Many Ugandans, particularly those in urban areas, are familiar with the growing trend of mobile apps that offer quick loans at exorbitant interest rates. Encounters with these apps have become a common yet troubling experience for many.
Private investigator Ronald Egesa has launched a campaign to expose and ban these money lending apps, claiming they operate illegally and are not regulated by the Bank of Uganda. Using his Twitter account, Egesa has been revealing the identities of the directors and employees behind these apps.
In his message, Egesa advises Ugandans: “These #illegalonlineloanapps are something else. We have to drive them out of Uganda. All options are on the table. Don’t pay the balance. They are flouting regulations.”
Egesa has promised a busy week ahead, indicating that criminal proceedings will begin against individuals involved with these apps, which he claims are operated by “Chinese aliens” using unregistered SIM cards under the guise of loan recovery.
One of Egesa’s tweets reads: “Fellow Ugandans, I can confirm to you that the coming week is going to be a busy one. Criminal proceedings will commence against the following persons (This is Group 1) for working closely with the Chinese aliens to mastermind the groups that have been harassing Ugandans using unregistered sim cards under the guise of loan recovery for the #illegalonlineloanapps. If you happen to have more information about these persons that you would like to share with the team, kindly use my DM and inbox it. Thank you.”
These apps, many with Chinese connections, have caused significant distress among Ugandans.
Numerous stories of pain and anguish have emerged since Egesa began his campaign.
One user shared their experience, saying, “Good evening Sir, thanks for this great campaign. You are a saviour to most of us. I have been harassed by Isente (they even sent my photos and derogatory messages to all contacts in my phone), Miniu Cash, Quick Laara, and Radel Cash. I’m also asking if Sente Hub is legal because they still use my photo to send out derogatory messages to all my contacts. My in-laws have lost trust in me because these people are always calling them demanding money.”
In response, companies like FUXI MICROFINANCE UG LIMITED, VOLANTIS COMPANY LIMITED, and GROLATECH COMPANY LIMITED have issued letters of intent to sue Egesa for defamation and economic sabotage. However, Egesa remains defiant: “They are feeling the heat. I am even going to take this to Facebook and Instagram. I am going to have a dedicated army to mobilize against their illegal activities. We must stop these #illegalonlineloanapps.”
Egesa has also urged Ugandans who have been harassed by these apps to seek compensation from the Microfinance Regulatory Authority (UMRA).
“If you have ever been subjected to abuse, insults, and harassment from the loan recovery officers of any of the #illegalonlineloanapps indicated below, please be informed that various people have complained to UMRA and the chaps operating these companies, namely Grola Tech Company Ltd and Volantis Company Ltd, have been made to pay huge compensation to the complainants. What are you waiting for? It is your time to cash in. The campaign to mobilize complainants has been on, DM your details and we will visit the regulator at once to have you demand your compensation.”
As Egesa’s campaign gains momentum, it remains to be seen how the authorities and the public will respond to the growing outcry against these controversial lending apps.
Discover more from Ugandan Exclusive
Subscribe to get the latest posts sent to your email.
