The Minister of Uganda for Micro finance, Ruth Nankabirwa has urged Ugandans not to save their money in unregistered microfinance institutions.
Ruth Nankabirwa
Nankabirwa says there are many unregistered Savings and Credit Cooperative Societies (Saccos), which promise people high interests.
She urges the members of the public to save money with only registered financial institutions to avoid loss. Nankabirwa was addressing members of the press at Parliament today.
She says some of the microfinance institutions are ‘fake’ and their founders want to steal people’s money.
The Minister says Bank of Uganda doesn’t compensate people who lose money in unregistered financial institutions.
Nankabirwa says all unregistered financial institutions must have certificates of registration in their offices from Bank of Uganda.