How To Get Money Lending License In Uganda

When people or organizations such as banks lend you money, they give it to you and you agree to pay it back at a future date, often with an extra amount as interest. The bank is reassessing its criteria for lending money.

Procedure To Get Money Lending License In Uganda

Any person wishing to lend money must acquire a Money Lending license from Uganda Microfinance regulatory Authority (UMRA) by submitting its incorporation documents, the particulars of its directors and secretary and paying the requisite fee.

The Applicant shall make an application by filling form 1 submit the same to Uganda Microfinance Regulatory Authority,attach all the required documents.An application shall be accompanied by the following requirements:—

a certificate of incorporation;

forms of particulars of directors and secretary;

particulars of the address;

copies of national identity cards for directors and the secretary; and

Evidence of payment of the fees prescribed in schedule 1 to these Regulations.

The Applicant shall submit written application to the Uganda Microfinance Regulatory Authority requesting for a money lending Licence.

The Authority on receiving the application shall carry out a due diligence on the directors and other persons to be involved in the management of the business and shall—

if satisfied that the directors and the management of the money lender are fit to carry on the business of money lending, issue a notice of no objection to the change in management and directors;

The Authority shall consider an application and inform the applicant of its decision within three months after the application has been lodged with it;except that where the Authority requests for more information,the period of three months shall be calculated from the time that the additional information is submitted to the Authority.

The Authority may,on an application duly made and after being furnished with all information as it may require,grant a license or reject the application.

In determining whether to grant a licence or reject an application the Authority may take into account the fitness and propriety of any person who is or will be employed by or associated with the applicant for the purposes of carrying on the money lending business.

Required Documents

a certificate of incorporation;
forms of particulars of directors and secretary;
particulars of the address;
copies of national identity cards for directors and the secretary; and
Evidence of payment of the fees prescribed.

Office Locations & Contacts

Uganda Microfinance Regulatory Authority (UMRA)
Ruwenzori Towers Block B Ground Floor
P.O.Box x 11545, Kampala Uganda.
Plot 6 Nakasero Road
Tel: +256 417 799 700
Fax: + 256 414 230 163
Email:info@umrago.ug

Bank of Uganda
Plot 37/45 Kampala Road
P.O Box 7120, Kampala, Uganda
Tel: +256 414 258-441/6
Tel: +256 414 258 060/9
Tel: +256 417 302 000
Tel: +256 312 392 000
Fax: +256 41-4230878
Email: info@bou.or.ug
SWIFT:UGBA UG KA

Bank Of Uganda Branches.

The bank has 9 branches situated in the following towns in the country:

Bank of Uganda.
Arua (Branch)
Location: Plot 27/29 Avenue Road (Inzikuru Road)
Address: P. O. Box 152 Arua
Tel: +256-476-420253