The Deputy Speaker of Parliament Thomas Tayebwa has called for regulation of online money lending applications that are enormous and untraceable. 

This was contained in his communication to the House as he opened Parliament’s plenary session on Thursday afternoon, referencing a one ‘Mango’ online lending app which called him demanding for debt servicing and also threatening him in case he refused to pay.

It attracted further debate from Members of Parliament who also alleged to have gone through the same torture from online money lending apps which they do not subscribe to.

The Deputy Speaker also revealed that he got information that the owners and operators of these apps are untraceable and tough and once anyone tries to condemn them, they also fight back.

It’s from this that Tayebwa requested the Ministry of Finance, Planning and Economic Development to take action and start regulating such apps.

By Francis Lubega

19 Dec 2024

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