Ugandan MPs Clash Over New Money Lender Bill: Protection or Overreach?

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Ugandan MPs Clash Over New Money Lender Bill: Protection or Overreach?
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Uganda's parliament is buzzing with debate over a proposed bill to regulate money lenders. The Parliamentary Commission, backed by the NRM Caucus, is pushing for swift action, citing rampant predatory practices and contractual violations. However, not everyone is convinced.

Commissioner Solomon Silwany paints a grim picture: MPs themselves are facing harassment and loan repayment issues, highlighting the urgency for intervention. He argues existing laws are insufficient, calling for a dedicated bill to curb exploitation.

But legislator Jonathan Ebwaru throws a wrench in the works. He believes existing laws are enough, questioning the need for additional legislation and voicing concerns about potential overreach. Some MPs even fear losing their property under stricter regulations.

Government Chief Whip Hamson Obua confirms NRM support for the bill, but its fate remains uncertain. Cabinet approval is pending, potentially delaying its implementation.

The crux of the matter: Protecting citizens from predatory loan practices versus potential unintended consequences of new regulations. With voices on both sides passionately advocating their positions, the outcome of this debate will have significant implications for Ugandan borrowers and lenders alike.

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