PROCEDURE FOR OBTAINING CERTIFICATE AND LICENSE FOR MONEY LENDING IN UGANDA
GOVERNING LAWS.
- Companies Act Cap AS AMENDED.
- The MICROFINANCE AND MONEYLENDERS ACT /TIER 4
- Investment Code Act,
- Trade ( licensing) ACT
- The income tax Act
- Value Added Tax Act
- Uganda Citizenship and Immigration Control Act, (for foreigners)
- National Social Security Fund Act
- Among others.
In Uganda one can only carryout money lending business through a registered company( normal company registration) under the laws of Uganda.
Below are some steps one can take to legally establish money lending business within the laws of Uganda
- Register a company for purposes of operating money lending business where one of the objectives should be money lending business.(see the post on how to register a company in Uganda)
- Directors of the company should apply for certificate of good conduct from Interpol
- Make accompany resolution to open up a BANK account.
- Make an application to Uganda MICROFINANCE REGULATORY AUTHORITY.
- Take the application for assessment of application fee from any any bank collecting fees for Uganda Revenue Authority cashier
- After the assessment, pick the payment slip and pay application fees as directed.
- File the application at registry of MICRO FINANCE REGULATORY AUTHORITY
- The application shall be assessed ,if all is well they will conduct office inspection.
- after inspection money lenders license shall be granted to you.
- you will need to pay annual subscription fee
- Upon getting the money lenders license, obtain local council trade license to operate your business.
Author is A regional transactions legal consultant (ADVOCATE) at NOA REGIONAL ASSOCIATED ADVOCATES AND LEGAL CONSULTANTS
Email address: onlinetransactionconsultancy@gmail.com.
contacts. +250787311255,+256788105242,+256782105042
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NOTE: whereas the author has made necessary efforts to ensure the accuracy of this post, it is not intended to provide specific legal advice to a particular individual as individual situations may differ.
For specific technical / legal transaction advice on this subject matter and related subject, you may contact the author at online consultancy fee, or contact any transaction legal consultant of your choice.
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Thank you Martin….can u please clarify on the average amount one would need to mobilise to secure such licenses?
an illegal money lender,gave me 500000/=in march 2016 to pay within 6months with an interest rate of 15% per month,ipaid all the 6months full interest rates,and approached him to receive his original money,he refused but rather insisted that ishould go on paying interests when the stated time was over,itotally failed to raise the interests for further monthes from the stated month,He is now threatening to advertise my house of residence with its plot,WHERE can iget help am in LWENGO district.thanks,
Get a lawyer to represent your case. Don’t waste any time.
GOOD STUFF SIR,THANKS ALOT FOR THIS USEFUL INFORMATION