Micro Finance Deposit-Taking Institutions Act No. 5

Uganda

(enacted in 2003)

Micro Finance Deposit-Taking Institutions Act No. 5 of 2003 provides for the licensing, regulation, and supervision of microfinance deposit-taking institutions in Uganda.

This act consists of the following eight parts:

  • Part I Preliminary: defines language within this act;
  • Part II Licensing: includes sections on licensing, capital requirements, capital adequacy requirements, minimum liquid assets, and other matters related to licensing;
  • Part III Restrictions on Certain Transactions and Dealings by Microfinance Deposit-Taking Institutions: covers topics on credit facilities and limits, prohibited transactions, and payment of dividends;
  • Part IV Ownership and Corporate Governance: provides information on the ownership, leadership, and management of the institution, the role and duties of external auditors, and the role of the credit reference bureau;
  • Part V Supervision of Microfinance Deposit-Taking Institutions: focuses on the responsibilities, duties and powers of the Central Bank, management take-over, and powers and duties of a statutory manager;
  • Part VI Receivership: discusses placing an institution under receivership and options available to a receiver;
  • Part VII Liquidation: addresses the bar on liquidation, voluntary liquidation, duties of a liquidator, and liquidation by the Central Bank; and
  • Part VIII Miscellaneous.