Museveni says moneylenders carry out extortion schemes targeting unsuspecting borrowers
President Museveni stopped short of declaring that he would go back to the bush again to sort out the moneylenders he claims are exploiting the Bazukuru.
Speaking at the opening ceremony of the Southern and Eastern Africa Chief Justice Forum in Munyonyo on Tuesday, Mr Museveni said the government was working on enacting legislation to regulate extortion moneylenders who trap unsuspecting borrowers. Ta.
“Moneylenders are a problem,” he says.
“How does a loan agreement turn into a sales contract?”
Many Ugandans have had their property stolen by moneylenders who took advantage of their ignorance.
In capitalist economies like Uganda, moneylenders have thrived due to the informal nature of the economy, which limits access to formal lending services by banks.
The moneylending industry is a large field that ranges from low-level merchants to high-end dealers, including some of the country's biggest business leaders.
