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Contact us
-
Rwenzori Towers
Block B, Ground Floor
Plot 6 Nakasero Road
Kampala - info@umra.go.ug
- Call: +256 417 799 700
- Fax: +256 414 230 163
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P.O Box 11545
Kampala- Uganda -
Mon to Fri: 8 am – 5 pm
Weekends: CLOSED
- All Tier 4 Microfinance Institutions and Money Lenders are required to have a valid license. UMRA license is valid for one calendar year (Up to 31st of December of the year it is issued). All SACCOs, Non-deposit taking Microfinance Institutions and Money Lenders should apply for license renewal at least 90days before expiry of the existing license thus between the month of October to December.
- Display of information :
- a valid license
- a list of products offered
- Rights and responsibilities of members
- SACCOs shall maintain minimum equity (Minimum core capital of 10% of total assets).
- SACCOs shall maintain adequate liquidity (Minimum liquid assets of 15% of Total savings and short term liabilities)
- SACCOs shall Limit investment in non-earning assets (Maximum non- earning assets of 10% of total assets, unless approved). Donated and foreclosed assets are excluded
- SACCOs shall Limit external borrowing (Maximum external borrowing of 25% of Total Assets unless approved)
- SACCOs Limit financial investment in non-government securities (Maximum financial investment in non-government securities of 40% of core capital or 5% of total deposit liabilities)
- SACCOs shall Have a register of unclaimed balances/dormant accounts.
- SACCOs shall maintain reserve at least10% of annual surplus
- All Non-deposit taking microfinance institutions and SACCOs do submit risk
classification of assets and provisioning on a quarterly basis. - Licensed Money lenders have been prohibited to use compound interest
computation. - Licenses Money Lenders are discouraged from using sales agreement and must offer a copy of loan agreement to the borrower stipulating all the interests in the transaction.