Who regulates money lenders in Uganda
Goodname Finance
What UMRA does, how a money lender differs from a bank and what to check before you borrow.
In Uganda, money lenders are regulated by the Uganda Microfinance Regulatory Authority (UMRA) under the Tier 4 Microfinance Institutions and Money Lenders Act 2016. Banks are supervised by the Bank of Uganda. A money lender is not a bank and does not take deposits.
What regulation is for
It sets rules for how lenders price and collect, including a ceiling on monthly interest, and gives you somewhere to take a complaint.
What to check
Ask the lender for its UMRA licence details, read the published rates and fees, and make sure there is a clear way to complain. Personal information should be handled under the Data Protection and Privacy Act 2019.
If you have a complaint
Complain to the lender first. If it is not resolved, you can take it to UMRA.