Amali: Microfinance regulatory body in the offing
TIER 4 financial institutions which include Microfinance Institutions, (MIs), Savings and Credit Co-operatives Organizations (SACCOs) among others are to acquire a regulatory authority.This authority will be mandated to license and monitor all Tier 4 financial institutions in the country.According to Hon. Caroline Okao Amali, state minister for microfinance in Uganda, a regulatory authority for tier 4 financial institutions will reduce fraud cases.Okao was optimistic that resources accruing from this regulatory body will boost business investments resulting in increased incomes. Read more