By Juma Magino
BUSIA
Local leaders in Busia have asked the district leadership to expedite the probe on money lenders who are providing quick loans to women at high interest rates which has forced many of them to abandon their homes.
This development was revealed on Monday, 15/5/2023, by the LC lll Chairperson of Namungodi Town Council, Mr. Christopher Gowa, during an exclusive interview with our reporter.
Gowa, says that many unregulated money lenders have dispersed their agents in the villages who are targeting desperate women with promises of giving them quick loans so that they can invest in their small businesses then pay afterwards with an agreed interest rate.
He, however, says that the money lenders are asking the unsuspecting poor villagers to deposit their documents i.e. national identity cards, land titles, houses and other properties as collateral.
He adds that the unsuspecting victims have in return lost their property to the money lenders while others have abandoned their homes due to failure to service the loans.
He also said that even though they are licensed money lenders in the district, leaders must probe their services in the community to weed out those that are targeting people’s properties disguised as loan providers.
Meanwhile, he has urged members of the community to embrace government programs like Parish Development Model, Emyooga and Katale loan scheme if they are to improve their livelihoods.
