The Uganda Microfinance Regulatory Authority (UMRA) has identified and listed 59 online applications that are operating illegally, providing loans without the necessary licenses and approvals.
As the primary regulator of microfinance institutions and money lenders in Uganda, UMRA is taking steps to address the growing concern of unregulated online lending.
These unauthorized entities have been exploiting digital platforms, including mobile apps and social media, to offer credit to unsuspecting borrowers, often disregarding consumer protection standards and compromising sensitive consumer data.
The lack of oversight has led to numerous complaints from Ugandans on social media, citing exorbitant interest rates and harassment by lenders using vulgar language to demand repayment.
UMRA’s move aims to protect consumers and maintain the integrity of the financial sector. The regulator urges borrowers to exercise caution and only engage with licensed and reputable lenders.
Below is the list of the illegal loan apps
Below are illegal online loan apps in Uganda:
- Flypesa
- Banana App
- Loango
- Nile Credit
- Gloan App
- Boom Loan
- Mpacash
- Cashpulse
- Credit Lab
- Flowerloan
- Wind-Money
- Lever Credit
- Cashmate
- Ezee Loan
- Sunlit
- Wind Money
- Cashflow
- Moji Loan
- Ozzy Money
- Mumu Money
- Kasquick
- More Pesa
- Get Cash
- QuickLoan: Reliable Online Loan
- CashPulse
- KashBus
- YeLoan
- SenteHub
- CreditLab
- Echo Loan
- GetLoan-Online Fast
- Fair Loans
- SweetLoan-Loan App
- Banana Credit
- Loan Cash-Easy Instant Loans
- Borrow Money-Get Online
- CashPe Instant Loans
- Faircash
- Azima Instant Loan
- Quick Loan
- Easy Mobile Loan
- Smart Quick Cash
- Cash4You Mobile
- Cash Lender Mobile
- CashGo Mobile Loans
- Unity Loans
- Happy Credit Quick Loans
- CashNow
- Mobi Loan
- CashPe Easy Loan
- Rapid Mobile Loans
- Quick Cash Loans
- Credit Sente Loans
- Muno
- My Loan
- Real Cash
- Star Loan
- Echo Loans
- Fair loans
