The President has ordered an investigation into high-interest lenders.

The President has ordered an investigation into high-interest lenders.

President Museven Yoweri Kaguta Museven has ordered the Attorney General to investigate lending institutions for high interest rates and excessive conditions imposed on Ugandans.

He said those who ask for high interest rates are fraudsters and corrupt.

He explained that such a policy of charging high interest rates undermines the development of the country.

However, some in the lending industry have been arguing that the loans they lend to ordinary people, that they also borrow from banks at high interest rates, as well as other cheap facilities, including payment of employees who owe the money and other concessions.

Meanwhile, the President said that flood subsidies should not be given to importers, especially if they compete with domestic products.

The President said the funds should be given to people involved in agriculture and livestock, as well as those involved in their trade and quality improvement.

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