By Moses Ntare
A regulation that was recently implemented in this financial year That regulates microfinace institutions (MFI) and money lenders has been clearly explained to the stake holders in Kigezi region.
The tier 4MFI and money lenders act of 2016 was put into effect on 1st July 2018.
This law allows the Uganda microfinace institutions regulatory authority (UMRA ) to supervise and regulate all saccos and money lenders in the country.
In a regional workshop that involved sacco managers and district community development officers that was held at kirigime guest house in kabale municipality, kabale district on Wednesday, the Assistant Commissioner at the Ministry of Finance, Planning and Economic Development Mr Henry Mbaguta said that the tier 4 MFI and money lenders act is meant to regulate proper operation of over 20 00 saccos in Uganda and to protect clients from high interest rates charged by unchecked money lenders.
The founder of Kebisoni sacco in Rukungiri District , Rev fr Emmanuel Safari who attended the same event criticized government for implementing the act before consulting them.
He wondered why they consulted them after the act was already in operation.