The Uganda Microfinance Regulatory Authority (UMRA) has Condemned the Police Officer Wabwire’s Criminal Behavior Towards TFS Financial Services Managing Director Uttam Bandhari, who was gunned down last week.
In a Press release issued on sunday May 14th 2023, UMRA said the Police Officer Ivan Wabwire (30) could get other avenues of addressing the complaints related to lending and borrowing instead of shooting the money lender.
Wabwire on Friday shot dead Uttam Bhandari, the proprietor and manager of TFS Financial Services at Raja Chambers along Parliamentary Avenue in Kampala over shs2, 130,000 he owed the money lender.
“It has come to our attention that on 12th May,2023, the Managing Director for TFS financial services (Non-Deposit Taking Microfinance Institution) was shot to death. It is alleged that the shooting was due to disagreements resulting from a loan transaction. UMRA condemns the act of the borrower and hereby informs the general public, that there are avenues of addressing the complaints related to lending and borrowing.”
“Tier 4 Microfinance institutions and Money Lenders are required to take caution while dealing with
borrowers by assessing their creditworthiness. It is also a regulatory requirement to disclose to the
borrowers all transactional charges, fees and the method of computing interest as set-out in regulations
(2018) and (2020) including the financial consumer protection guidelines (2019).” the press release reads.
UMRA advised the general public to use the following avenues to seek complaint resolution on issues related to transactions with Tier 4 Microfinance institutions and Money lenders.
Uganda Microfinance Regulatory Authority (UMRA) is mandated to regulate, license and supervise all the Tier IV Microfinance Institutions and Money Lenders in Uganda. The Authority was established under the Tier IV Microfinance Institutions and Money Lenders Act,2016.
Meanwhile, Updating the country on the status of investigations on Monday, police spokesperson, Fred Enanga said after the arrest of Wabwire from Busia as he tried to cross to neighbouring Kenya, he was subjected to a medical test by their surgeon whose results came out negative.
“At the time of arrest he was in good shape and sound. We have so far we examined him and found that he is very normal and sound,” Enanga told journalists.
On Saturday, the Kampala Metropolitan Police spokesperson, Patrick Onyango said Wabwire had a medical problem and because of this, he had been forbidden from holding a gun.
