Regulatory Alerts2003-01-01
Micro Finance Deposit-Taking Institutions Act 2003
Enacted by the Parliament of Uganda and overseen by the Central Bank, this Act establishes a mandatory licensing regime for microfinance deposit-taking institutions. It requires licensed entities to maintain minimum capital and liquid assets, adhere to strict corporate governance and audit standards, and restrict the use of banking terminology to authorized firms. The legislation empowers the Central Bank with broad supervisory and corrective authorities, including management take-overs and receivership, while establishing a dedicated deposit protection fund to safeguard consumer savings.
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