Money

What to know about Money lending business in Uganda

Key Points A money lending business should be a company registered with Uganda Registration Services Bureau (URSB) and licenced by Uganda Microfinance Regulatory Authority (UMRA) in accordance with the Tier 4 Microfinance Institutions and Moneylenders Act, 2016. In money-lending business, the moneylender should have a postal and physical address of the company (Form 18). A Money lender shall issue a receipt to a borrower for every repayment made on a loan and keep records for a period of 10 years. A moneylender should give a loan agreement to a borrower to sign not a sales agreement. A money lender shall not dispose off any collateral given by a debtor as a sale, pledge or collateral for the loan advanced to him, unless 60 days have passed since a written demand notice has been issued to the debtor requiring him or her to pay any outstanding monies on the Money advanced. A money lender may, before carrying out a sale of collateral by public auction or private treaty, undertake a valuation and obtain a forced sale value of the collateral to determine the market value of the property. A borrower shall retain the right to pay any outstanding monies and costs

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8 Ways Businesses Can Position to Thrive Post Covid-19 Crisis!

With no explanation we all know the waves that are sweeping off the globe. The pandemic has created a very ugly disruption for the global and local everything.  Everyone is directly or indirectly affected by the pandemic. Changes will inevitably come. Nothing is going to remain the same.   Amidst all, one thing is for sure – We shall make a comeback, but,  we cannot come back and do business as it was pre-covid19 time. We must revise the way we do business. This revision is relative to each industry and business. But few things remain evident to make meaning in the days ahead.  I explored few nuggets briefly below!  And these are not thoughts to just rub on top and run but thoughts that require deep digestion. The era for pass-by, try-and-see business people is fading and thus calls for understanding of detail in every aspect. Let’s roll; Technology, e-commerce and digitization  Inevitably digitalization is the way we shop and do business of late. It may seem that these innovations favor big enterprises, but the truth is that small businesses have much to gain from embracing new technologies as well and these tools are frequently both affordable and cost-effective

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How to Obtain a Money Lending Licence in Uganda

Venturing into a money lending business is a good profit-guarantee idea especially in this economic slow down where people need money for emergencies. You need to define your market if you want to be competitive. It will be best if you will be starting up under legal obligations and that’s by obtaining a money lending licence is critical. The money lending business is one of the growing industries due to the fact that people are now being affected by the increasing need to address financial emergencies. Money lending businesses usually provides people the opportunity to gain emergency financial help within less time and at no hassle. If you think about starting your own money lending business but you fear that it will not work, then probably you are missing an opportunity to profit, start today. The most common lending in Uganda is of quick loans starting from 100,000 UGX to 20,000,000 UGX issued upon providing security of sell-able items like computers and laptops, cars, motorcycles, land and more fast moving items. There is also lending for the big sums from 50m to billions. It is all same category and regulated and licenced the same. Under the laws of the government

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