Kampala, Uganda | THE INDEPENDENT | Parliament has tasked the Finance Ministry to investigate Platinum Credit Limited and Bayport for alleged exploitation of borrowers. Platinum Credit Limited is a micro finance company that offers emergency loans to borrowers among others. Bayport on the hand offers short term loans, medium-term loans, …
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Kampala, Uganda | THE INDEPENDENT | District leaders in Bunyoro sub-region have asked the Uganda Microfinance Regulatory Authority to investigate microfinance institutions that are illegally taking deposits from members of the public. The call was made at the launch of a campaign organised to create public awareness on the mandate …
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Kampala, Uganda | THE INDEPENDENT | The Uganda Microfinance Regulatory Authority has blacklisted a cryptocurrency exchange known as Dunamiscoins Resource Centre Ltd. The initial license issued to the company last year has expired, and according to the authority, it will not be renewed. UMRA, the regulators of Tier 4 Microfinance …
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Kampala, Uganda | THE INDEPENDENT | The Finance Ministry is considering introducing a policy that sets standard rates for private audit firms that provide services to microfinance institutions. The Microfinance State Minister, Haruna Kyeyune Kasolo, says the ministry is concerned about the exorbitant costs microfinance institutions are incurring to procure …
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Kampala, Uganda | THE INDEPENDENT | Edith Namugga Tusuubira has been named the substantive Executive Director of the Uganda Microfinance Regulatory Authority. The authority is a government agency mandated to regulate license and supervise tier 4 microfinance institutions and money lenders in Uganda. These include Savings and Credit Cooperatives –SACCOs, Non-deposit …
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Kampala, Uganda | THE INDEPENDENT | The chief executive of Uganda Microfinance Regulatory Authority (UMRA) says money lenders and non-deposit-taking microfinance institutions should charge interest rates in the region charged by commercial banks. Avu Elly Biliku, in an interview with Uganda Radio Network on Wednesday said the microfinance law stipulates that …
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