Ultimate Media
The police in Kampala have arrested four men accusing them of operating an illegal microfinance in Katwe, a city suburb.
Katwe Twegate Microfinance has been operating since 2008 but its managers had not registered it with Bank of Uganda as the law requires.
Police arrested the managers of this microfinance from their offices.
The Spokesperson of police, Judith Nabakooba says the people who operate microfinance businesses must be registered.
She says many Ugandans in different parts of the country have lost millions of money to conmen who are running unregistered finance institutions.
Joseph Lwanga, one of the bank managers arrested told police that they were not conmen but a finance institution helping its members in Katwe to save money.
He says Katwe Twegate has been offering loans to its members without guarantors.
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