Website: umra.go.ug
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The Uganda Microfinance Regulatory Authority (UMRA) is a government regulatory agency established by the Tier IV Microfinance Institutions and Money Lenders Act, 2016. Its primary objective is to promote a sound and sustainable non-banking financial institution sector, including savings and credit cooperatives, village savings and loan associations, non-deposit taking microfinance institutions, and money lenders. The overarching goal is to enhance financial inclusion, financial stability, and financial consumer protection, particularly among the lower-income population in Uganda. UMRA's functions include licensing, regulation, and supervision of all Tier IV financial institutions. It operates within the framework of the law and is responsible for ensuring compliance with regulatory standards and guidelines. By overseeing these financial entities, UMRA aims to limit predatory lending and unethical practices, protect depositors' savings, and restore investor and consumer confidence in the microfinance sector. The authority's website, umra.go.ug, serves as an official platform for disseminating information about its services, regulatory instruments, laws, and industry news. It provides resources for various stakeholders, including consumers, financial institutions, and the general public. The website also offers access to forms, guidelines, and publications related to microfinance regulation in Uganda. UMRA's commitment to transparency and accountability is evident in its emphasis on pro-people participation and transparent processes. By engaging with stakeholders and providing clear guidelines and information, the authority aims to foster a regulatory environment that supports the sustainable growth of the microfinance sector while safeguarding the interests of consumers and investors. The website's content reflects UMRA's focus on regulatory functions, including licensing, supervision, and the promotion of industry best practices. It also highlights the authority's efforts to keep stakeholders informed through industry news, insights, and publications. Additionally, the website features a section for frequently asked questions (FAQs) to address common queries from consumers and financial institutions. Overall, UMRA's website aligns with its mandate as a regulatory authority overseeing the microfinance sector in Uganda. It serves as a valuable resource for stakeholders seeking information on regulatory requirements, industry developments, and consumer protection measures in the realm of non-banking financial institutions."