What is Money Lending?
In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc.
The recipient incurs a debt and is usually liable to pay interest on that debt until it is repaid, as well as to repay the principal amount borrowed.
Requirements To Start A Money Lending Business In Uganda
Certificate of Company Incorporation.
Forms of particulars of Directors and Secretary.
Registered Address of the Company.
National Identity Cards for Directors and Secretary.
Evidence of Payment of Application Fees (Receipt)
Who is eligible for Money Lending Business 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.
Who is the biggest money lender in Uganda?
The World Bank, Uganda’s biggest lender, advanced a total of UGX1.4 billion to the country: 50% of the loans disbursed by the three IFIs from January 2018 to June 2021. T
he World Bank substantially increased loans made in 2020, compared to 2018 and 2019 (see Figure 2).
Who regulates money lenders in Uganda?
The Uganda Microfinance Regulatory Authority (UMRA) was created under the Tier 4
Microfinance Institutions and Money Lenders Act, 2016 which commenced in July 2017.