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
USh
Uqturpan County, United States National Geospatial-Intelligence Agency or Uchturpan County ( transliterated from ; ), also Wushi County (), is a county in the Xinjiang Uyghur Autonomous Region under the administration of Aksu Prefecture and shar ...
500 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
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union,
and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...
and national banking regulator.
History
As far back as 2013, the
government of Uganda
Uganda is a presidential republic in which the President of Uganda is the head of state and the prime minister is the head of government business. There is a multi-party system. Executive power is exercised by the government. Legislative power is ...
announced its intentions to create a government agency to regulate money lenders who were not regulated by the central bank.
In May 2016, the
Parliament of Uganda
The parliament of Uganda is the country's legislative body. Unicameral, the most significant of the Ugandan parliament's functions is to pass laws that will provide good governance in the country. The government ministers are bound to answer t ...
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.
Overview
UMRA came into existence on 1 January 2017.
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.
On 8 December 2017, the State Minister of Finance for Microfinance,
Haruna Kasolo Kyeyune inaugurated the
board of directors
A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...
, including its
chairperson
The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...
and
executive director.
Administration
On 8 December 2017, the following seven individuals were appointed to the board of directors of the Uganda Microfinance Regulatory Authority:
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Jacqueline Mbabazi
Jacqueline Susan Ruhindi Mbabazi (born 18 August 1954) is a Ugandan educator, politician and businesswoman. She is the wife of the former prime minister of Uganda, Amama Mbabazi. She also serves as the Chairperson of the Women's League in the Nat ...
:
Chairperson
The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...
#
Edith Namugga Tusuubira:
Executive Director
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Joyce Okello: Member
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Charles Olenyi: Member
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Ndyanabo Richard Kirungi: Member
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Bob Barigye Bariyo: Member
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Naome Kibaaju: Member.
See also
*
Economy of Uganda
*
Uganda Ministry of Finance, Planning & Economic Development
References
External links
Website of Uganda Microfinance Regulatory Authority (UMRA)
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Government agencies of Uganda
Economy of Uganda
Organizations established in 2017
2017 establishments in Uganda
Organisations based in Kampala