Money Lending License Application In Uganda
Money Lending Licence is essential for every person who does the finance business of lending money other than for the companies which are specially regulated by other regulators like RBI for NBFC Companies.
Procedure For Money Lending License Application 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 For Money Lending License Application In Uganda
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
Evidence of payment of the fees prescribed.
Eligibility For Money Lending License Application In Uganda
Any person is eligible to begin a Business of Money lending in Uganda
This application allows a person to operate a money lending business in Uganda.
In Uganda no person shall, operate a money Lending Business in Uganda unless authorized by the Uganda Microfinance regulatory Authority
Fees For Money Lending License Application In Uganda
Certification fees: 20,000Ugshs.
Licence Application Money lender: 50,000 Ugshs Non refundable
Annual License Fee: 500,000 Ugshs
Application for a search of the register 25,000Ugshs.
Certificate fees 20,000 Ugshs.
Inspection and registration of additional places 300,000 Ugshs.
For More information on the charges Visit this Link:Bank charges
Validity For Money Lending License Application In Uganda
A licence issued to the money lender is valid until 31st December in every year and may be renewed annually.
Office Locations & Contacts For Money Lending License Application In Uganda
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
Website:Uganda Microfinance regulatory Authority
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
Website:Bank of Uganda
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
Bank of Uganda
Fort Portal (Branch)
Location: Plot 1 Kaboyo Road
Address: P.O. Box 562 Fort Portal
Tel: +256-483-422532
Bank Of Uganda
Gulu (Branch)
Location: Airfield Road
Address: P.O. Box 46 Gulu
Tel: +256-471-432330
Bank of Uganda
Jinja (Branch)
Location: Plot 3 Busoga Avenue/ Busoga Square
Address: P.O. Box 35 Jinja
Tel: +256-43-4121247
Bank Of Uganda
Kabale (Branch)
Location: Plot 137 Kabale Road
Address: P.O. Box 966 Kabale
Tel: +256-486-423595
Bank of Uganda
Masaka (Branch)
Location: Plot 41 Kampala Road
Address: P.O. Box 1567 Masaka
Tel: +256-481-421246/8
Bank of Uganda
Mbale (Branch)
Location: Plot 34-38 Cathedral Avenue
Address: P.O. Box 2402 Mbale
Tel: +256-454-433632
Bank of Uganda
Mbarara (Branch)
Location: Plot 2 High Street, Mbarara
Address: P.O. Box 1421 Mbarara
Tel: +256-485-420741
Bank of Uganda
Kampala (Branch)
Location: Plot 37/43 Kampala Road, Kampala
Address: P.O Box 7120, Kampala
Tel: +256-41-4258441/6
Bank of Uganda Lira
(Currency Technical Center)
Location: Plot 2, Obote Avenue
Address: P.O. Box, 211 Lira