In recent years, the rise of online loan applications has made it easier than ever for Ugandans to access quick credit. However, not all of these platforms operate within the bounds of the law. The Uganda Microfinance Regulatory Authority (UMRA) has raised the alarm on a staggering number of online lending apps that are operating illegally, putting consumers at significant risk. These apps are not only flouting the laws set forth by the Tier 4 Microfinance Institutions and Money Lenders Act, 2016, but they are also violating the newly established digital lending guidelines for 2024.
UMRA’s 23 Best loan Apps in Uganda for instant loans in 2023
UMRA’s warning to the public is unequivocal: avoid these unauthorized lenders at all costs. Engaging with these illegal apps can lead to financial hardships and contribute to undermining the overall integrity of Uganda’s financial system. To protect yourself, it’s crucial to only seek loans from licensed and regulated financial institutions. This ensures that you are covered by legal protections and can avoid the pitfalls of dealing with unscrupulous lenders.
For a full list of these unauthorized apps, here are some of the most prominent offenders identified by UMRA:
- Flypesa
- banana app
- Loango
- Nile
- gloan app
- Boom loan
- Mpacash
- Cashpulse
- Credit lab
- Flowerloan
- Wind-money
- Lever credit
- Cashmate
- Ezee loan
- Sunlit
- Wind money
- Cashflow
- Moji
- Ozzy money
- Mumu money
- Kasquick
- More Pesa
- Get Cash
- QuickLoan Reliable online Loan
- CashPulse
- KashBus
- YeLoan
- SenteHub
- CreditLab
- Echo Loan
- GetLoan-Online fast Loan, changed to Get Credit
- Fair Loans
- SweetLoan-loan app in Uganda
- Banana credit
- Loan Cash-easy Instant Loans
- Borrow Money-Get Online
- CashPe – instant Loan
- Faircash
- Azima instant loan
- Quick Loan
- Easy Mobile Loan
- Smart Quick Cash
- Cash4You Mobile Loans
- Cash Lender – Mobile Fast Loan
- Omega Loans
- Little cash – Mobile Loans
- Unity Loans
- Happy Credit – Quick Loans
- CashGo Mobile Loans
- CashNow
- Mobi Loan
- CashPe – Easy loan
- Rapid Mobile Loans
- Quick Cash Loans
- Credit Sente Loans
- Muno
- My loan
- Real Cash
- Star Loan
If you suspect that you have been involved with any of these apps, UMRA urges you to report the issue immediately. You can do so via their toll-free number, email, or through their website’s complaints section. By reporting non-compliance, you not only protect yourself but also contribute to the broader effort of eliminating these illegal operators, ensuring a safer financial environment for all Ugandans.
