Jonakee Holdings Takes Financial Inclusion Services to Wandegeya

By Darlington Mabonga

The business community of Wandegeya and the surrounding localities are set to benefit from quick financial services including loans and other strategic business packages delivered by Jonakee Holdings Ltd.

The development came to light over the weekend during the official opening ceremony for their business office at the hajji Musa Kasule mall in Wandegeya

The president of the Money lenders Association of Uganda Jonan Kandwanaho told this website on the sidelines of the event that they had dragged the government to the commercial court over what he claimed was unfairly placing a cap of 2.8% lending interest rate per month on his members.

He explained that the government levy which is very low, is exclusively applicable to only Money lenders leaving out other financial services providers like commercial banks, SACCOs and other financial deposit taking institutions among others.

Jonard Kandwanaho

He contends that despite the marginal levy, the government has not extended to his Association any financial bailout package to help cushion them against possible operational challenges as opposed to other financial services providers who get funding boost.

He pointed out that money lenders build their own private operational capital to sustain their businesses which is costly

The incident he said, has forced many members to abandon the business due to high costs of doing business coupled with potential risks of losses.

He noted that they want court to order government to lift the 2.8 lending cap and allow them to trade freely given that the country was operating in a free market system economy were market forces determines the lending interest rate.

He said they are optimistic that court would come out with a ruling in thier favour to compel government to raise the lending cap to 5% or let the market forces determine the direction of lending interest rates.

Jonan said they are trying very hard to clean up their industry image by fighting and exposing quack lenders who have been implicated in property grabbing scandals.

The country has over 1,500 practising money lenders but only 300 are officially registered as genuine members who do clean work. However they are determined to ensure that quack people are exposed and prosecuted in courts of law for clandestinely fleecing unsuspeting members of the public.

The Jonakee holdings Ltd operations manager Shivan Arimpa said they operate several branches including Kabalagala Mulago, Wandegeya and Ntinda headquarters and do offer quick financial services of loans between 2m_300m with calateral being a genuine land title registered in the names of applicant or vehicle log book in the same names.

As a tier four financial service provider segment, We have come to bridge the gap between commercial banks which sometimes delay processing loans for clients during emergencies unlike them who are capable of processing cash within 12 hours which development allows the client to execute clean and timely business deals without delays.