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Regulatory Requirements for Financial Institutions in Uganda
Uganda’s financial landscape has experienced significant growth, with a proliferation of Tier IV financial institutions and money lenders. To ensure effective governance and stability in this sector, the government has established the Uganda Microfinance Regulatory Authority (UMRA) to license, regulate, and supervise all Tier IV financial institutions.
Background
Established by the Tier IV Microfinance Institutions and Money Lenders Act, 2016, UMRA is a Government Regulatory Agency responsible for overseeing the activities of these financial institutions. The authority’s headquarters are located at:
Rwenzori Towers, Block B Ground Floor, Plot 6 Nakasero Road, Kampala, Uganda
Contact Information:
- Telephone: +256 417 799 700
- Fax: +256 414 230 163
Operations and Services
The UMRA is open for business from Monday to Friday, between 8am and 5pm. For those seeking updates and news on regulatory requirements for financial institutions in Uganda, the authority offers a newsletter subscription service.
Role of UMRA
As a key player in Uganda’s financial sector, UMRA plays a crucial role in ensuring that Tier IV financial institutions operate in compliance with relevant laws and regulations. By doing so, the authority helps to maintain:
- Stability in the financial system
- Confidence among investors and customers
- Trust in the financial system
- Economic growth and development in the country
Conclusion
In conclusion, UMRA’s regulatory requirements for financial institutions in Uganda are crucial in maintaining a stable and trustworthy financial sector. The authority’s efforts contribute to economic growth and development in the country, making it an essential player in Uganda’s financial landscape.