Ugandans Cautioned On Financial Institutions

Ugandans Cautioned On Financial Institutions

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By Micheal Atwakiire             

Sheema: Ugandans all over the country have been cautioned not to trust their money with any financial or Microfinance institution they find. This is because cases of fraud and bosses of financial institutions running away with deposits are increasing in several parts the country, in especially Sheema district.

Muhame Financial Services offices

TheSpy Uganda tried to find out reasons behind the increase in quack financial institutions and how they defraud Ugandans by talking to Mark Ahimbisiibwe, a financial expert from Muhame Financial Services Limited in Kabwohe municipality, Sheema district.

Mr. Ahimbisibwe said that; “The only logic behind the fraud in Uganda is because people are trusting each and every financial institution that comes their way. Some financial institutions are busy defrauding people; their members trust them with their money by saving with them but in the end people can’t access their money. I advise Ugandans that before you join any financial institution, you should first study it from A-Z. You can’t tell me that a SACCO like Muhame Financial Services Limited which has existed for over 19 years with 25000 members, can defraud its customers or members. It is impossible!”

He later urged the government and Nongovernmental Organizations in charge of weather forecast to play their roles as required.

“These financial institutions also face the same problems asvtheir members because of unexpected weather changes; a case study is Muhame Financial Services, whereby most of its members are farmers and traders.

These unexpected weather changes usually negatively affect our members by getting poor harvests, whereby poor harvests are followed by low quantity and quality hence low income generation. This will automatically force a member in case he or she has a loan to default or to start defrauding for the survival. I therefore request these organizations and our ministries to always come on ground and sensitize our people on how to deal with weather changes in order to remain on a straight line,”Ahimbisibwe noted.

He also advised youth to acquire loans if they want to succeed in their life; “By the way these days especially in Uganda, it’s rare for a young person from a humble family to be physically rich without getting a loan from a trusted financial institutions and saving with it.

No one should deceive you that you can save enough capital in your pocket and start up a business . I therefore tell you that although fraud is there, that should not stop you from starting saving with trusted SACCOS and institutions like Muhame Financial Services,” he advised.

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