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UMRA Registers 260 Money Lending Companies

Speaking in an interview with Uganda Radio Network, Avu Elly Biliku says that as the authority marks a year of existence, they have scored a number of successes among them is the registration of money lending companies and four tier non-deposit-taking microfinance institutions which are now under direct regulation of UMRA.
UMRA chief executive Avu Elly Biliku.

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The Uganda Microfinance Regulatory Authority (UMRA) has so far registered over 260 money lenders and non-deposit-taking microfinance institutions.

Speaking in an interview with Uganda Radio Network, Avu Elly Biliku, the UMRA Executive Director says that as the authority marks a year of existence, they have scored a number of successes among them is the registration of money lending companies and four tier non-deposit-taking microfinance institutions which are now under direct regulation of UMRA.

//Cue in UMRA has made …

Cue out: … across the country.//.

According to Biliku 2019 will see the number of registered and regulated money lenders and non-deposit-taking microfinance institutions rising to over 1,000.

//Cue in Yes it looks …

Cue out: … 2019 this year.//

Biliku says while UMRA is mandated to register and regulate savings and credit cooperative organisations (SACCOs), the absence of regulations is impeding their mandate.

The UMRA chief executive stresses that microfinance sub-sector is critical for Uganda because most micro, small and medium enterprises depend on them, that is why the sector needs deepening.

UMRA was launched just over a year ago. It was established under Section 6 of the Tier 4 Microfinance Institutions and Money Lenders Act, 2016. 

It is mandated to license, regulate and supervise non-deposit-taking microfinance institutions and money lenders.

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