List of Registered Money Lenders in Uganda (2024)

In today’s fast-paced world, access to quick and convenient loans can be crucial in Uganda. However, with a growing number of money lenders, it’s essential to choose only registered and regulated companies to safeguard your financial wellbeing. This article provides a list of reputable registered money lenders in Uganda for 2024, along with brief descriptions to help you make informed borrowing decisions.

Important Considerations Before Borrowing

• Verify Registration: Always ensure the lender is licensed by the Uganda Microfinance Regulatory Authority (UMRA). You can check their official website for an up-to-date list of registered lenders.
• Compare Terms: Carefully review interest rates, fees, repayment periods, and terms and conditions offered by different lenders before choosing one.
• Data Privacy: Choose lenders with clear privacy policies and understand how they will use your personal information.
• Borrow Responsibly: Only borrow what you need and are certain you can repay to avoid falling into a debt trap.

List of Registered Money Lenders in Uganda (2024)

1. Smart Loans Uganda

• Key Features: Smart Loans Uganda offers quick and convenient short-term loans, ranging from UGX 100,000 to UGX 50,000,000. They are a licensed and regulated lender by UMRA.
• Registration Number: Verification can be done through the UMRA website or by contacting Smart Loans Uganda directly.

2. MTN MoMo Pay

• Key Features: MTN MoMo Pay, a service by MTN Uganda, provides mobile loans with instant approvals. Loan amounts vary based on your creditworthiness and mobile money usage history.
• Registration Number: MTN Uganda is a licensed telecom operator. Since MoMo Pay operates under their umbrella, verification through UMRA is not applicable.

3. Fair Credit

• Key Features: Fair Credit offers personalized loans catering to various needs. They are known for their focus on financial inclusion and responsible lending practices.
• Registration Number: Verification can be done through the UMRA website.

4. Tala

• Key Features: Tala provides quick and accessible microloans through their mobile app. Loan amounts typically range from UGX 10,000 to UGX 1,000,000, ideal for smaller needs.
• Registration Number: Confirm the registration status with UMRA for your peace of mind.

5. Jazika

• Key Features: Jazika offers convenient mobile loans with flexible repayment options. They are known for their fast and efficient loan application process.
• Registration Number: Verification through UMRA’s resources is advisable.

6. Azima

• Key Features: Azima provides short-term mobile loans with competitive interest rates. Their user-friendly app allows for a smooth loan application experience.
• Registration Number: Confirm their registration through UMRA.

7. ACEP Uganda Limited

• Key Features: ACEP Uganda Limited offers a wider range of financial services, including short-term personal loans. They are known for their customer service and focus on financial inclusion.
• Registration Number: It’s advisable to verify their registration through UMRA’s resources.

8. Tugende Limited

• Key Features: Tugende Limited is a reputable financial institution known for its motorcycle loans. They also offer other loan products, catering to various financial needs.
• Registration Number: Confirmation through UMRA is recommended before proceeding.

9. Xente

• Key Features: Xente provides mobile loans with a focus on transparency and responsible lending practices. Their app allows for easy loan tracking and repayment.
• Registration Number: Verification can be done through the UMRA website.

10. Kampala City Traders SACCO

• Key Features: Kampala City Traders SACCO is a Savings and Credit Cooperative Organization (SACCO) offering members access to loans and other financial services. Membership may be required to access their loan products.
• Registration Number: SACCOs are also regulated entities. Verification can be done through UMRA or by contacting the SACCO directly.

Remember: Look Beyond This List

This list provides a starting point, not an exhaustive resource. Here are some additional tips for informed decision-making:

• UMRA Website: Utilize the Uganda Microfinance Regulatory Authority (UMRA) website to verify a lender’s registration status.
• Compare Rates: Interest rates and fees can vary significantly. Utilize online comparison tools or directly contact lenders to find the most competitive rates.
• Read Reviews: Customer reviews can offer valuable insights into a lender’s practices and customer service.

Conclusion

Finding the right money lender requires careful consideration. Prioritize registered lenders, understand loan terms, compare offers, and borrow responsibly to manage your finances effectively in Uganda.