UMRA Gets New Board Chairperson


Section 11 of the Tier 4 Microfinance Institutions and Money lenders Act 2016, provides for establishment of the board which is responsible for general direction and supervision of the Authority.

Composition of the Board.

  1. The members of the Board are—
    • a representative of the Bank of Uganda;
    • a representative of the ministry responsible for finance;
    • a representative of the ministry responsible for cooperatives;
    • three persons with experience in microfinance; and
    • the Executive Director of the Authority, who shall be an ex officio
  1. The Executive Director shall be the Secretary to the Board.
  2. The members of the Board shall be persons of high moral character and proven integrity and shall be fit and proper persons in accordance with the criteria specified in Schedule
  3. A person shall not be eligible for appointment if that person is an employee or member of a company, firm or institution where that employment or membership may lead to a conflict of interest.
  4. The Minister shall appoint a Chairperson from among the members of the Board.
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