The government has announced that the Bank of Uganda will start regulating micro finances and mobile money as the way of protecting the consumers of such services.
The minister of finance Maria Kiwanuka said that consumers have been complaining about the microfinance services and government is being forced to intervene.
She that government has already started on the process of coming up with the regulations and before the end of this financial year the regulations will be in place.
Kiwanuka however said that not all microfinance institutions will be controlled by bank of Uganda saying that it will depend on the size and level of the institution.
She said that there is no way government can say that it’s protecting people’s lives if it’s not protecting their finances.
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