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Uganda moves to further regulate the financial sector

Overview

The Ugandan government recently introduced new legislation to further streamline and regulate the financial sector.

Recently, the Tier 4 Microfinance and Money Lenders Act, 2016 ("the Act") was passed into law. The Act essentially regulates Tier 4 Microfinance Institutions, saving schemes and further regulates money lenders through repealing the Money Lenders Act, Cap 273.