The Uganda Microfinance Regulatory Authority (UMRA) has registered the entry of Unifi Loans, a facility that does not require security to extend credit.
The UMRA Manager Microfinance, Mrs. Rachael Muhwezi said on Friday that the body has in this calendar year licensed 950 financial institutions under Tier4 encompassing non deposit taking microfinance facilities, savings and credit cooperatives (SACCOs), community based and informal financial groups such as village savings and loan associations (VSLAs) and money lenders.
“The Uganda Microfinance Regulatory Authority has this calendar year 2021 given license to 950 financial institutions under Tier4,” Mrs. Muhwezi.
She noted that the entry of a financial institution that does not base on collateral security to extend credit, will result to wider opportunities to people seeking for capital to establish businesses and solve related issues.
“Unifi Loans Smc (u) Ltd expansion into Uganda market is strategic and going to offer a wide variety of opportunities to our people seeking capital for investments, handling related business issues, “ she said.
The UNIFI country manager, Michael Bolden confirmed that they give out loans without asking for land titles, vehicle log books or any property of the receiver.
“As stated by the UMRA officials, UNIFI’s formal entry into Uganda, is meant to introduce unsecured lending solutions to Ugandans, smarter, easier and online processing,” he said.
Those who need loans will only need to present their national identification card and proof of employment in public or private entity. It is operating in South Africa, Zambia and Tanzania.