Regulatory Alerts2023-01-01
Micro Finance Deposit-Taking Institutions (Amendment) Act 2023
Enacted by the Parliament of Uganda, this legislation amends the Micro Finance Deposit-Taking Institutions Act 2003 to formally integrate Islamic banking, bancassurance, and agent banking into the regulatory framework. The Act establishes licensing procedures for Islamic microfinance businesses, mandates Shari’ah Advisory Boards, expands credit reference bureau access for accredited providers, and updates corporate governance standards including board audit committees and director tenure limits. It empowers the Central Bank of Uganda to prescribe detailed regulations for licensing, capital requirements, risk management, and compliance, thereby enhancing financial inclusion and operational oversight across the microfinance sector.
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