Agency overview | |
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Formed | 2017 (age 1–2) |
Jurisdiction | Government of Uganda |
Headquarters | Kampala, Uganda |
Agency executives |
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Parent agency | Uganda Ministry of Finance, Planning and Economic Development |
Website | www.umra.go.ug |
Idm keygen download. The Uganda Microfinance Regulatory Authority (UMRA), is a government agency responsible for the licensing, supervision and regulation of Tier-4 micro finance institutions, money lenders, savings cooperatives and any money-lending institution with capital of less that USh500 million (US$140,000). Tier-4 institutions are those that do not accept financial deposits and are not under the supervision of the Bank of Uganda, the central bank and national banking regulator.[2]
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REGULATING MONEY LENDING BUSINESS: UGANDA S NEW REGULATORY FRAMEWORK By: Lastone Gulume Balyainho Introduction: In August 2016, the President of the Republic of Uganda signed the Tier 4 Microfinance Institutions and Money Lenders Bill into law, hence becoming the Tier 4 Microfinance Institutions and Money Lenders Act 2016, Act No. Uganda Microfinance Regulatory Authority (UMRA) is a Government Regulatory agency established by the Tier IV Microfinance Institutions and Money lenders Act, 2016. Of lender to 10.--(1) In respect of every contract for the repayment ation ion of money lent whether before or after the commencement as to the of this Act, the lender shall, on any reasonable demand loan and in writing being made by the borrower at any time during documents the continuance of the contract and on tender by the.
Bank Of Uganda Act
History[edit]
Money Lenders Act Malaysia Online
Fundamentos de ingenieria economica chan s park pdf to doc. As far back as 2013, the government of Uganda announced its intentions to create a government agency to regulate money lenders who were not regulated by the central bank.[3]
Of mobile money (m-money) services in Pakistan, Uganda and Tanzania. The findings from the Financial Inclusion Tracker Surveys Project (FITS), which includes annual panel- based surveys conducted on a national scale, are intended to support the m-money activities of the BMGF. Legislation on-line Uganda Legal Information Institute (ULII), Uganda PDF (consulted on 2017-05-26) Abstract/Citation: Establishes the Uganda Microfinance Regulatory Authority and provides for the licensing and management of Tier 4 microfinance institutions. Regulates money lending, establishing the SACCO Stabilization Fund and SACCO Savings Protection Scheme.
In May 2016, the Parliament of Uganda passed the Tier IV Microfinance Institutions Act, to take effect on 1 July 2017. The establishment of the UMRA was a key provision of the Act. UMRA is expected to promote a sound and sustainable non-banking financial institution’s sector and offer financial consumer protection and financial inclusion, financial stability, and protection among the low income population in Uganda.[4]
Money Lending Act
Overview[edit]
UMRA came into existence on 1 January 2017.[5] The new institution regulates money lending between Ugandans and the hitherto non-regulated Tier-4 microfinance institutions and other private money lenders. It also authorizes the Minister of State for Microfinance, to set the interest rates which moneylenders should charge borrowers.[6] On 8 December 2017, the State Minister of Finance for Microfinance, Haruna Kasolo Kyeyune inaugurated the board of directors, including its chairperson and executive director.[2]
Administration[edit]
On 8 December, the following seven individuals were appointed to the board of directors of the Uganda Microfinance Regulatory Authority:[2]
- Jacqueline Mbabazi: Chairperson
- Edith Namugga Tusuubira: Executive Director[1]
- Joyce Okello: Member
- Charles Olenyi: Member
- Ndyanabo Richard Kirungi: Member
- Bob Barigye Bariyo: Member
- Naome Kibaaju: Member.
See also[edit]
References[edit]
- ^ abJohn Semakula (24 August 2019). 'Tusuubira Appointed UMRA Executive Director'. New Vision. Kampala. Retrieved 25 August 2019.
- ^ abcNewspaper Supplement (11 December 2017). 'Ministry of Finance, Planning & Economic Development: Launching of the Uganda Microfinance Regulatory Authority (UMRA)'(PDF). Daily Monitor. Kampala. Retrieved 21 April 2018.
- ^Okwera, Oyet (13 November 2013). 'Microfinance regulatory body in the offing'. New Vision. Kampla. Retrieved 21 April 2018.
- ^First Initiative Organization (2015). 'UMRA Tier VI Regulation in Uganda: Project Development Objective (PDO)'. Firstinitiative.org. Retrieved 21 April 2018.
- ^JuriAfrica (30 August 2017). 'Microfinance Institutions and Money Lenders Under the Control of the Ugandan State'. Juriafrique.com. Retrieved 21 April 2018.
- ^Lydia Namono Wesonga (19 June 2017). 'Law to regulate moneylenders takes effect July'. Daily Monitor. Kampala. Retrieved 21 April 2018.
External links[edit]
Retrieved from 'https://en.wikipedia.org/w/index.php?title=Uganda_Microfinance_Regulatory_Authority&oldid=912407359'