Uganda Microfinance Regulatory Authority (UMRA)
@UgMicrofinAuth
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Official Twitter handle for Uganda Microfinance Regulatory Authority-UMRA, a Government Tier 4 MFIs Regulatory Institution. We are under MOFPED
Rwenzori Towers, Kampala
Joined January 2018
Strong credit policies can address defaulting.
monitor.co.ug
Many Saccos in Masaka Sub-region, which were initially performing well, are currently struggling to stay afloat due to alleged mismanagement, while others have since collapsed as a result of loan...
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Our Officers have paid a courtesy visit to Kayunga RDC Mrs. Nalubega Seguya and Kayunga LCV Chairman Mr. Muwonge who raised concerns about illegal money lenders in the area. Both the RDC and Chairman pledged to support the Authority to restore sanity amongst Money lenders
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Does the pressure for love on #ValentinesDay increase or decrease? Either way, do not get tempted to borrow from illegal money lenders to impress the Love of your life .
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Why your SACCO needs a license.
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Premises inspections are underway around the country to verify addresses of institutions that applied for money lending. This activity seeks to eradicate #Briefcase money lenders.
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Defiance will only land your Money Lending institution in confrontation with the law. Regulation 18 of Money Lending Regulations prohibits use of National ID and atm cards as collaterals in loan transactions. These companies have been closed down exposing their loan portfolio.
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89 (1) of the Tier 4 Microfinance Institutions and Money.Lenders Act Cap 61 that is effective under implementation through.Legal Notice No 21 of 2024. 4. Demanding and accepting national identity cards which violates.Section 8 (1) of the Tier 4 Microfinance and money lenders.
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2. Charging exorbitant interest rates, fees and charges which violates.Section 4(2) of the Tier 4 Microfinance Institutions and Money Lenders.(Lending Conditions) Regulations, 2024. 3. Charging interest rates that is above 2.8% per month which violates.Section
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The above institutions were found doing the following: . 1. Carrying out money lending business without a license which violates.Section 4(1) of the Tier 4 Microfinance Institutions and Money Lenders.(Lending Conditions) Regulations, 2024.
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Earlier today, UMRA closed six illegal lending institutions in Kaberamaido. These include: . - Barabesa financial services.- Okaflex financial services.- K&R financial services.- Impifiizi Credit agencies (U) Ltd.- Tayari financial services.- Katokabo financial services
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As we make the final bend towards ending January, here are some tips for Loan Repayment.
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RT @DailyMonitor: Registration of saving groups guarantees legal protection and financial security for members #Mon….
monitor.co.ug
Registration of saving groups guarantees legal protection and financial security for members
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