Remarks by Executive Director on Security Interest in Movable Property Registry System (SIMPO) on 4th February, 2021
I would like to begin by thanking the management of URSB for organizing this important workshop and for inviting me to give Remarks.
In May 2016, Parliament passed the Tier 4 Microfinance Institutions and Money lenders Act to Regulate the Tier 4 Microfinance Institutions and Money Lenders with the objective of protecting the borrowers against bad lending and unethical practices of the lenders, to build confidence in microfinance business and promote financial inclusion.
A money lending business should be a company registered with Uganda Registration Services Bureau (URSB) and licenced by Uganda Microfinance Regulatory Authority (UMRA) in accordance with the Tier 4 Microfinance Institutions and Moneylenders Act, 2016.
The Uganda Registration Services Bureau (URSB) and Uganda Microfinance Regulatory Authority (UMRA) has signed a memorandum of understanding to further ease access to finance for small businesses.
The Tier 4 Microfinance Institutions and Money Lenders Act 2016 was rightly enacted to provide in part for the management and Control of Money Lending Businesses. The Act repealed the Money Lenders Act Cap 273, which required moneylenders to apply for a Money Lending License from the Chief Magistrate’s court.