• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
Advertisement
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda
No Result
View All Result
Watchdog Uganda
No Result
View All Result

MTN, Bank of Uganda on spot over lending money at 108% interest per year

watchdog by watchdog
6 years ago
in Business
1 0

Warning: Trying to access array offset on value of type bool in /home/90/81/2028190/web/wp-content/themes/jnews/class/Image/ImageNormalLoad.php on line 70

Warning: Trying to access array offset on value of type bool in /home/90/81/2028190/web/wp-content/themes/jnews/class/Image/ImageNormalLoad.php on line 73
ShareTweetSendShare

By Watchdog reporter

Telecom giant MTN this week announced is venturing into core banking functions; saving and lending money to its customers.

The telecom said it was doing it with partnership with Bank of Africa.

MTN would offer financial loans through its mobile money platform.

However, lawmakers are not willing to lie low as MTN literally starts taking more than a fair share from their subscribers.

MPs raised the issue on consumer protection basis.

MP Kenneth Lubogo of Bulamogi County raised the matter on the floor of parliament after watching MOKash advertisement by MTN Telecom Company inviting Ugandans to start saving and take loans.

However, MTN which says has about nine million subscribers asks people to borrow money at 9% as interest rates per month.

The MP says, this would mean the subscriber was borrowing at 108percent per year.

Lubogo asked if MTN has been cleared by Bank of Uganda as a financial institution taking deposits and proposed that MTN suspend its new product until government spells out its clear terms.

Bugangaizi East MP Onesmus Twinamasikosaid he was disappointment that the central bank had okayed MTN to lend money at a high interest rate of 9 percent per month.

Planning state minister David Bahati tried to explain that MTN-Uganda has a license through the Uganda Communications Commission (UCC) to provide mobile phone services, but he could not answer if UCC was the financial regulator in the country.

Bahati later admitted that MTN had no license for banking services but that Bank of Uganda had give them a green light to work with the Bank of Africa to lend to their customers.

Clearly, MTN is bending the rules, and was working with Bank of Africa to cheat customers.

Katerera County MP Atwibu Katoto noted that the telecom company was already making a lot of money from Uganda through unnecessary charges on mobile money, airtime and data bundles.

Joseph Ssewungu, the Kalungu West MP asked where Bank of Uganda got the authority to allow a telecom into offering banking services without the approval of Parliament.

 


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com

ShareTweetSendShare

Related Posts

Manoj Murali, Managing Director, Airtel Uganda (5th L), Owek. Charles Peter Mayiga (C) , The Katikkiro of Buganda, Owek Robert Waggwa Nsibirwa (2nd R), 2nd Deputy Katikkiro and Minister For Finance, Arthur Mawanda (4th R), Managing Director Airtel-k2 Telcom together with representatives from the Masazas in Buganda and Airtel Staff at the partnership announcement between Airtel Uganda and K2 Telcom to enhance the network services with the aim  of boosting customers’ experience and expanding the reach of the partnership.
Business

Airtel-K2 expanded to Masaza as partnership focuses on connecting communities to opportunities

26th May 2022 at 16:21
Mr, Mathias Kamugasho, the Service Cops Managing Director (Left), Mr. Joseph Kiiza Ndiho, the Service Cops’ Executive Chairman, (2nd left), Mr. Tsehay Shiferaw (2nd right), the Awash Bank Chief Executive Officer and the Chief Technology Officer; Mr Tilahuntem Temotewos (right) at the signing of the MoU.
Business

Services Cops signs partnership with Ethiopia’s Awash Bank, to extend its iconic School Suite System and other digital banking solutions

26th May 2022 at 11:09
URA Commissioner General John Musinguzi
Finance

URA tax collections for FY 2021/2022 hit record 15.4 trillion

25th May 2022 at 18:25
Next Post

Comedian Anne Kansiime collapses backstage in Zimbabwe

Follow us on Facebook

Trending Posts

  • Entebbe: Police officer found dead along Lake Victoria shorelines 

    15 shares
    Share 6 Tweet 4
  • How NUP’s Waiswa Mufumbiro destroyed Frank Gashumba in one night

    14 shares
    Share 6 Tweet 4
  • DR IAN CLARKE: Highway Robbery by Wakiso District Council

    12 shares
    Share 5 Tweet 3
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    1885 shares
    Share 754 Tweet 471
  • Government in confusion on how to effect salary increment for science teachers

    47 shares
    Share 19 Tweet 12

Follow us on Twitter

Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Plot 23, Yusuf Lule Road
PO Box 7661 Kampala, Uganda
Office Line: +256 777 286 815
Email: editorial@watchdoguganda.com
To Advertise:Click here

Follow us on Twitter

Follow us on Facebook

© 2022 Watchdog Uganda

No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Sports
      • Football
      • Motorsport
  • Business
    • Agriculture
    • Finance
    • RealEstate
    • Technology
  • Op-Ed
  • Entertainment
    • Lifestyle
    • Showbiz
    • Big Brother Naija Dairy
  • People
    • Entrepreneurs
    • Stars
    • Politicians
  • Special Report
    • Education
  • Travel
  • Video
  • Luganda

© 2022 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Posting....