Parliament Cuts Ties with Moneylenders Amid Growing Concerns Over MPs Debt Woes

Parliament of Uganda

Parliament has made a decisive move to shield its members from predatory moneylenders, effectively canceling all agreements between MPs and financial services offered by these lenders. The decision, announced during a Wednesday Parliamentary sitting by Deputy Speaker Thomas Tayebwa, was driven by mounting concerns over MPs falling victim to moneylenders who charge exorbitant interest rates on loans.

The Deputy Speaker’s announcement came after Kira Municipality Legislator Ibrahim Ssemujju Nganda raised the alarm about a growing number of MPs who were avoiding Parliamentary proceedings out of fear of being targeted by ruthless moneylenders.

While MPs will retain the freedom to engage with moneylenders on an individual basis, Parliament has officially disassociated itself from such arrangements. The decision reflects a broader effort to safeguard the financial well-being of MPs, ensuring that they are not ensnared by exploitative lending practices.

During the same session, MPs Maurice Kibalya and Steven Kisa disclosed troubling reports of a certain group suspected to be moneylenders establishing a presence in select areas of Busoga. These individuals were allegedly involved in assaulting residents and confiscating their properties.

The MPs expressed concerns that these moneylenders, operating with apparent impunity in the Busoga and Bukedi regions, may have ulterior motives beyond mere lending. Consequently, they called for a thorough investigation to uncover the truth behind these activities.

In response, the Deputy Speaker has instructed the Minister of Internal Affairs to launch an inquiry into the alleged claims and provide a report to Parliament. This move underscores Parliament’s commitment to safeguarding the interests and safety of its members in the face of mounting challenges posed by predatory moneylenders.