By KT Reporter
The office of the Zombo Resident District Commissioner (RDC) has issued a two-day ultimatum to operators of “quick money” lenders, commonly known as “Now Now,” to return National Identification Cards (IDs) confiscated from borrowers. The IDs must be handed over to the District Internal Security Office (DISO) within the stipulated time frame.
Speaking to moneylending agents in Paidha Town Council Wednesday, authorities warned that failure to comply will result in drastic action. Assistant RDC Zombo, Bruno Mananu Ubomba, revealed that numerous complaints have been lodged by residents who face significant hardships after their IDs were seized by lenders. He urged all money lenders in the district to form an association to facilitate better regulation and communication with authorities.
An official from the commercial office in Paidha Town Council noted that at least ten “quick money” lenders are currently operating in the area. Musinguzi Robert, who runs Agafe Finance in Paidha, confirmed that he will comply with the directive by Friday, March 21, 2025.
Nyapea Sub-County LC III Chairperson Constantine Omwon decried the negative effects of unregulated quick money lenders, stating that many locals have abandoned their marital homes due to debt burdens. He also highlighted the rising issue of multiple borrowing, which has reached a critical level.
Ora County Member of Parliament, Lawrence Songa Biyaka, acknowledged that teachers in the district have struggled with financial borrowing institutions. He expressed support for teachers’ Savings and Credit Cooperative Organizations (SACCOs) and announced financial empowerment for 1,200 Village Women’s Saving Groups (VLSA) in Ora County, pledging UGX 400 million to support their initiatives.
President Yoweri Museveni has previously condemned money lenders, labeling them as exploiters of vulnerable Ugandans. During his visit to Kiryandongo District last year, while commissioning the Karuma Hydroelectric Power Dam, Museveni vowed to crack down on predatory lending practices. “We will crush these operations,” he declared, warning against the dangers of unregulated financial institutions that impose exorbitant interest rates on unsuspecting borrowers. The rise of these unregulated lenders has created a risky financial landscape for many Ugandans, with authorities now intensifying efforts to rein in exploitative practices-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
