President Museveni has vowed to crack down on exploitative money lenders, who he said take advantage of ignorant and desperate people .
The President said his government would push for the enactment of a law to fight the vice.
“Money lenders are becoming a problem. They go to our villagers [and] cheat them [villagers],” President Museveni said on October 1 during the opening ceremony of the Southern and Eastern Africa Chief Justices Forum conference at Speke Resort Munyonyo in Kampala.
Mr Museveni gave an elaborate example of how ignorant people are exploited by cunning lenders.
“Inflation rate in Uganda is very low. It is only three percent…even lower, but you find people charging 240 percent, in an economy where the inflation rate is only two percent. Why do you do that?” he said.
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