In May 2016, the Tier IV Microfinance Institutions Act was passed by the Parliament. A key provision of the Act is the establishment of the UMRA, which has the mandate to license, regulate and supervise all Tier IV financial institutions.

Uganda Microfinance Regulatory Authority –UMRA is an autonomous government agency.

UMRA is expected to promote a sound and sustainable non-banking financial institution’s sector (savings and credit cooperatives, village saving and loan associations, non-deposit taking micro-finance institutions and moneylenders) to enhance financial inclusion, financial stability, and financial consumer protection among the lower income population in Uganda.

TIER 4 MICROFINANCE AND MONEY LENDERS ACT (MONEY LENDERS)