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Tier 4 Microfinance Institutions and Money Lenders Act.

País/Territorio
Uganda
Tipo de documento
Legislación
Fecha
2016
Fuente
FAO, FAOLEX
Título completo
An Act to establish the Uganda Microfinance Regulatory Authority; to provide for the licensing and management of tier 4 microfinance institutions; to provide for management and control of money lending Business; to establish the SACCO Stabilization Fund; to establish a SACCO Savings Protection Scheme; to provide for a Central Financing Facility; to provide for licensing of money lenders; to provide for self help groups and commodity microfinance; to provide for receivership and liquidation of a Tier 4 microfinance institution; to repeal the Money Lenders Act, Cap. 273 and, for related matters.
Materia
Agricultura y desarrollo rural
Palabra clave
Desarrollo agrícola Crédito Ordenación comunitaria Entidad no gubernamental Medidas financieras agrícolas
Área geográphica
Africa, Africa Oriental, Naciones en desarrollo sin litoral, Países menos desarrollados
Resumen

This Act provides rules for the micro-financing business in Uganda. The purpose of this Act is (I) To regulate tier 4 micro finance institutions by (a) facilitating the microfinance industry to promote social and economic development; (b) promoting legitimacy and building the confidence of members, customers and investors in the microfinance business; (c) establishing prudential standards for microfinance institutions in order to safeguard the deposits of members, prevent financial system instability of the funds of depositors and ensure stability of the financial system; and (d) applying non-prudential standards to tier 4 microfinance institutions by(i) defining sources of capital; (ii) establishing default protection mechanisms; (iii) enforcing compliance with generally accepted accounting practices; and (iv) instituting mechanisms for the prevention of fraud and financial crimes (II) To provide a regulatory framework for the management and control of money lending business. For the purposes of this Act, tier 4 micro finance institutions shall comrise (a) Savings and Credit Cooperative; (b) non deposit taking microfinance institutions; ( c) self help groups; and ( d) community based microfinance institutions.

Texto completo
Inglés
Página web
www.ulii.org