Three held over fake bank

Sep 10, 2009

The Police in western Uganda are holding three people over illegally operating a micro-finance organisation in Kabarole district. Access Finance Limited has been operating in Fort Portal town on Junko Plaza, Bwamba Road since mid-August.

By Hope Mafaranga

The Police in western Uganda are holding three people over illegally operating a micro-finance organisation in Kabarole district. Access Finance Limited has been operating in Fort Portal town on Junko Plaza, Bwamba Road since mid-August.

The institution had not register with the district security headed by the resident district commissioner and the Police. Western regional Police spokesperson Elly Matte identified the suspects as Lillian Banura, a loans officer, Ronald Muyonjo, a marketing officer and Willy Mucunguzi, a field officer.

Matte disclosed that the trio was on Monday arrested by the Police from their offices. He said the security personnel were aware of people who enter the region and operate money lending businesses without following the right procedures.

Matte added that many people had lost millions of shillings to fake financial institutions like COWE, Dutch International and Support Uganda, in similar circumstances.

The suspects admitted that they were workers of Access Finance Limited and had documents of verification and identity cards. They told the Police that their managers were in Kampala. However, the managers phones were off.

The operations manager, George Muliki, said they had brought services to the people at an interest of only 2% per month, which most micro-finance institutions do not offer.

He added that they were not conmen but a stable institution which is helping people access loans at a low interest rate. Muliki said they offer a saving scheme, forex bureau, salary loans, agricultural loans, boda boda loans, school fees loans with no security or guarantors.

Access Finance has offices in Kampala, Mbale, Jinja, Masaka, Kasese and Kabarole districts. Muliki said they were planning to open other branches in Mbarara, Kyenjojo and Kamwenge districts.

By Tuesday evening, offices in Kabarole and other districts were still locked and no top officer could be reached for a comment.

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