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    EC Sets programme and polling date for Bukimbiri County Parliamentary by-election 

    EC Sets programme and polling date for Bukimbiri County Parliamentary by-election

    Soroti City East By-elections: EC sets Tentative but Statutory deadline as Justice Byabakama Preaches fairness and Free process

    Soroti City East By-elections: EC sets Tentative but Statutory deadline as Justice Byabakama Preaches fairness and Free process

    More Clout: Stanbic Bank’s CEO Anne Juuko Business Leadership Skills Continues to Star, wins at the ABLA

    More Clout: Stanbic Bank’s CEO Anne Juuko Business Leadership Skills Continues to Star, wins at the ABLA

    Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels

    Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels

    Raw Deal: Businesses cry Foul, says they Reap Zero out of Billions they Invest in ‘Influencers’ that Never Attract a Penny in Sales

    Raw Deal: Businesses cry Foul, says they Reap Zero out of Billions they Invest in ‘Influencers’ that Never Attract a Penny in Sales

    Still on MPs` Salary Upsurge? Well, Hon. Speaker Anita Among`s UGX2.5Bn New Mercedoz Finally Jet into the Country! 

    Still on MPs` Salary Upsurge? Well, Hon. Speaker Anita Among`s UGX2.5Bn New Mercedoz Finally Jet into the Country!

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    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

    Vincent Omoth – Marketing Manager Fresh Dairy (L) hands over 20 classroom desks to Head Teacher Kirinya Catholic School

    Fresh Dairy donates classroom desks to Kirinya Catholic Primary School

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    Final Whistle: UMA and NCF Floor UNCC as Ministry of Gender, Labor and Social Development Okays 28th June as Date for New Leaders Elections

    Final Whistle: UMA and NCF Floor UNCC as Ministry of Gender, Labor and Social Development Okays 28th June as Date for New Leaders Elections

    English Whistle: Englishman Anthony Woodthorpe Won’t Stomach Stubbornness at Rugby Africa Cup in France 

    English Whistle: Englishman Anthony Woodthorpe Won’t Stomach Stubbornness at Rugby Africa Cup in France

    Never Say Never: Doreen Kabareebe to finally Represent Uganda at the MS International Beauty Pageant

    Never Say Never: Doreen Kabareebe to finally Represent Uganda at the MS International Beauty Pageant

    Good to Fly: Crested Cranes CECAFA SWC Triumph Signals a Ready Team for the Morocco Bound AFCON

    Good to Fly: Crested Cranes CECAFA SWC Triumph Signals a Ready Team for the Morocco Bound AFCON

    The Bul-let: Resilient BUL FC fires a revenge bullet into Vipers Fresh at Stanbic Uganda Cup, stopping the Venoms Season Double 

    The Bul-let: Resilient BUL FC fires a revenge bullet into Vipers Fresh at Stanbic Uganda Cup, stopping the Venoms Season Double

    New Precedence: King Saha, Lawyer Erias Lukwago threaten to Contest any form of Online-Based Voting for UMA Presidency 

    New Precedence: King Saha, Lawyer Erias Lukwago threaten to Contest any form of Online-Based Voting for UMA Presidency

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    NWSC Improves Apac Water Supply with over 150 Kms of Main Extensions to Cover 60% of the Quantity Projected 

    NWSC Improves Apac Water Supply with over 150 Kms of Main Extensions to Cover 60% of the Quantity Projected 

    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

    Covid-Funds-Theft Records: Top Health Ministry Officials Stuck with UGX52Bn Loot as Districts Jam to Account for Air 

    Covid-Funds-Theft Records: Top Health Ministry Officials Stuck with UGX52Bn Loot as Districts Jam to Account for Air

    National Water and Sewerage Corporation Technical Staff’ Skills Enhanced for Better Service Delivery 

    National Water and Sewerage Corporation Technical Staff’ Skills Enhanced for Better Service Delivery

    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

    U`re Hypocrites: Ugandan Socialite Zaituni Kirigwajjo aka Zari Freezes her Appearances on all Uganda Events 

    U`re Hypocrites: Ugandan Socialite Zaituni Kirigwajjo aka Zari Freezes her Appearances on all Uganda Events

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    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

  • 2021 Uganda Elections
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    EC Sets programme and polling date for Bukimbiri County Parliamentary by-election 

    EC Sets programme and polling date for Bukimbiri County Parliamentary by-election

    Soroti City East By-elections: EC sets Tentative but Statutory deadline as Justice Byabakama Preaches fairness and Free process

    Soroti City East By-elections: EC sets Tentative but Statutory deadline as Justice Byabakama Preaches fairness and Free process

    More Clout: Stanbic Bank’s CEO Anne Juuko Business Leadership Skills Continues to Star, wins at the ABLA

    More Clout: Stanbic Bank’s CEO Anne Juuko Business Leadership Skills Continues to Star, wins at the ABLA

    Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels

    Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels

    Raw Deal: Businesses cry Foul, says they Reap Zero out of Billions they Invest in ‘Influencers’ that Never Attract a Penny in Sales

    Raw Deal: Businesses cry Foul, says they Reap Zero out of Billions they Invest in ‘Influencers’ that Never Attract a Penny in Sales

    Still on MPs` Salary Upsurge? Well, Hon. Speaker Anita Among`s UGX2.5Bn New Mercedoz Finally Jet into the Country! 

    Still on MPs` Salary Upsurge? Well, Hon. Speaker Anita Among`s UGX2.5Bn New Mercedoz Finally Jet into the Country!

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

    Vincent Omoth – Marketing Manager Fresh Dairy (L) hands over 20 classroom desks to Head Teacher Kirinya Catholic School

    Fresh Dairy donates classroom desks to Kirinya Catholic Primary School

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Final Whistle: UMA and NCF Floor UNCC as Ministry of Gender, Labor and Social Development Okays 28th June as Date for New Leaders Elections

    Final Whistle: UMA and NCF Floor UNCC as Ministry of Gender, Labor and Social Development Okays 28th June as Date for New Leaders Elections

    English Whistle: Englishman Anthony Woodthorpe Won’t Stomach Stubbornness at Rugby Africa Cup in France 

    English Whistle: Englishman Anthony Woodthorpe Won’t Stomach Stubbornness at Rugby Africa Cup in France

    Never Say Never: Doreen Kabareebe to finally Represent Uganda at the MS International Beauty Pageant

    Never Say Never: Doreen Kabareebe to finally Represent Uganda at the MS International Beauty Pageant

    Good to Fly: Crested Cranes CECAFA SWC Triumph Signals a Ready Team for the Morocco Bound AFCON

    Good to Fly: Crested Cranes CECAFA SWC Triumph Signals a Ready Team for the Morocco Bound AFCON

    The Bul-let: Resilient BUL FC fires a revenge bullet into Vipers Fresh at Stanbic Uganda Cup, stopping the Venoms Season Double 

    The Bul-let: Resilient BUL FC fires a revenge bullet into Vipers Fresh at Stanbic Uganda Cup, stopping the Venoms Season Double

    New Precedence: King Saha, Lawyer Erias Lukwago threaten to Contest any form of Online-Based Voting for UMA Presidency 

    New Precedence: King Saha, Lawyer Erias Lukwago threaten to Contest any form of Online-Based Voting for UMA Presidency

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    NWSC Improves Apac Water Supply with over 150 Kms of Main Extensions to Cover 60% of the Quantity Projected 

    NWSC Improves Apac Water Supply with over 150 Kms of Main Extensions to Cover 60% of the Quantity Projected 

    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

    Covid-Funds-Theft Records: Top Health Ministry Officials Stuck with UGX52Bn Loot as Districts Jam to Account for Air 

    Covid-Funds-Theft Records: Top Health Ministry Officials Stuck with UGX52Bn Loot as Districts Jam to Account for Air

    National Water and Sewerage Corporation Technical Staff’ Skills Enhanced for Better Service Delivery 

    National Water and Sewerage Corporation Technical Staff’ Skills Enhanced for Better Service Delivery

    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

    U`re Hypocrites: Ugandan Socialite Zaituni Kirigwajjo aka Zari Freezes her Appearances on all Uganda Events 

    U`re Hypocrites: Ugandan Socialite Zaituni Kirigwajjo aka Zari Freezes her Appearances on all Uganda Events

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Opinions
    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

  • 2021 Uganda Elections
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The Investigator News
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Fraud Exclusive: Another City Financial Institution Defraud Ugandans 700 Millions of Hard-Earned Cash

They were never registered as a deposit company but they do anyway

March 3, 2020
inUncategorized
Fraud Exclusive: Another City Financial Institution Defraud Ugandans 700 Millions of Hard-Earned Cash

Accomplices? Richard and Cathy Mbabazi

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KAMPALA, Uganda: Another city Financial Institution is on the spot for defrauding several Ugandans of millions in Shillings after reportedly duping them into depositing money. RICA Microfinance and Business Solutions is a Money Lending Company which has been in existence since 2011.

It has branches in Kampala, Iganga, Jinja and Lira. However, this institution allegedly duped several Ugandans through persuading them to invest with the company. The managing director Cathy Mbabazi persuaded several friends to invest with the company after promising them to earn monthly deposits. Mbabazi co-owns the companies with her husband Richard Mbabazi.

It is not clear how many customers invested with RICA Limited but information obtained by our intelligence from some of them indicate that there are over 20 customers who invested their money with the mysterious company which operates under different names .

It operates under names like RICA Microfinance Ltd, Rica Limited, Rica microfinance and Business Consultancy solutions among other names. It was licensed as a Non Deposit Making Microfinance Institutions by Tier 4 and Microfinance Regulators.

Several of its investors are crying foul and some of them have pleaded with us to bring out their plight, claiming that efforts to recover their money seems in balance even when they reported their case to the microfinance regulators, a government authority.

The customers demand monies ranging from, 120millions, 150Million Shillings, 77million Shillings, 50million Shillings, and 3million Shillings among others. This company’s indebtedness is close to 700million Shillings most of which is money invested by Nkuba Kyeyos.

Customers who have asked not to be named for fear of losing their money with the institution say they were duped and persuaded by Cathy Mbabazi who claimed she is born again. They allege that even after investing their money, RICA’s Mbabazi is elusive and never picks up their calls.

The customers now demand that RICA sells off its assets and pay them. They have different receipts issued by RICA under different names. Documents obtained by The Investigator indicate that RICA Ltd is transacting business fraudulently. This scandal comes weeks after another Microfinance Institution Dunamiscoin Limited defrauded several Ugandans in Kampala, Masaka, Mbale, and Jinja among others.

Contacted for a comment, Mbabazi sounded ignorant of any claims from her customers. “Hello, I have seen this. Who are those clients and how much are they demanding? I don’t understand,” she responded upon approaching her through WhatsApp.

When contacted, officials at the Uganda Microfinance Regulatory Authority confirmed our sources’ plight. “It’s true there are some complaints against RICA but we are trying to engage management for a solution,” Eddie Bindhe, the PRO told the Investigator. Asked why they allowed a Non Deposit company to solicit money from their customers, Bindhe went silent before we lost him. Watch this space…

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  • Health2022.06.24NWSC Improves Apac Water Supply with over 150 Kms of Main Extensions to Cover 60% of the Quantity Projected 
  • Politics2022.06.14Soroti City East By-elections: EC sets Tentative but Statutory deadline as Justice Byabakama Preaches fairness and Free process
  • Featured2022.06.10Positive Start: Willing Female, Women Residents Register as EC kicks off compilation exercise of Village Women Residents’ register
  • Politics2022.06.07Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels
Tags: Cathy MbabaziRICA MicrofinanceRichard MbabaziStanley NdawulaThe InvestigatorUganda Microfinance Regulatory Authority
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