THE INSTITUTE OF CERTIFIED PUBLIC COOPERATIVES SEMINAR THE IMPLEMENTATION OF THE TIER 4 MICROFINANCE INSTITUTIONS AND MONEY LENDERS ACT, 2016
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1 THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF UGANDA (ICPAU) COOPERATIVES SEMINAR THE IMPLEMENTATION OF THE TIER 4 MICROFINANCE INSTITUTIONS AND MONEY LENDERS ACT, 2016 Presentation by: MUGISHA MOSES, Esq. LLB (Hons) MUK, Dip LP (LDC) ADVOCATE Executivee Director Puliida Uganda Limited DATE: JANUARY 19, 2018 VENUE: HOTEL AFRICANA
2 Background he Tier 4 Microfinance Institutions and Money Lenders ct, 2016 (the Act ) was passed on 4th May 2016 and ssented to on 5th July It came into force on 1 s uly It regulates Tier 4 institutions which include; Savings and Credit Cooperatives (SACCOs) Non deposit taking micro finance institutions Self-help groups Community based micro finance institutions
3 Enforcement of the Act his Act establishes the Uganda Micro Finance egulatory Authority (UMRA) a body responsible for; licensing and management of tier 4 micro finance institutions management and control of money lending business establish SACCO stabilization fund, saving protection scheme provide for central financing facility
4 UMRA has powers to; investigate and inquire into the operation of the tier 4, inspect and examine books of accounts records and any other documents, request for information related to the activities, instruct on the proper management of the 4 tiers, has discretion to enter any premises in which it is believed on reasonable grounds the books, records, accounts or documents relating to the institutions business are kept.
5 POSSIBLE CHALLENGE 1 MRA will be spread thin if it is going to license, monitor, egulate and supervise all the Tier 4 institutions including ACCOs. t will not only require deep financial resources but also onsiderable staffing and political will. bsence of the above may render it incapable to perform ence failing to cure the problems this law is meant to ddress.
6 Registered society nder this law, a SACCO must carry on the business of inancial services; if it s a registered society under the Cooperative Societies Act; Licensed under the Tier 4 Act.
7 POSSIBLE CHALLENGE 2 ACCOs they have to be born-again or re-baptized ome overlaps on who has authority over what or hether to go to UMRA or Min. of Trade may occur. his may create compliance ural based ones. issues for SACCOs especially
8 Financial services SACCO can carry on the business of financial services if s operating within the probationary period pending egistration under the Cooperative Society s Act or has pplied for a license under this act.
9 POSSIBLE CHALLENGE 3 fter probationary period, the Registrar may cancel a ACCOs registration during which period it has applied to MRA for a license. his seems to suggest that the Registrar may be unable cancel a SACCOs probationary registration/certificate IF AT ALL)
10 Licensing of SACCOs ACCO must apply for SACCO license from UMRA MRA must within 3 months after receiving the pplication consider or reject it. It may issue the license ubject to certain conditions or refuse to issue it.
11 POSSIBLE CHALLENGE 4 SACCO must provide financial services ONLY to its members Financial services means accepting savings from and roviding loans to members. ACCOs not carrying on financial services may not apply for a icense (If there is a thing like this ) hat happens to a SACCO whose application has been ejected by UMRA?
12 Shareholding of a SACCO hares of the member of a SACCO form part of the quity, are transferable, cannot be withdrawn and annot be used as security for a loan.
13 POSSIBLE CHALLENGE 5 hares of a SACCO not being capable of use as security r a loan yet they are transferable could be infringing on e Constitutional right to own property since it seems to mit the individual s enjoyment of their property. nder the Civil Procedure Act, shares can be attached hat happens to shares of a judgement debtor with hares in a SACCO?
14 Surplus SACCO must create a reserve fund comprising of 10% f the annual surplus from its operations. t must also maintain a fund known as the SHARE RANSFER FUND whose amount will be determined by MRA but not exceeding 5% of the SACCOs share apital which must be allocated annually out of its urplus, if any. It may also create any other reserve as ay be approved by members in the general meeting. he management of these reserves will be prescribed by egulations made under this law by the minister o nance
15 The SACCO Stabilisation Fund very SACCO must subscribe to this fund managed by MRA whose objective is to provide financial assistance insolvent SACCOs or advance loans or grants to ACCOs that require financial assistance. he fund may also be used to buy assets of insolvent ACCOs or take over their liabilities or help in upervision, administration or reorganisation of a SACCO at is likely to become insolvent. SACCO must submit quarterly financial report to UMRA
16 he SACCO Stabilisation Fund contd he monies of the Stabilisation Fund consists of an annua ontribution from each SACCO of 0.5% of its average total assets nd money realized from assets purchased from a SACCO in the rocess of dissolution.
17 SACCO Savings Protection Fund very SACCO is required to pay a prescribed subscription to this fund which provides protection for savings o e individual members (not shares). ts monies consists of monies appropriated by Parliament nd annual contributions of SACCOs (to be determined y UMRA). UMRA may make approved investments.
18 POSSIBLE CHALLENGE 6 ll these mandatory requirements could be a little too uch on SACCOs. The weaker ones may default with ire consequences.
19 Unclaimed balances nclaimed balances exceeding 5 years must be ansferred to UMRA where the owner can make a claim ithin one year. POSSIBLE CHALLENGE hat if someone turns up after two years? Cant this be oked at as a sort of unjust enrichment?
20 icro Finance Deposit-Taking Institutions Act, 2003 (As amended) SACCO with voluntary savings in excess of SHs. 1.5 illion and institutional capital above SHs. 500 Million ust apply in writing to the Bank of Uganda for a cense. POSSIBLE CHALLENGE MRA may be unable to revoke its license, and if it can s not clear whether it gets demoted or it is wound up.
21 Conclusion his is a timely legislation despite the possible challenges may face. I am certain, it will fit in. Where it does not ere are avenues like Courts of law or Parliament that ill fine-tune it to make the desired change. END
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