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Micro Finance Deposit-Taking Institutions (Revision of Minimum Capital Requirements) Instrument 2023
The Ugandan Minister of Finance, Planning and Economic Development has issued a statutory instrument revising the minimum capital requirements for Micro Finance Deposit-Taking Institutions. The regulation mandates that licensed companies maintain a minimum paid-up capital of two hundred fifty thousand currency points, initially invested in Central Bank-approved liquid assets. These capital funds must remain unimpaired by losses at all times and cannot fall below the specified threshold to sustain or obtain a licence.
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STATUTORY INSTRUMENTS
2024 No. 13
The Micro Finance Deposit-Taking Institutions (Revision of Minimum Capital Requirements) Instrument, 2023 (Under section 15(3) of the Micro Finance Deposit-Taking Institutions Act, 2003, Act 5 of 2003) IN EXERCISE of the powers conferred upon the Minister responsible for finance by section 15(3) of the Micro Finance Deposit-Taking Institutions Act, 2003, and with the approval of Parliament this Instrument is made this 21st day of November, 2023.
- Title
This Instrument may be cited as the Micro Finance Deposit-Taking Institutions (Revision of Minimum Capital Requirements) Instrument, 2023. - Minimum capital requirements
(1) Subject to the Micro Finance Deposit-Taking Institutions Act, 2003, a company shall not be granted or hold a licence unless it has a minimum paid-up capital of two hundred and fifty thousand currency points invested initially in such liquid assets in Uganda as the Central Bank may approve. STATUTORY INSTRUMENTS SUPPLEMENT No. 7 1st March, 2024 STATUTORY INSTRUMENTS SUPPLEMENT to The Uganda Gazette No. 16, Volume CXVII, dated 1st March, 2024 Printed by UPPC, Entebbe, by Order of the Government.
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(2) The minimum capital funds of a company referred to in subparagraph (1), unimpaired by losses, shall at all times not be less than two hundred fifty thousand currency points. MATIA KASAIJA, Minister of Finance, Planning and Economic Development.
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Source: Bank of Uganda — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works