Uganda Microfinance Regulatory Authority (UMRA) is a Government Regulatory agency established by the Tier IV Microfinance Institutions and Money lenders Act, 2016. A Banker’s Guide to Avoiding Problems Office of the Comptroller of the Currency Washington, DC December 2002. The Annunzio-Wylie Anti-Money Laundering Act of 1992. Money Laudering: A Banker's Guide to Avoiding Problems.
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 |
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]
History[edit]
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]
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]
Overview[edit]
UMRA came into existence on 1 January 2017.[5] Crystal report runtime 2008. 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]
Money Lending Act
- ^ 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.
Money Lenders Act Uganda Pdf Download
External links[edit]
Money Lenders Act Uganda Pdf 2017
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