Cabinet Approves Proposal to Amend Microfinance Act

Cabinet last week approved the proposal to amend the Microfinance deposit-taking institutions Act, 2003.

The amendments will allow for the use of the words “Microfinance bank” by Microfinance deposit-taking institutions.

They will provide for Islamic banking, agent banking and bancassurance in the microfinance industry.

The amendments will also allow special access to the credit reference bureau by other accredited credit providers and service providers, adopt to new developments in the microfinance industry and synchronize and harmonize the MDI Act with other laws and financial sector integration processes.

According to a statement released by Dr. Chris Baryomunsi, the Minister for ICT and National Guidance, cabinet also directed the Minister of Gender, Labour and Social Development to present a comprehensive paper on the externalization of labour in Uganda.

This was after taking note of the reports that some Ugandans who work outside the country especially as domestic servants undergo untold suffering.

Cabinet further noted that World Population Day will be commemorated today, Monday July 11, 2022 at Kumi Boma grounds, Kumi district.

The theme will be mindset change for Wealth Creation; Ending child marriage and teenage pregnancy.