- Money lenders warned against taking collateral without establishing the borrower's ability to pay back loans.
- Lenders are advised to check the borrower's transaction history to determine the ability to pay.
- Goldmine financial services is located at Aponye Mall Ntinda.
The Minister of State for foreign affairs Henry Okello Oryem has asked Ugandans to be innovative and generate their own projects that can generate income.
The minister made the remarks while officiating at the opening of Goldmine Finance Limited Ntinda one of the fastest-growing financial institutions that opened its newest branch in Ntinda, Kampala.
At the same event, the Government is warning members of the public against taking huge loans with long repayment schedules. This causes over-indebtedness of the clients for a long time and may lead to a higher failure repayment rate.
Ezra Balihamwe says as Microfinance Regulatory Authority, they advise lenders not to rely on the collateral to lend money but to consider the borrower's cash flows and proper assessment of the ability to pay back the loan.
"We are excited to expand our presence to Ntinda and provide our customers and the general public with greater accessibility to our financial products and services", said Mr. AllanTayebwa, Managing Director of Goldmine Finance.
The new Goldmine Finance branch reflects in the delivery of innovative financial solutions and personalized services to meet the evolving needs of our customers.
Goldmine provides a range of financial services at the new branch which includes personal loans, business loans, and mobile loans.
Goldmine Finance will be offering exciting promotions for new customers who will visit the Ntinda branch to celebrate this milestone.