Ugandans warned against investing in unregulated financial schemes
The state minister of finance in charge of general duties, Henry Musasizi has warned Ugandans against investing in unregulated financial schemes which might land them into losses.
This was in Musasizi’s message that was read by Steven Kasyaba, the chairperson LCV Rubanda district during a one-day town hall meeting organized by capital markets Authority at Cephas Inn in Kabale municipality.
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The meeting attracted investors from Kabale and Rubanda districts.
Musasizi noted that investing in capital markets will boost returns to the investors in a more realistic manner.
He added that investing in capital markets is a sustainable strategy for the business community.
“Lets us work together to build a brighter more prosperous feature for Uganda and earn on a return for investments as regulated. While at the same time we contribute to economic growth as earlier savings will be deployed as long-term capital for Ugandan businesses," Musasizi said.
He noted that government has renewed focus on capital markets so as to provide an alternative source adding that sources of funding for both public and private sectors in order to complement funding from commercial banks.
Denis Kizito, the director of market supervision at Capital Market Authority (CMA)and Dr. Protazio Begumisa, a board member of the CMA highlighted that fraudsters often lure the public with attractive deals, leading people into fake investment schemes that result in significant losses.
“If you get someone ready to offer a free service without any pay, just know that he person is a thief. It’s not a matter of getting money but one must get money through sweeting, but the fraudsters will play on people’s minds. Those who studied accounting will tell you that if something looks so good, its poetically so bad," officials from CMA said.
Josephine Okui Ossiya the executive director of CMA, emphasized that these engagements aim to guide the business community in making sound investment decisions.
