Money lenders attack man over unpaid loan in video captured by photographer

The scene was captured by photographer Nyaika256 in one of his street life video series.

"This ninja walking around bleeding from the head like it’s nothing 🥺, he was allegedly beaten by money lenders for failing to pay back his loan. He was later picked up by police. End of story," the photographer wrote under the video on his Instagram.

The shirtless man is covered in blood and dirt indicating that he had been in a scuffle. As the video ends, he is seen wearing a shirt abode a police truck.

CHECK OUT: Police spokesperson Luke Owoyesigire opens up about financial struggles

The Uganda Microfinance Regulatory Authority (UMRA) recently, on June 14, 2023, released a list of licensed money lenders that the public may transact with.

In April 2023, the Uganda Police Force published an article on their website warning moneylenders against taking national identities as collateral. This was on top of other documents they were warned against such as passport, warrant card, or other documents establishing the identity or nationality of the holder, bank savings, ATM cards and security codes for the ATM cards, as collateral for money borrowed.

CHECK OUT: Regulatory rules for moneylenders

A money lender is an individual or group of individuals who lends small amounts of money at higher interest rates compared to financial institutions. This venture has seen a number of groups and individuals set up shop to provide loans through a mild process compared to that of financial institutions.

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