South Africa’s Unifi Microfinance Ltd Opens Business In Uganda

South Africa’s Unifi Microfinance Ltd Opens Business In Uganda

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By Felix Oketcho 

Kampala: In a bid to extend faster financial services to Ugandans in dire need most especially during this pandemic season, South Africa based Unifi Microfinance Limited has officially launched its services in Ugandan.

Unifi offers online loans without security to salary workers both from the government and private sector.
“Unifi is bringing smarter, easier and faster-unsecured lending solutions to Ugandans by offering loans to salaried employees in both the public service and private sectors,” Unifi Country Manager, Mr.Micheal Boden said on Friday during the launch.
“Unifi is here to assist the people of Uganda by offering fast and trusted credit solutions when you need them most. Our goal is to set up different branches in Kampala and in the long run offer our services to Ugandans countrywide, “Boden added.
Unifi Marketing Manager Richard Mutwafu emphasised that clients only need national identity cards, payment slips and bank statements as minimum requirements to secure loans from Unifi branches.
“We know times are hard for everyone at the moment and this is why we make life simple and easy for our clients. We reward our first-time clients with a 5kg bag of rice and when they refer other clients to use our services they receive 25,000 /= as commission,” Mutwafu said.
Unifi has a footprint across Sub-Saharan Africa with operations in Zambia, Tanzania, South Africa and now Uganda, all done under its passion to make life easier for one million Africans by 2025.

Meanwhile, Vanessa Muhwezi, Manager Uganda Microfinance Regulatory Authority (UMRA) warned Ugandans against borrowing money from illegal money lending institutions citing fraud and favourable lending terms including interest rates.

“It has come to the attention of the Authority that some unlicensed individuals are conducting money lending business in total disregard of the provisions of the law. Section 84 of tier 4 of microfinance institutions and Money Lenders Act 2016, prohibits anyone from conducting money lending business without a license,” Muhwezi said.

She further cautioned the public to demand certificates of registration before engaging in money borrowing ventures with microfinance institutions.

”The authority has noted with concern the mushrooming unlicensed money lenders around the country conducting business in defiance of the sections under the tier 4 microfinance institutions and Money Lenders Act 2016 and accompanying regulations,” Muhwezi stressed.

Uganda Micro Finance Regulatory Authority (UMRA), Executive Director, Ms Edith Namuga noted that there are 950 licensed microfinance and money lending institutions authorized to transact businesses in Uganda.

Namuga advised the public to always inquire and understand the laws of borrowing before doing so to avoid inconveniences that lead some Ugandans to lose their properties to money lenders.

UMRAU is mandated by law to regulate, license and supervise all the tier IV microfinance and money lenders in Uganda.

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