Uganda Microfinance Regulatory Authority

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 than 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]

Uganda Microfinance Regulatory Authority
Agency overview
Formed2017 (age 6–7)
JurisdictionGovernment of Uganda
HeadquartersKampala, Uganda
Agency executives
Parent agencyUganda Ministry of Finance, Planning and Economic Development
Websitewww.umra.go.ug

History

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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

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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

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On 8 December 2017, the following seven individuals were appointed to the board of directors of the Uganda Microfinance Regulatory Authority:[2]

  1. Jacqueline Mbabazi: Chairperson
  2. Edith Namugga Tusuubira: Executive Director[1]
  3. Joyce Okello: Member
  4. Charles Olenyi: Member
  5. Ndyanabo Richard Kirungi: Member
  6. Bob Barigye Bariyo: Member
  7. Naome Kibaaju: Member.

See also

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References

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  1. ^ a b John Semakula (24 August 2019). "Tusuubira Appointed UMRA Executive Director". New Vision. Kampala. Retrieved 25 August 2019.
  2. ^ a b c Newspaper 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.
  3. ^ Okwera, Oyet (13 November 2013). "Microfinance regulatory body in the offing". New Vision. Kampla. Retrieved 21 April 2018.
  4. ^ First Initiative Organization (2015). "UMRA Tier VI Regulation in Uganda: Project Development Objective (PDO)". Firstinitiative.org. Retrieved 21 April 2018.
  5. ^ JuriAfrica (30 August 2017). "Microfinance Institutions and Money Lenders Under the Control of the Ugandan State". Juriafrique.com. Retrieved 21 April 2018.
  6. ^ Lydia Namono Wesonga (19 June 2017). "Law to regulate moneylenders takes effect July". Daily Monitor. Kampala. Retrieved 21 April 2018.
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