expressing concern over how poorly informed borrowers are exploited by cunning lenders.<\/p><\/blockquote>\n<p>The President explained that despite Uganda\u2019s low inflation rate, currently around 3%, some lenders charge up to 240% interest. \u201cWhy do you do that in an economy where inflation is only 2%?\u201d he questioned.<\/p>\n<p>Museveni further criticized money lenders for disguising lending agreements as property sale contracts, allowing them to seize assets from unsuspecting borrowers. He emphasized the need for a new law to curb the vice but also argued that existing contract law could provide justice in such cases. \u201cHow can a house in Munyonyo cost Shs1 million? You can tell it\u2019s not a sale, but a loan disguised as one,\u201d he said.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"size-medium wp-image-8931 aligncenter\" src=\"https:\/\/smlnews.ug\/Luganda\/wp-content\/uploads\/2024\/10\/images-4-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/smlnews.ug\/Luganda\/wp-content\/uploads\/2024\/10\/images-4-300x200.jpg 300w, https:\/\/smlnews.ug\/Luganda\/wp-content\/uploads\/2024\/10\/images-4.jpg 678w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>This isn\u2019t the first time Museveni has raised concerns about exploitative lending practices. He has previously criticized high interest rates and their detrimental impact on economic growth, vowing to protect the public from such exploitation.<\/p>\n<p>The forum, which brought together chief justices from over 15 countries across Southern and Eastern Africa, focused on improving access to justice and addressing challenges within judicial systems.<\/p>\n<p><strong>Judicial Challenges<\/strong><\/p>\n<p>Chief Justice Alfonse Owiny-Dollo highlighted several justice-related obstacles common in African countries, including case backlogs, corruption, high legal fees, and inadequate infrastructure. He called for reforms to address these issues, adding that the forum serves as an opportunity to learn from one another.<\/p>\n<p>\u201cThrough this forum, we are reminded of the responsibility to learn and change our mindsets when necessary,\u201d Owiny-Dollo said, expressing optimism that the participants would identify solutions to improve justice delivery.<\/p>\n<p>The forum, under the theme \u201cEnhanced Access to Justice: Underscoring Reforms in African Judiciaries,\u201d also addressed the impact of technological advancements, rapid urbanization, and population growth on judicial systems.<\/p>\n<p>Supreme Court Justice Mike Chibita stressed the importance of judicial reforms in responding to these challenges, while the Chief Justice of Eswatini, Bheki Maphalala, urged African governments to allocate adequate financial resources to their judiciaries. He emphasized that poor working conditions and underfunding were undermining the rule of law across the continent.<\/p>\n<p>The conference will conclude on October 4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Yoweri Museveni has pledged to take firm action against exploitative money lenders, accusing them of preying on the ignorance and desperation of vulnerable citizens. Speaking at the Southern and Eastern Africa Chief Justices Forum on October 1 at Speke Resort Munyonyo, Museveni condemned the unscrupulous practices of lenders who charge exorbitant interest rates. &ldquo;Money&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8930,"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":[380],"class_list":["post-8929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-president-museveni"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Museveni Vows to Crack Down on Exploitative Money Lenders - SML News UG<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/smlnews.ug\/Luganda\/2024\/10\/02\/museveni-vows-to-crack-down-on-exploitative-money-lenders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Museveni Vows to Crack Down on Exploitative Money Lenders - SML News UG\" \/>\n<meta property=\"og:description\" content=\"President Yoweri Museveni has pledged to take firm action against exploitative money lenders, accusing them of preying on the ignorance and desperation of vulnerable citizens. 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