Deputy Speaker Thomas Tayebwa has directed the government to present to Parliament a detailed report on investigations into the operations of online money lending apps, following numerous complaints from Ugandans about harassment.
Narrating his personal ordeal, Tayebwa recounted being insulted and accused of being a “conman” by an agent from Mangu Cash, an online money lending app. This occurred after he refused to settle a loan for an individual who had fraudulently listed him as their next of kin.
“Recently, I received a call from someone identifying herself as an agent of Mangu Cash, threatening me to pay a loan for someone who borrowed and listed me as their next of kin. I humbly explained that I had no connection to the company or the individual. However, the response was rude and escalated when I revealed my identity,” Tayebwa explained.
Sharing his experience on social media, Tayebwa revealed that many Ugandans are enduring severe harassment from these apps, which operate unregulated and use unethical practices. He cited public feedback highlighting how these apps are run by powerful, untouchable entities and pointed out similar issues in other countries, such as India, where victims have reportedly taken their own lives due to the pressure.
Minister of State for Finance Henry Musasizi confirmed that the matter had reached the Central Bank and investigations are underway. He emphasized that the activities of these apps are not a result of regulatory gaps but are outright illegal.
“What these apps are doing is illegal. The regulated money lending businesses are operating without issues. However, we are investigating these rogue apps and will provide a detailed report to Parliament,” Musasizi assured the House.
Tayebwa’s call for accountability underscores the urgent need for government intervention to curb the predatory practices of online money lending apps that continue to exploit vulnerable Ugandans.
Some of the apps extorting Ugandans include; iKash, Flypesa, banana app, Loango, Nile, gloan app, Boom loan, Mpacash, Cashpulse, Credit lab, Flowerloan, Wind-money, Lever credit, Cashmate, Ezee loan, Kasente, Sunlit, Wind money, Cashflow, Moji, Ozzy money, Mumu money, Kasquick, More Pesa, Muno, My loan, Real Cash, Star Loan, Get Cash.
