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Uganda Microfinance Regulatory Authority

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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

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

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

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

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

References

  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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