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]
| Agency overview | |
|---|---|
| Formed | 2017 (age 6–7) |
| Jurisdiction | Government of Uganda |
| Headquarters | Kampala, Uganda |
| Agency executives |
|
| Parent agency | Uganda Ministry of Finance, Planning and Economic Development |
| Website | www |
History
editAs 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
editUMRA 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
editOn 8 December 2017, 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
editReferences
edit- ^ a b John Semakula (24 August 2019). "Tusuubira Appointed UMRA Executive Director". New Vision. Kampala. Retrieved 25 August 2019.
- ^ 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.
- ^ 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.