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Uganda new law to strengthen Saccos, rein in loan sharks

A trading centre at Nakivubo in Kampala. Tier 4 Microfinance Institutions and Money Lenders Act 2016 that came into force on July 1, requires lending institutions in Uganda to apply for licences. PHOTO FILE | NMG

By  CATHERINE AGENO

Ugandan borrowers can now feel safer under a new law meant to streamline the Tier 4 microfinance institutions (MFIs) and money lenders.

They are savings and co-operative societies (Saccos), non-deposit taking microfinance institutions and self-help groups.

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