Police at Jinja Road Police Station has arrested a senior cashier of Uganda Micro Credit Fund (UMCF) for embezzlement and causing financial loss to the tune of over sh100m.

Rashida Nanvuma was arrested after confessing to the bank officials that she had taken Shs100 million over a period of time, and had used part of it to buy a house in Bulenga along Kampala-Mityan Road. UMCF has branches in Bulenga, Sir Apollo Kagwa road, Seeta and Wobulenzi among others.

Ugandan Money Currency

Ugandan Money Currency

Before her arrest, Nanvuma had allegedly entered into an agreement with UMCF staff and the Executive Director of UMCF, Mr David
Alimubangi to refund one million per month until all stolen cash was recovered but the bank later changed its mind and arrested her on police reference number GEF743/2018.

However the case took a new twist when CMI picked interest in how UMCF was being recapitalized in a manner similar to what happened to defunct crane bank where some managers allegedly rent themselves too much money without going through the procedures.

According to well-placed sources, Nanvuma was reportedly having an affair/ a girl-friend relationship to Alimubangi and all the money said to have been stolen was withdrawn with Alimubangi’s knowledge.

Nanvuma told CMI agents and this website that she actually withdrew over sh320m over a period of time and that Alimubangi took the balance of 220m.

She said that after being in deep love with Alimubangi, they agreed to

buy a secret house after Nanvuma promised to bore him a child.

“After buying the house I realized Alimubangi was playing many girls including another cashier at Sir Apollo Kaggwa Branch and decided to chuck him. I took on another staff at Bulenga with whom I am married now with a six months daughter. I believe Alimubangi is acting out of jealous because all along he was vowing to protect me that he is in charge and indeed he has been in charge,” said Nanvuma.

She added that when she asked Alimubangi why he was now taking her to police he told her that they were trying to get insurance pay for the loss.

But Nanvuma’s patience ran out when police detained her and denied her to feed her still sucking baby and revealed all this to CMI and this website.

But over the weekend UMCF agents debriefed Nanvuma and promised to save her if she would not talk much.

It is said Alimubangi and UMCF have a god father at CID headquarters in charge of economic crimes who is a relative to some directors in UMCF.

Uganda Micro Credit Foundation Ltd (UMF) is an indigenous Micro Finance Company that was incorporated and started operations in 2008 in Uganda.

UMCF is a member of Association of Microfinance Institutions in Uganda (AMFIU). Uganda Micro Credit Foundation Ltd is a micro finance institution involved in small and medium credit financing.

Another staff of UMCF, Wilson Safari, is also detained at Kabalagala for embezzling Shs51m.
The Executive Director could not be got for a comment.
Watch this space!

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