State Minister Musasizi Issues Stern Warning to Predatory Moneylenders Over Massive Mobile Money Debt

Uganda’s Parliament recently became the arena for a heated debate concerning the staggering growth of digital borrowing, with reports revealing a massive Shs2.75 trillion mobile money debt burden weighing on citizens. Lawmakers engaged in sharp exchanges over how digital lending platforms and micro-credit schemes are impacting ordinary Ugandans.

During the parliamentary session, Leader of the Opposition Joel Ssenyonyi voiced strong concerns, dismissing dismissive remarks on the crisis and demanding more robust government intervention to protect vulnerable borrowers from exploitation.

In response to the growing outcry, State Minister for Finance in charge of General Duties, Mr. Henry Musasizi, issued a stern warning against predatory moneylenders operating within the financial ecosystem. The minister emphasized that the government is closely monitoring unregulated and exploitative lending practices that trap citizens in vicious cycles of debt.

The soaring digital debt highlights ongoing vulnerabilities in financial inclusion, where quick access to mobile credit often comes paired with exorbitant interest rates and aggressive recovery tactics. Lawmakers across the political divide have called for stricter regulatory frameworks to govern digital financial services and protect consumers from financial ruin.

As discussions continue, the Ministry of Finance faces mounting pressure to implement effective measures that balance financial innovation with consumer protection. Read more details about this developing story in the Daily Monitor.