Uganda Microfinance Regulatory Authority (UMRA) was established by section 6 of the Tier 4 Microfinance Institutions and Money Lenders Act, 2016 to license, regulate and supervise Tier 4 Microfinance Institutions and Money Lenders in Uganda.
According to section 36 of the Act, a SACCO shall not conduct the business of financial services unless it is licensed under this Act. The SACCO Regulations which operationalize the Tier 4 Act are now in gazette. The Authority has finalised licensing procedures for SACCOs.
The purpose of this Public Notice is to inform the general public and relevant stakeholders that Uganda Microfinance Regulatory Authority has started the process of licensing SACCOs.
The Authority therefore calls upon registered SACCOs to make the necessary preparations towards the license application by 1st October 2020.
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