FULL LIST: UMRA exposes over 50 illegal online lenders preying on Ugandans
UMRA revealed that these illegal online lenders have been using mobile apps and social media platforms to trap unsuspecting borrowers, often subjecting them to exorbitant interest rates and predatory loan conditions.
In a decisive effort to safeguard consumers and bring order to the microfinance sector, the Uganda Microfinance Regulatory Authority (UMRA) has unveiled a list of 59 illegal online lending applications operating across the country.
Released on August 26,2024, the list names and shames unauthorized lenders who have been flouting the Tier 4 Microfinance Institutions and Money Lenders Act, 2016, as well as the Tier 4 Microfinance and Digital Lending Guidelines, 2024.
UMRA revealed that these illegal online lenders have been using mobile apps and social media platforms to trap unsuspecting borrowers, often subjecting them to exorbitant interest rates and predatory loan conditions. The full list of illegal online lending apps includes:
- Flypesa
- Banana App
- Loango
- Nile
- Gloan App
- Cashflow
- Moji
- Ozzy Money
- Mumu Money
- More Pesa Quick Loan
- Easy Mobile Loan
- SweetLoan-Loan App
- Cash Lender-Mobile
- CashPe-Easy Loan
- Rapid Mobile Loans
- Quick Cash Loans
- Credit Sente Loans
- My Loan
- Real Cash
- Wind Money
- Echo Loan
- GetLoan-Online Fast Loan
- Smart Quick Cash Credit
- Cash4 You Mobile
- Fair Loans Loans
- Muno
- Boom Loan
- Kasquick
- Mpacash
- Cashpulse
- Get Cash
- Banana Credit
- Omega Loans
- Star Loan
- Credit Lab
- QuickLoan: Reliable Online Loan
- Flowerloan
- Wind-Money
- CashPulse
- Borrow Money-Get Online
- Loan Cash-Easy Instant Loans
- Little Cash-Mobile Loans
- Unity Loans
- Lever Credit
- KashBus
- Happy Credit-Quick Loans
- Cashmate
- YeLoan
- CashPe-Instant Loan
- Ezee Loan
- Sunlit
- SenteHub
- CashGo Mobile Loans
- CreditLab
- Faircash
- CashNow
- Azima Instant Loan
- Mobi Loan
- More Pesa Quick Loan
UMRA has issued a stern warning, stating that these entities are not only operating illegally but are also violating consumer protection laws and mishandling consumer data.
The authority urges the public to report any information about non-compliant lenders through their toll-free lines, email, or website.
