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Regulations Governing Microfinance Institutions and Money Lenders

The Tier 4 Microfinance and Money Lenders (SACCO) Regulations, 2020 provide a framework for governing Non-Deposit Taking Microfinance Institutions (NDTMIs), Savings and Credit Cooperatives (SACCOS), and money lenders.

Requirements for NDTMIs

License Application

The regulations specify the requirements for applying for a license to operate an NDTMI, including:

• Validity and renewal of the license
• Circumstances under which a license may be revoked or suspended
• Regulation and grant of loans by NDTMIs

SACCOS Regulations

The Tier 4 Microfinance and Money Lenders (SACCO) Regulations, 2020 also govern SACCOS and provide for:

License Application and Grant

• Requirements for the application of a license to conduct financial services as a SACCO
• Conditions for the grant of the license
• Circumstances under which a license may be revoked or suspended

Governance Structure and Operations

• Governance structure of SACCOS
• Prohibited activities
• Minimum equity requirements of SACCOS (not less than 10% of total assets)
• Liquidity and asset management of SACCOS
• Member shares

Money Lenders Regulations

The Tier 4 Microfinance and Money Lenders (SACCO) Regulations, 2020 govern money lenders and provide for:

License Application and Grant

• Requirements for the application of a money lenders license
• General conditions upon grant of the license
• Factors that warrant revocation or suspension of a license

Operations and Restrictions

• Duties of money lenders
• Restrictions on collateral that can be demanded by money lenders
• Computation of interest by money lenders
• Fees payable for a license or its renewal
• Application forms

Islamic Microfinance

The law provides for Islamic microfinance as a service a tier 4 microfinance institution may offer in addition to or alongside its usual financial services. To operate Islamic microfinance, an institution must apply to the Uganda Microfinance Regulatory Authority (UMRA) for approval.

Capital Markets

Overview

Capital markets deal in the trade of long-term financial products issued by governments, private, and public companies. These products in Uganda include shares, bonds, commercial paper, and collective investment schemes which are generally referred to as securities and can be traded publicly on the Uganda Securities Exchange (USE).

Regulation

The Capital Markets Authority of Uganda (CMA) regulates the activities of capital markets industry players, including:

• Approving the securities exchange
• Licensing various market players such as broker/dealers, investment advisors, and collective investment scheme managers
• Approving all offers of securities to the public
• Regulating the activities of:
  • Uganda Securities Exchange (USE)
  • Licensed intermediaries such as brokers/dealers
  • Investment & transaction advisors
  • Venture Capital Funds
  • Fund managers
  • Collective Investment Schemes
  • Market advisors
  • Other persons listed under Section 30 of the Capital Markets Authority Act

Licensing Requirements

For an entity or individual to act in any of the above-listed capacities, they must have procured the approval of the CMA and a license to operate from the CMA. The following requirements must be fulfilled for a license to be issued by the CMA:

• The applicant must furnish a detailed statement of their assets and liabilities signed by the applicant
• In the case of an applicant that is a company, the application should be accompanied by:
  • Copies certified by a director of the company to be true copies of the last balance sheet and of the last profit and loss account, if any, incorporating the results of the last financial year, and which have been audited by the company’s auditors
  • A copy of the memorandum and articles of association of the applicant company
  • A copy of the certificate of incorporation of the applicant company