What Is Microfinance Business?
Microfinance is a category of financial services targeting individuals and small businesses who lack access to conventional banking and related services.
How To Start Microfinance Business In Uganda?
Required Documents
Certified copy of the Certificate of Incorporation.(certified Copy)
Certified copy of the tax Personal Identification Number (PIN) certificate.
Certified copy of the registered Memorandum and Articles of Association indicating core capital (at least Ugx 50 million)
How Can I Start A Small Microfinance Business In Uganda?
Microfinance Company Registration Process
STEP 1: Form a company and register.
STEP 2: Raise the minimum NOF.
STEP 3: Deposit the capital.
STEP 4: Apply for the license.
STEP 1: Apply for DSC and DIN.
STEP 2: Apply for name approval.
STEP 3: File AoA and MoA.
STEP 4: Apply for incorporation.
How Do I Register A Microfinance Business Company In Uganda?
Requirements. A certificate of incorporation and memorandum and articles of association from Uganda Registration Services Bureau. A business plan and financial projections for at least three years (including the assumptions underlying the projections and a sensitivity analysis of the plan on varying assumptions).
How Do I Start A Microfinance Business Organization In Uganda?
Plan your business. A clear plan is essential for success as an entrepreneur.
Form a legal entity.
Register for taxes.
Open a business bank account.
Set up business accounting.
Obtain necessary permits and licenses.
Get business insurance.
Define your brand.
How Do Microfinance Banks Make Profit In Uganda?
Fees and Commissions: These are the rewards MfBs receive on rendering specific services. Management, processing, commitment, transfer fees are familiar to customers when loans are disbursed to them or when they request for local transfer services.
Who Regulates Microfinance Institutions In Uganda?
The Uganda Microfinance Regulatory Authority (UMRA)
The Uganda Microfinance Regulatory Authority (UMRA), is a government agency responsible for the licensing, supervision and regulation of Tier-4 micro finance institutions, money lenders, savings cooperatives and any money-lending institution with capital of less that USh500 million (US$140,000).