SACCO & MICROFINANCE GUIDEBOOK
The SACCO and Microfinance Guide Book 2024 is out and can be accessed through
our website www.umra.go.ug. The Guidebook highlights our milestones, achievements,
next steps and a number of other important information concerning the performance of
the Microfinance sector in Uganda.
CIRCULAR ON UMRA LICENSED DIGITAL LENDERS
The Uganda Microfinance Regulatory Authority (UMRA) is hereby issuing a circular directing digital lenders to remain compliant with the Tier 4 Digital Lending guidelines that the Authority issued recently.
The Authority has noted with concerns that some licensed digital credit providers may be engaging in misleading or deceptive representation, unethical loan collection practices, and harassment of borrowers.
The circular is here attached below.
GOVERNMENT ISSUES THE MUCH –NEEDED TIER 4 DIGITAL LENDING GUIDELINES TO ADDRESS PUBLIC OUTCRY AGAINST LENDING ENTITIES.
Government has issued Tier 4 Digital lending Guidelines in response to public outcry over mushrooming predatory mobile lending applications.
Members of the public have raised concerns over several internet-based lending apps preying on unsuspecting Ugandans. The concerns range from high interest rates, lack of physical address by these digital lenders, violation of data privacy, confidentiality issues, among others.
Now, the issued guidelines are addressing most of these concerns. The guidelines were issued by Uganda Microfinance Regulatory Authority through Ministry of Finance Planning and Economic Development.
The Digital Lending guidelines were drafted and approved after thorough consultative engagements with key stakeholders.
The key stakeholders included Ministry of Finance Planning and Economic Development, Ministry of Information and National Guidance, NITA, Bank of Uganda, National Payment Systems, NIRA, Uganda Communications commission, and Digital lending service providers among others.
The overall objective of these digital lending guidelines is to streamline the operations of digital lenders to safeguards consumers against predatory lenders. We therefore encourage the general public to avoid borrowing from unlicensed lending app-based entities. The digital lending guidelines are now available on our website www.umra.go.ug.
The National Anti-Money Laundering (AML)/Countering Financing of Terrorism (CFT) Strategy provides the approach which Uganda has adopted to tackle ML, TF and PF over the next five years. It also presents Uganda’s priorities and objectives in adhering to international standards and obligations set by the
Financial Action Taskforce (FATF).
The strategy aims “to secure the nation and its citizens against money laundering (ML), terrorist financing (TF), and proliferation financing (PF)”.
The Strategy comprises six key objectives: –
The Mutual Evaluation Report (MER) 2016 on Uganda’s AML/CFT measures and the National Risk Assessment (NRA) Report 2017 on Uganda’s ML/TF risks and vulnerabilities identified gaps; some of which relate to implementation of ML, TF and PF.
A robust legal and administrative framework to combat Proliferation Financing that is consistent with the UN standards, best practice and Financial Action Taskforce (FATF) standards and recommendations is key.
Following the amendment of the Anti-Terrorism Act (2002) (see Anti-Terrorism Amendment Act 2022 and Anti-terrorism Regulations 2023) to provide for the offence of proliferation financing, the Ministry of Internal Affairs hereby issues these guidelines on implementation of Targeted Financial Sanctions (TFS).
This Guidance is issued by the Uganda Microfinance Regulatory Authority (UMRA) pursuant to S. 27 of the Anti-Money Laundering Act, 2013 as amended.
The Anti- Money Laundering Act, 2013 (the “AMLA”) identifies any person who conducts the business of lending, inter alia; consumer credit, mortgage credit, factoring with or without recourse and finance
of commercial transactions 1 as accountable persons and therefore imposes duties and responsibilities on them to prevent and detect money laundering and the financing of terrorism.
The purpose of this Guidance is to provide industry specific guidance for tier 4 microfinance institutions on their legal obligations for measures to deter and detect money laundering and the financing of
terrorism activities. It provides clarity and an interpretation of the issues arising out of the AMLA and the Anti-Money Laundering (AML) regulations.
This Guidance explains the most common situations under the specific laws and related regulations which impose Anti-Money Laundering/Countering Financing of Terrorism (AML/CFT) requirements. It is not legal advice, and is not intended to replace the Acts and Regulations but is provided as general information only.
More details in the document below;
Uganda Microfinance Regulatory Authority (UMRA) was established under the Tier4 Microfinance Institutions and Money Lenders Act, 2016 to license, regulate and supervise all Tier 4 Microfinance Institutions and Money Lenders in Uganda.
The Tier 4 Institutions include Savings and Credit Cooperatives (SACCOs), NonDeposit Taking Microfinance Institutions, Self Help Groups, and Moneylenders. The Authority hereby informs SACCOs, Moneylenders, and Non-Deposit Taking Microfinance Institutions to renew their licenses for the calendar year 2024.
The Authority further cautions the general public not to transact with unlicensed Institutions /Companies that provide financial services as stipulated in the Tier 4 Microfinance Institutions and Money Lenders Act, 2016 and the accompanying Regulations.
Application forms and renewal forms are available on our website www.umra.go.ug. For more information, visit our offices located at Wing B Rwenzori Towers along Nakasero Road, Kampala or website www.umra.go.ug. You can also call +256417799700 or Toll – free 0800 111 449.
Management
Uganda Microfinance Regulatory Authority (UMRA) publishes Microfinance Institutions and Money lenders as of May 2023 for the public to transact with.
Financial Consumer Protection Guidelines for Tier 4 Microfinance Institutions and Money Lenders
These Guidelines may be cited as the Uganda Microfinance Regulatory Authority (UMRA) Financial Consumer Protection Guidelines, 2019 and shall take effect one year after an institution has been licensed by UMRA.
These Guidelines shall apply to:
BID NOTICE UNDER OPEN DOMESTIC BIDDING
Supply and Delivery of 12 Motor Vehicles- UMRA/SUPLS/2022-23/00042
9. The Planned Procurement Schedule (subject to changes) is as follows:
| Activity | Date |
| Publish bid notice | 5th January, 2023 |
| Pre-bid meeting/ Site visits where applicable | N/A |
| Bid closing date | 6th February, 2023 |
| Evaluation process | 1st March, 2023 |
| Display and communication of best evaluated bidder notice | (Within 5 working days from Contracts Committee approval of evaluation report) |
| Contract signature | After Solicitor General’s Approval |
Edith Tusubiira
ACCOUNTING OFFICER
