Microfinance Deposit-Taking Institutions (Licensing) Regulations

6. (1) The Central Bank shall, in

accordance with section 7 Licencing of the Act, take into account the following factors when evaluating criteria an application for a licence to operate an institution-

(a)

the financial capacity of the applicant, that is, the applicant's ability to meet the minimum and ongoing capital requirements as stipulated by sections 15 and 16 of the Act, and the applicant's ability to inject additional core capital when required in future;

(b)

the background, reputation, integrity, experience and capacity of the proposed owners, directors and board members of the applicant as evidenced by the curriculum vitae and professional records of those proposed persons;

(c)

the applicant's reputation, relevant experience in micro finance business and the provision of sustainable financial services to low income earners in Uganda and in other countries and the administrative capacity of the proposed senior management as evidenced by the curriculum vitae and professional background of the proposed management;

(d)

the business plan of the applicant, including plans to conduct micro finance business in Uganda; (e) the projected profitability of the applicant, supported by detailed feasibility studies and projected balance sheets and income statements; (f) the scope of operations and services to be offered, including a specific description of the financial services to be offered to the public, the rationale for the services, the capacity of the applicant to provide the services and the past record of ownership and management in such operations in Uganda or elsewhere ; (g) the proposed staff development programs, with a written explanation as to how staff skills and expertise will be developed;

(h)

the applicant's risk management systems: the applicant should have the ability to identify, measure, monitor and control the level and type of risks to be assumed, and should provide a comprehensive risk management program tailored to its needs and circumstances covering credit risk, liquidity risk, interest rate risk, foreign exchange risk, operational risk and strategic risk;

(i)

the needs of the community and whether the public interest shall be served by the granting of the licence.

(2)

In reviewing an application for a licence to operate an institution, the Central Bank shall have due regard to the following key parameters- (a) management and administration, including-

(i)

evidence of management and the board's ability to identify, monitor and control risks of the institution's proposed activities; (ii) evidence of the level and quality of oversight and support to be provided by management and the board of directors; (iii) the applicant's projected compliance with relevant laws; (iv) evidence of accuracy, timeliness, and effectiveness of the applicant's management information systems; (v) the adequacy of the applicant's proposed internal policies and controls; and

(vi)

the extent of the likelihood of management being affected by, or being susceptible to, dominant influence and concentration of authority;

(b)

liquidity and funds management, including- (i) projected degree and reliance on short, volatile sources of funds;

(ii)

availability of assets readily marketable or convertible to cash without undue loss;

(iii)

foreseeable access to money markets and other sources of funding and ability to meet liquidity needs;

(iv)

effective liquidity policies and practices;

(v)

adequate fund management strategies;

(vi)

adequate contingency funding plans; and (vii) adequate level of funding sources on and off balance sheet;

(c)

earnings, including- (i) evidence of the applicant's ability to provide for adequate capital through retained earnings; (ii) level, trend and stability of projected earnings; (iii) quality and sources of projected earnings; (iv) projected level of expenses in relation to operations; (v) vulnerability of projected earnings to market risk exposures; and (vi) adequacy of budget systems, forecasting processes and management information systems; and

(d)

capital adequacy, including- (i) evidence of the applicant's ability to meet the statutory minimum paid-up capital and minimum on-going capital adequacy requirements;

(ii)

projected level and quality of capital; (iii) balance sheet composition; and (iv) growth plans and prospects.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “(1) The Central Bank shall, in”.

“accordance with section 7 Licencing of the Act, take into account the following factors when evaluating criteria an application for a licence to operate an institution-”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

18

(a) the financial capacity of the applicant, that is, the applicant's ability to meet the minimum and ongoing capital requirements as stipulated by sections 15 and 16 of the Act, and the applicant's ability to inject additional core capital when required in future;
(b) the background, reputation, integrity, experience and capacity of the proposed owners, directors and board members of the applicant as evidenced by the curriculum vitae and professional records of those proposed persons;
(c) the applicant's reputation, relevant experience in micro finance business and the provision of sustainable financial services to low income earners in Uganda and in other countries and the administrative capacity of the proposed senior management as evidenced by the curriculum vitae and professional background of the proposed management;
(d) the business plan of the applicant, including plans to conduct micro finance business in Uganda; (e) the projected profitability of the applicant, supported by detailed feasibility studies and projected balance sheets and income statements; (f) the scope of operations and services to be offered, including a specific description of the financial services to be offered to the public, the rationale for the services, the capacity of the applicant to provide the services and the past record of ownership and management in such operations in Uganda or elsewhere ; (g) the proposed staff development programs, with a written explanation as to how staff skills and expertise will be developed;
(h) the applicant's risk management systems: the applicant should have the ability to identify, measure, monitor and control the level and type of risks to be assumed, and should provide a comprehensive risk management program tailored to its needs and circumstances covering credit risk, liquidity risk, interest rate risk, foreign exchange risk, operational risk and strategic risk;
(i) the needs of the community and whether the public interest shall be served by the granting of the licence.
(2) In reviewing an application for a licence to operate an institution, the Central Bank shall have due regard to the following key parameters- (a) management and administration, including-
(i) evidence of management and the board's ability to identify, monitor and control risks of the institution's proposed activities; (ii) evidence of the level and quality of oversight and support to be provided by management and the board of directors; (iii) the applicant's projected compliance with relevant laws; (iv) evidence of accuracy, timeliness, and effectiveness of the applicant's management information systems; (v) the adequacy of the applicant's proposed internal policies and controls; and

10 further items remain in the statutory text above.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

Section 7 · An application for a licence to Section 15 · Is the institution engaged, or does Section 16 · DECLARATION

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

7. An application for a licence to

operate an institution Application for shall be submitted through a letter duly signed by the a licence. applicant, addressed to the Executive Director, Supervision Function, Bank of Uganda.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Scope rule

This section defines when and how “An application for a licence to” applies.

“operate an institution Application for shall be submitted through a letter duly signed by the a licence. applicant, addressed to the Executive Director, Supervision Function, Bank of Uganda.”

Primary legislation Source quotation matched

Practical effect

Confirm that the matter and forum fall within this section before applying the Act's remaining provisions.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

operate an institution Application for shall be submitted through a letter duly signed by the a licence. applicant, addressed to the Executive Director, Supervision Function, Bank of Uganda.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

8. (1) To ensure that the Central Bank has adequate Information

information to make a judgment on an application for a and supporting licence, the applicant shall provide all the information documents.

required in accordance with section 7(1) of the Act, and in the form set out in Schedule 1 to these Regulations, including-

(a)

a copy of the memorandum and articles of association of the company, together with the certificate of incorporation or other instrument under which the company is incorporated; (b) verified official notification of the company's registered place of business; (c) amount of authorised and paid up capital; (d) the prospective place of operation, indicating that of the head office and branch offices; (e) certificate of a time deposit equivalent to seventy five percent of the required minimum paid-up capital deposited with a commercial bank and which shall be held with the bank until the licence is approved;

(f)

biographical data on each of the founding shareholders, together with a breakdown of the proposed ownership structure and of the proposed directors and officers;

(g)

information relating to the criteria for determining professional and moral suitability of proposed directors, top managers and shareholders of institutions and a sworn declaration of assets and liabilities of founder shareholders, in the form set out in Schedule 2 to these Regulations; (h) in the case of a wholly owned subsidiary of a bank licensed in Uganda, a copy of the Resolution of the Board approving the proposed investment; (i) in the case of a reputable financial institution, a copy of the Resolution of the Board approving the proposed investment and, where applicable, a copy of the approval granted by the home country regulator; (j) in the case of a company in operation, a copy of the latest audited balance sheet and profit and loss accounts of the company for each of the three years preceding the application, and other suitable evidence of the resources required for business operations, including a copy of the Resolution of the Board with the approval for the proposed investment; (k) two copies of the feasibility study of the institution showing the nature of the planned business, the organisational structure and the planned internal monitoring procedures of the company, covering, among others, the following- (i) mission statement and overall goals; (ii) market research; (iii) ownership and corporate governance; (iv) management;

(v)

business strategy; (vi) projected balance sheets and profit and loss accounts for three years subsequent to the grant of a licence to the applicant supported by the following- (A) deposit mobilisation and interest payable, stating separately the proposed major sources of deposits; (B) cash and other liquid assets to be maintained; (C) small-scale and micro credits to be made and interest receivable; (D) provisions for bad and doubtful debts; (E) investments to be made and earnings, stating policy and categories of business and productive activities to be financed; (F) fixed assets, including business premises; (G) operating expenses including rents, salaries, employee benefits and directors' remuneration; (H) capital structure; (I) other income, including commissions, fees; and (J) net operating profit or loss;

(vii)

financial analysis; and

(viii)

interest rate sensitivity analysis of the projections submitted or other similar analyses of the extent to which the forecasts will vary when interest rates fluctuate, stating the assumptions underlying the projections and sensitivity analysis;

(l)

copies of the applicant's risk management programs and the following- (i) credit manual, including but not limited to the following: lending and provisioning, including borrowers selection criteria, amounts, terms and collateral; and the lending policies and procedures must take into account the different steps of the credit process, including the analysis, negotiation, approval, disbursement, monitoring and collection, taking into account sound and prudent practices including foreclosure; (ii) human resource manual; (iii) operations manual; (iv) liquidity and funds management policies and procedures; (v) accounting procedures manual; and (vi) audit manual. (m) a fully completed questionnaire on the institution's premises as specified in Schedule 3 to these Regulations. (2) An applicant who submits any false or misleading information commits an offence under section 88(1)(b) of the Act and shall be rendered an unfit and improper person, and that action shall constitute sufficient grounds for rejection of the application or revocation of the licence under section 12(1)(b) of the Act.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Offence or consequence

This section creates or governs statutory liability concerning “(1) To ensure that the Central Bank has adequate Information”.

“information to make a judgment on an application for a and supporting licence, the applicant shall provide all the information documents.”

Primary legislation Source quotation matched

Practical effect

A party alleging or defending liability should test the facts and prescribed consequence against each operative requirement.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

7

(a) a copy of the memorandum and articles of association of the company, together with the certificate of incorporation or other instrument under which the company is incorporated; (b) verified official notification of the company's registered place of business; (c) amount of authorised and paid up capital; (d) the prospective place of operation, indicating that of the head office and branch offices; (e) certificate of a time deposit equivalent to seventy five percent of the required minimum paid-up capital deposited with a commercial bank and which shall be held with the bank until the licence is approved;
(f) biographical data on each of the founding shareholders, together with a breakdown of the proposed ownership structure and of the proposed directors and officers;
(g) information relating to the criteria for determining professional and moral suitability of proposed directors, top managers and shareholders of institutions and a sworn declaration of assets and liabilities of founder shareholders, in the form set out in Schedule 2 to these Regulations; (h) in the case of a wholly owned subsidiary of a bank licensed in Uganda, a copy of the Resolution of the Board approving the proposed investment; (i) in the case of a reputable financial institution, a copy of the Resolution of the Board approving the proposed investment and, where applicable, a copy of the approval granted by the home country regulator; (j) in the case of a company in operation, a copy of the latest audited balance sheet and profit and loss accounts of the company for each of the three years preceding the application, and other suitable evidence of the resources required for business operations, including a copy of the Resolution of the Board with the approval for the proposed investment; (k) two copies of the feasibility study of the institution showing the nature of the planned business, the organisational structure and the planned internal monitoring procedures of the company, covering, among others, the following- (i) mission statement and overall goals; (ii) market research; (iii) ownership and corporate governance; (iv) management;
(v) business strategy; (vi) projected balance sheets and profit and loss accounts for three years subsequent to the grant of a licence to the applicant supported by the following- (A) deposit mobilisation and interest payable, stating separately the proposed major sources of deposits; (B) cash and other liquid assets to be maintained; (C) small-scale and micro credits to be made and interest receivable; (D) provisions for bad and doubtful debts; (E) investments to be made and earnings, stating policy and categories of business and productive activities to be financed; (F) fixed assets, including business premises; (G) operating expenses including rents, salaries, employee benefits and directors' remuneration; (H) capital structure; (I) other income, including commissions, fees; and (J) net operating profit or loss;
(vii) financial analysis; and
(viii) interest rate sensitivity analysis of the projections submitted or other similar analyses of the extent to which the forecasts will vary when interest rates fluctuate, stating the assumptions underlying the projections and sensitivity analysis;
(l) copies of the applicant's risk management programs and the following- (i) credit manual, including but not limited to the following: lending and provisioning, including borrowers selection criteria, amounts, terms and collateral; and the lending policies and procedures must take into account the different steps of the credit process, including the analysis, negotiation, approval, disbursement, monitoring and collection, taking into account sound and prudent practices including foreclosure; (ii) human resource manual; (iii) operations manual; (iv) liquidity and funds management policies and procedures; (v) accounting procedures manual; and (vi) audit manual. (m) a fully completed questionnaire on the institution's premises as specified in Schedule 3 to these Regulations. (2) An applicant who submits any false or misleading information commits an offence under section 88(1)(b) of the Act and shall be rendered an unfit and improper person, and that action shall constitute sufficient grounds for rejection of the application or revocation of the licence under section 12(1)(b) of the Act.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

Section 7 · An application for a licence to Section 12 · (1) The Central Bank shall carry out an on-site Pre

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

9. The Central Bank shall, on receipt of the Licencing

application, notify the applicant, in writing, of a date and time interview for an interview during which the application shall be appraised.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “The Central Bank shall, on receipt of the Licencing”.

“application, notify the applicant, in writing, of a date and time interview for an interview during which the application shall be appraised.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

application, notify the applicant, in writing, of a date and time interview for an interview during which the application shall be appraised.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

10. (1) The Central Bank shall, at the appraisal Interview

interview, verify the applicant's supporting documents. process

(2)

The applicant's representative shall, on verification of the supporting documents by the Central Bank, formally present the application and supporting documents to the Central Bank. (3) Where the Central Bank is satisfied that the information required for a proper appraisal has been received, it shall issue a letter to the applicant stating that the application has been accepted, and the six-month period stipulated in section 7(3) of the Act for consideration of the application and grant of a licence or refusal to grant a licence shall thereupon commence. (4) The Central Bank shall reject all incomplete applications. (5) The Central Bank shall, on the third working day after the appraisal interview, instruct the applicant's representatives to publish a notice for three consecutive days in a daily newspaper with national circulation in the form set out in Schedule 4 to these Regulations to enable persons with objections to the licensing of the institution to make them; and the applicant's representative shall provide a copy of the notice to the Central Bank. (6) Objections shall be made within fifteen days after the publication of the notice, and shall be based on concrete and trustworthy grounds.

(7)

Objections shall be brought to the attention of the founders who shall have a period of fifteen days within which to reply to them.

(8)

Any responses made by the founders under subregulation (7) shall be duly communicated to the applicant.

(9)

The Central Bank may, during the evaluation process, require the applicant's representatives and the applicant's proposed Chief Executive Officer, to have meetings or interviews with officials of the Central Bank in order to discuss any document or matter concerning the applicant institution.

Disqualification of a

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “(1) The Central Bank shall, at the appraisal Interview”.

“interview, verify the applicant's supporting documents. process”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

4

(2) The applicant's representative shall, on verification of the supporting documents by the Central Bank, formally present the application and supporting documents to the Central Bank. (3) Where the Central Bank is satisfied that the information required for a proper appraisal has been received, it shall issue a letter to the applicant stating that the application has been accepted, and the six-month period stipulated in section 7(3) of the Act for consideration of the application and grant of a licence or refusal to grant a licence shall thereupon commence. (4) The Central Bank shall reject all incomplete applications. (5) The Central Bank shall, on the third working day after the appraisal interview, instruct the applicant's representatives to publish a notice for three consecutive days in a daily newspaper with national circulation in the form set out in Schedule 4 to these Regulations to enable persons with objections to the licensing of the institution to make them; and the applicant's representative shall provide a copy of the notice to the Central Bank. (6) Objections shall be made within fifteen days after the publication of the notice, and shall be based on concrete and trustworthy grounds.
(7) Objections shall be brought to the attention of the founders who shall have a period of fifteen days within which to reply to them.
(8) Any responses made by the founders under subregulation (7) shall be duly communicated to the applicant.
(9) The Central Bank may, during the evaluation process, require the applicant's representatives and the applicant's proposed Chief Executive Officer, to have meetings or interviews with officials of the Central Bank in order to discuss any document or matter concerning the applicant institution.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

Section 7 · An application for a licence to

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

11. (1) The Central Bank shall disqualify a shareholder

shareholder who- (a) has been involved in the commission of a criminal offence or who has participated in illegal financial activities; (b) has been convicted of the commission of common law offences; (c) is not financially solvent or who is incapable of meeting the subscription and payment of the allocated shares; (d) has a non-performing loan or non-performing loans in any financial institution in Uganda; (e) has been declared bankrupt in a civil or criminal case involving companies in general or financial institutions in particular;

(f)

has issued cheques referred to drawer or has been disqualified from operating current accounts;

(g)

has been permanently suspended from acting as director, trustee, manager, administrator or proxy in any financial institution; or

(h)

has been disqualified by the Central Bank from acting as internal auditor in any financial institution.

(2)

Where the Central Bank disqualifies a founder or shareholder under subregulation (1), the disqualification shall be communicated to the founder or shareholder within a period not exceeding thirty working days from the receipt of the application.

(3)

The Central Bank shall disqualify any member of the senior management of the institution who is found not to be a fit and proper person in accordance with the criteria stipulated in the Second Schedule to the Act.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Offence or consequence

This section creates or governs statutory liability concerning “(1) The Central Bank shall disqualify a shareholder”.

“shareholder who- (a) has been involved in the commission of a criminal offence or who has participated in illegal financial activities; (b) has been convicted of the commission of common law offences; (c) is not financially solvent or who is incapable of meeting the subscription and payment of the allocated shares; (d) has a non-performing loan or non-performing loans in any financial institution in Uganda; (e) has been declared bankrupt in a civil or criminal case involving companies in general or financial…”

Primary legislation Source quotation matched

Practical effect

A party alleging or defending liability should test the facts and prescribed consequence against each operative requirement.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

5

(f) has issued cheques referred to drawer or has been disqualified from operating current accounts;
(g) has been permanently suspended from acting as director, trustee, manager, administrator or proxy in any financial institution; or
(h) has been disqualified by the Central Bank from acting as internal auditor in any financial institution.
(2) Where the Central Bank disqualifies a founder or shareholder under subregulation (1), the disqualification shall be communicated to the founder or shareholder within a period not exceeding thirty working days from the receipt of the application.
(3) The Central Bank shall disqualify any member of the senior management of the institution who is found not to be a fit and proper person in accordance with the criteria stipulated in the Second Schedule to the Act.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

12. (1) The Central Bank shall carry out an on-site Pre

licencing inspection of the premises of the applicant institution to inspections determine the adequacy of its security system, and to confirm the following matters-

(a)

endorsement and evidence of cash payment of the total amount (100%) of capital as stated in the opening balance sheet in the feasibility study; (b) evidence of availability of capital, including copies of bank statements, fixed deposit receipts, treasury bills or deposits in any commercial bank to the total equity; (c) appropriateness of the premises for start up operations with the public and insurance policies covering such risks as are inherent to the institution's prospective business; and (d) the management information system, the administrative and operational processes and the internal control system.

(2)

The minimum standards for the business premises for the institution are stipulated in Schedule 5 to these Regulations.

Review of 13. (1) In reviewing the management information system the management and the internal control system, the Central Bank shall take information into account the following aspectsand internal control system. (a) management information systems (MIS) The management information systems shall facilitate decision making at the different levels in the institution, with reference to the specific description of the system of deposits and loan portfolio, adequate identification of depositors and borrowers, and reporting requirements of the Central Bank, which shall include-

(i)

functionality and expandability including-

(A)

functional completeness, appropriate- ness and integration; (B) accounting package; (C) portfolio tracking; (D) deposit monitoring;

(E)

customer information system; (F) expandability and institutional growth; (G) flexibility;

(H)

customer-centric and account- centric; (I) institutional types; (J) lending methodologies; (K) loan interest types;

(L)

savings and deposit account types;

(M)

deposit interest types;

(N)

payment types;

(O)

payment frequencies; and

(P)

multiple branches or regions;

(b)

usability, including- (i) ease of use and user-friendliness; and

(ii)

user interface;

(c)

reporting, including- (i) reports; and (ii) report generation;

(d)

administration and support, including- (i) security;

(ii)

backup and recovery;

(iii)

fault tolerance and robustness;

(iv)

end-of-period processing; (v) support infrastructure and maintenance; and (vi) version control and upgrade strategy.

(2)

The internal control systems shall ensure the reasonable accomplishment of the following objectives- (a) operational efficiency and effectiveness, which refers to the appropriate management of assets and other resources thus protecting the institution from possible losses while ensuring that the personnel work towards the attainment of the stated aims and safeguard the assets of the institution from loss, fraud or inefficient use; (b) the reliability and relevance of the reports and the data generated by the information systems which entails accuracy, reliability, integrity and relevance in terms of decision making at the different levels in the institution, the Central Bank, investors and foreign customers; (c) adherence to prevailing rules and regulations which applies also to the policies at the institution, internal control procedures, practices, competence and independence. Conditions on licence 14. (1) The Central Bank may, in granting a licence, attach such conditions to the licence as it may deem necessary. (2) Conditions under subregulation (1) may relate to permissible or non-permissible operations or activities of an institution, and may be of a temporary or permanent nature.

Application 15. The applicant shall, at the time of filing the application, fee pay to the Central Bank a fee of twenty five currency points.

Grant of 16. (1) Where the Central Bank is satisfied that all the approval necessary conditions have been fulfilled, it shall issue to the applicant institution a licence to permit the commencement of operations. (2) The Central Bank may, at its discretion, postpone the granting of the licence and specify the period during which the applicant should rectify the underlying causes of the postponement. (3) The Central Bank shall inform the applicant, in writing, of its decision to grant or refuse to grant the licence. (4) A notice communicating the decision not to grant a licence shall state the grounds upon which it is based.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “(1) The Central Bank shall carry out an on-site Pre”.

“licencing inspection of the premises of the applicant institution to inspections determine the adequacy of its security system, and to confirm the following matters-”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

19

(a) endorsement and evidence of cash payment of the total amount (100%) of capital as stated in the opening balance sheet in the feasibility study; (b) evidence of availability of capital, including copies of bank statements, fixed deposit receipts, treasury bills or deposits in any commercial bank to the total equity; (c) appropriateness of the premises for start up operations with the public and insurance policies covering such risks as are inherent to the institution's prospective business; and (d) the management information system, the administrative and operational processes and the internal control system.
(2) The minimum standards for the business premises for the institution are stipulated in Schedule 5 to these Regulations.
(i) functionality and expandability including-
(A) functional completeness, appropriate- ness and integration; (B) accounting package; (C) portfolio tracking; (D) deposit monitoring;
(E) customer information system; (F) expandability and institutional growth; (G) flexibility;
(H) customer-centric and account- centric; (I) institutional types; (J) lending methodologies; (K) loan interest types;
(L) savings and deposit account types;
(M) deposit interest types;

11 further items remain in the statutory text above.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

17. An institution granted a licence under

the Act, shall Publication of Licence. publish, in the Gazette, and for three consecutive days in a newspaper with national circulation, a prominent, full-page notice of the licence; and the institution shall send a copy of the notice to the Central Bank.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “An institution granted a licence under”.

“the Act, shall Publication of Licence. publish, in the Gazette, and for three consecutive days in a newspaper with national circulation, a prominent, full-page notice of the licence; and the institution shall send a copy of the notice to the Central Bank.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

the Act, shall Publication of Licence. publish, in the Gazette, and for three consecutive days in a newspaper with national circulation, a prominent, full-page notice of the licence; and the institution shall send a copy of the notice to the Central Bank.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

18. (1)

The applicant shall pay to the Central Bank a Licence fee licence fee of fifty currency points.

(2)

The licence fee shall become due and payable by successful applicants within fourteen days after notification of the decision to grant a licence. (3) An annual licence fee prescribed by the Central Bank shall be payable on or before the 31st day of January of each year until the licence is revoked.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “(1)”.

“The applicant shall pay to the Central Bank a Licence fee licence fee of fifty currency points.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

(2) The licence fee shall become due and payable by successful applicants within fourteen days after notification of the decision to grant a licence. (3) An annual licence fee prescribed by the Central Bank shall be payable on or before the 31st day of January of each year until the licence is revoked.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

19. A licence issued under

these Regulations shall expire Expiry of licence. if business is not commenced within one year from the date on which it is granted. Prohibition

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “A licence issued under”.

“these Regulations shall expire Expiry of licence. if business is not commenced within one year from the date on which it is granted. Prohibition”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

these Regulations shall expire Expiry of licence. if business is not commenced within one year from the date on which it is granted. Prohibition

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

20. An institution shall not transfer or

assign a licence. on transfer Or Assignment of licence.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “An institution shall not transfer or”.

“assign a licence. on transfer Or Assignment of licence.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “An institution shall not transfer or”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

21. The Central Bank may, at any time and in Amendment

accordance with section 11 of the Act, amend or restrict the and restriction of terms and conditions of any licence. licence

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “The Central Bank may, at any time and in Amendment”.

“accordance with section 11 of the Act, amend or restrict the and restriction of terms and conditions of any licence. licence”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

Section 11 · (1) The Central Bank shall disqualify a shareholder

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

22. (1)

A licence shall expire or be revoked by the Expiry and revocation Central Bank in accordance with sections 9 (Expiry of licence) and 12 (Revocation of licence) of the Act.

(2)

The Central Bank shall, before exercising its powers under section 12 of the Act, consider the options available to it under sections 58 to 63 of the Act.

SCHEDULE 1 Regulation 8(1)

APPLICATION FOR A LICENCE TO CONDUCT MICRO FINANCE BUSINESS

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “(1)”.

“A licence shall expire or be revoked by the Expiry and revocation Central Bank in accordance with sections 9 (Expiry of licence) and 12 (Revocation of licence) of the Act.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

(2) The Central Bank shall, before exercising its powers under section 12 of the Act, consider the options available to it under sections 58 to 63 of the Act.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

Section 9 · The Central Bank shall, on receipt of the Licencing Section 12 · (1) The Central Bank shall carry out an on-site Pre

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

1. Name of institution

The text of this section isn't in the consolidation we hold — see the original PDF above.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Name of institution”.

“Name of institution”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Name of institution”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

2. Physical address of head office:

Street................................................................................ Building...........................................................................

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Physical address of head office:”.

“Street................................................................................ Building...........................................................................”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Physical address of head office:”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

3. Postal address

Telephone No ................................................................

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Postal address”.

“Telephone No ................................................................”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Postal address”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

4. Date and country of incorporation

The text of this section isn't in the consolidation we hold — see the original PDF above.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Date and country of incorporation”.

“Date and country of incorporation”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Date and country of incorporation”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

5. Names of branch offices and the number of years each has

been established and has conducted or carried on business. ......................................................................................... ......................................................................................... ......................................................................................... .........................................................................................

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Names of branch offices and the number of years each has”.

“been established and has conducted or carried on business. ......................................................................................... ......................................................................................... ......................................................................................... .........................................................................................”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Names of branch offices and the number of years each has”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

6. Former name(s) by which the institution has been known

......................................................................................... ......................................................................................... .........................................................................................

7. Particulars of shareholding

Present and Nationality Address SHAREHOLDING Former name No. Of shares Amount (Ushs) % of total

Total capital

8. Particulars of officers

(a)

Directors Present and Former Nationality Address Date of Other name Appointment Directorships

(b)

Chief operating officers: PRESENT DESIGNATION NATIONALITY ACADEMIC/ DETAILS OR DATE OF AND PROFESSIONAL PREVIOUS APPOINTMENT

FORMER QUALIFICATIONS EMPLYMENT

NAME AND YEARS

OBTAINED

9. Name and address(es) of banker(s)

............................................................................................................. .............................................................................................................

10. Does the institution hold, or has

it ever held any authority from a supervisory body to carry on any business activity in Uganda or elsewhere? .......................................................................................... If yes, give particulars.............................................................. ................................................................………......................

If any such authority has been revoked, give particulars. .................................................................................................. .................................................................................................. ..................................................................................................

11. Has the institution been put under

receivership in the past or made any compromise or arrangement with its creditors in the past or otherwise failed to satisfy creditors in full? .................................................................................................. If yes, give particulars.............................................................. .................................................................................................. ..................................................................................................

12. Is

an inspector or other authorised officer of any government ministry, department or agency, professional association or other regulatory body investigating the affairs of the institution or has such an investigation ever previously taken place into the affairs of the institution? .................................................................................................. .................................................................................................. .................................................................................................. ..................................................................................................

13. Has the institution been refused registration, in Uganda or

elsewhere, to any professional body or trade association concerned with banking or financial activities or decided not to apply for entry after making an approach? ......................... If yes, give particulars.............................................................. .................................................................................................. ..................................................................................................

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Has the institution been refused registration, in Uganda or”.

“elsewhere, to any professional body or trade association concerned with banking or financial activities or decided not to apply for entry after making an approach? ......................... If yes, give particulars.............................................................. .................................................................................................. ..................................................................................................”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Has the institution been refused registration, in Uganda or”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

elsewhere, to any professional body or trade association concerned with banking or financial activities or decided not to apply for entry after making an approach? ......................... If yes, give particulars.............................................................. .................................................................................................. ..................................................................................................

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

14. Is the institution engaged or does

it expect to be engaged, in Uganda or elsewhere, in any litigation which may have a material effect on the resources of the institution? .................................................................................................. If yes, give particulars.............................................................. .................................................................................................. ..................................................................................................

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “Is the institution engaged or does”.

“it expect to be engaged, in Uganda or elsewhere, in any litigation which may have a material effect on the resources of the institution? .................................................................................................. If yes, give particulars.............................................................. .................................................................................................. ..................................................................................................”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

it expect to be engaged, in Uganda or elsewhere, in any litigation which may have a material effect on the resources of the institution? .................................................................................................. If yes, give particulars.............................................................. .................................................................................................. ..................................................................................................

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

15. Is the institution engaged, or does

it expect to be engaged in any business relationship with any of its officers or shareholders? ...........................................................................

If yes, give particulars ............................................................. .................................................................................................. ..................................................................................................

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Is the institution engaged, or does”.

“it expect to be engaged in any business relationship with any of its officers or shareholders? ...........................................................................”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Is the institution engaged, or does”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

If yes, give particulars ............................................................. .................................................................................................. ..................................................................................................

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

16. DECLARATION

We, the undersigned, being officers of the institution, declare that to the best of our knowledge and belief, the information contained herein is complete and accurate.

Director.........................................................................(Name)

Signature................................ Date.............................

Director .......................................................................(Name)

Signature................................ Date.............................

Director .......................................................................(Name)

Signature................................ Date.............................

Director .......................................................................(Name)

Signature................................ Date.............................

EXPLANATORY NOTES FOR COMPLETION OF APPLICATION FORM

These explanatory notes are intended to give further guidance for the completion of the application form. It is deemed that further guidance is necessary for certain items. These include-

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “DECLARATION”.

“We, the undersigned, being officers of the institution, declare that to the best of our knowledge and belief, the information contained herein is complete and accurate.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “DECLARATION”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

1. Application form for a licence to conduct micro finance

business

1.1 Item Number 2: Physical address These details should be submitted to the Bank of Uganda as soon as the permanent physical location of the applicant is known.

1.2 Item Number 5: Names of branches This item should be completed by a person licensed in Uganda operating under an Act other than the Micro Finance Deposit-taking Institutions Act, 2003, and seeking to be licensed to operate under the Micro Finance Deposit-Taking Institutions Act, 2003.

1.3 Item Number 8: Particulars of officers In completing this item-

(a)

the term 'officer' should be used as defined in section 85 of the Micro Finance Deposit-Taking Institutions Act, 2003;

(b)

the officers referred to are those proposed or already engaged by the institution;

(c)

where the institution is proposing to, or has entered into a management agreement with another entity, details of the senior persons from the said entity heading or proposed to head the management team should be given.

SCHEDULE 2

Regulation 8(1)(g)

CRITERIA FOR DETERMINING PROFESSIONAL AND MORAL SUITABILITY OF THE PROPOSED DIRECTORS, MANAGERS, AND SUBSTANTIAL SHAREHOLERS OF INSTITUTIONS LICENSED UNDER THE MICRO FINANCE DEPOSIT-TAKING INSTITUTIONS ACT, 2003 (This form is to be completed by all persons proposed as Chief Executive Officer, Senior/Top Management, directors and substantial shareholders of the proposed institution) NB: (a) Read the declaration in section 6 below before completing this form. (b) In case the space provided is inadequate, attach additional information on separate pages.

1. THE INSTITUTION

Name ....................................................................................... ..................................................................................................

2. PERSONAL INFORMATION

(a)

Surname/Corporate name ............................................ Other names ................................................................. (b) Previous names (if any) by which you have been known:.......................................................................... (c) Year and place of birth/registration ............................. (d) Nationality ..................................................... ..............

(e)

Identification card number and date of issue ............... (f) Passport number and date of Issue/Company Number......................................................................... (g) Postal address .................................................... ........................................................................

(h)

Previous postal address (if any) ............................................... Physical address....................................................................... Educational qualifications ....................................................... .................................................................................................. (i) Professional qualifications and years obtained- ....................................................................Year...................... . ....................................................................Year...................... . (j) Name(s) of your bankers for the last 5 years- .................................................................................................. .................................................................................................. ..................................................................................................

3. SWORN DECLARATION OF ASSETS AND LIABILITIES

3.1 Balance sheet Assets Amount in Liabilities Amount Ushs. in Ushs. Checking accounts in banks Loan from financial institutions Other deposits in financial Outstanding bills institutions Shares, bonds and securities Outstanding taxes Bills for collection Credit ales Immovable asset (rural and urban) Others (decribe) Vehicles, ships, and aircraft

Machinery

Cattle Agricultural land Others: Gods and merchandise Others descrobe 1 Total libilities 2 Net: Equity (assets liabilities Total assets Total liabilities and equity.

3.2 Risks (guarantees for third party obligations) Type of Institution Amount in Ushs. Financial Institutions Companies: commercial and industrial Other guarantees

3.2 Annual income and expenditure Income Amount in Expenditure Amount in Ushs. Ushs.

Cash Salary General expenses Cash Salary (spaouse) Rents Incomes Repayments: debts, liabilities Other income (describe)

1. 1

Total Income Total expenditure Surplus (Deficit)

Shares underwritten by the deponent shall be extinguished by the following resources_____________________________________ (If more space is required attach another page)

4. Employment/Business record

Person Name of Positions held Responsibilities Reasons for leaving Employer/business and dates (where applicable)

and address

5. DESCRIPTION OF YOUR PAST AND CURRENT

ACTIVITIES IN UGANDA AND ABROAD 5.1 Shareholding (Directly owned or through nominees) Past shareholding Company's Date of Amount of 5age of Remarks name incorporation shareholding shareholding A B

A. Refers to date of closure or surrender of shares B. Refers to reasons for closure or surrender

5.2 Directorship Past Company's Date of Executive or Position held Remarks shareholding name Appointment Non- in case of C D executive executive

A. Refers to date of retirement B. Refers to reasons for retirement

5.3 Professional Bodies Past club membership Name of Membership Position held Remarks body Number (if any) E F

A. Refers to date of retirement B. Refers to reasons for retirement

5.4 Social Clubs Past club membership Name of Membership Position held Remarks body Number (if any) G H

A. Refers to date of retirement B. Refers to reasons for retirement

5.5 Borrowing Loan/facility 1 2 3 4 5 Name of lending institution Type of facility Amount borrowed Date of offer Security offered Value of security Current outstanding balance Remarks

6.0. ADDITIONAL INFORMATION

6.1 Have you or any entity with which you are associated as director, shareholder or manager, ever held or applied for a licence or equivalent authorisation to carry on any business activity in any country?........................................................... If yes, give particulars.............................................................. .................................................................................................. If any such application was rejected or withdrawn after it was made or any authorisation revoked, give particulars: .................................................................................................. .................................................................................................. ..................................................................................................

6.2 Have you at any time been convicted of any criminal offence in any jurisdiction? ................................................................

If yes, give particulars of the court in which you were convicted, the offence, the penalty imposed and the date of conviction................................................................................. .................................................................................................. .................................................................................................. ..................................................................................................

6.3 Have you, or any entity with which you have been involved, been censured, disciplined, warned as to future conduct, or publicly criticised by a regulatory authority or any professional body in any country?...........................................

If yes, give particulars .................................................................................................. .................................................................................................. ..................................................................................................

6.4 Have you, or has any entity with which you are, or have been associated as a director, shareholder or manager, been the subject of an investigation, in any country, by a government department or agency, professional association or other regulatory body?....................................................................... If yes, give particulars. .................................................................................................. .................................................................................................. ..................................................................................................

6.5 Have you, in any country, ever been dismissed from any office or employment, been subject to disciplinary proceedings by your employer or barred from entry of any profession or occupation? .......................................................

If yes, give particulars .................................................................................................. .................................................................................................. ..................................................................................................

6.6 Have you failed to satisfy a debt adjudged due and payable by you on order of a court, in any country, or have you made any compromise arrangement with your creditors within the last10 years? ............................................................................

If yes, give particulars. .................................................................................................. .................................................................................................. ..................................................................................................

6.7 Have you ever been declared bankrupt by a court in any country or has a bankruptcy petition ever been served on you? ........................................................................................

If yes, give particulars .................................................................................................. .................................................................................................. ..................................................................................................

6.8 Have you ever been held liable by a court, in any country, for fraud or other misconduct? ...............................................

If yes, give particulars .................................................................................................. .................................................................................................. .................................................................................................. 6.9 Has any entity with which you were associated as a director, shareholder or manager in any country made any compromise or arrangement with its creditors, been wound up or otherwise ceased business either while you were associated with it or within one year after you ceased to be associated with it?....................................................................

If yes, give particulars .................................................................................................. .................................................................................................. ..................................................................................................

6.10 Are you presently, or do you, other than in a professional capacity, expect to be engaged in any litigation in any country? ...................

If yes, give particulars .................................................................................................. .................................................................................................. .................................................................................................. ..................................................................................................

6.11 Indicate the names, addresses, telephone numbers and positions of three individuals of good standing who would be able to provide a reference on your personal and professional integrity. The referees must not be related to you, and should have known you for at least five years. .................................................................................................. .................................................................................................. .................................................................................................. .................................................................................................. ..................................................................................................

6.12 Is there any additional information which you consider relevant for the consideration of your suitability or otherwise for the position(s) held / to be held?

(The omission of material facts may represent the provision of misleading information) .................................................................................................. .................................................................................................. .................................................................................................. ..................................................................................................

N.B. This information given in response to this questionnaire shall be kept confidential by the Bank of Uganda, except in cases provided for by law.

7. DECLARATION

I am aware that under section 88(1) of the Act, it is an offence to provide any information which is false or misleading in connection with an application for a licence for a micro finance deposit -taking institution.

I certify that the information given above is complete and accurate to the best of my knowledge, and that there are no other facts relevant to this application of which the supervisory authority should be aware.

I undertake to inform the supervisory authority of any changes material to the application which arise while the application is under consideration.

NAME................................ POSITION HELD ......................

DATED AT ............... THIS .......... DAY OF ............... 20....

WITNESSED (Signed)..........................................(Applicant)

BEFORE ME: .................................................... COMMISSIONER FOR OATHS/MAGISTRATE Name ..................................................................................... Signature ................................................................................ Address ..................................................................................

SCHEDULE 3 Regulation 8 (1)(m)

QUESTIONNAIRE ON PREMISES

YES NO COMMENTS 1.1 THE DEED/LEASE AGREEMENT

(a)

Title Deed Is the institution registered as the owner of the premises? (Obtain a copy of the title deed.)

(b)

Lease Agreement (Obtain a copy of the lease agreement.) Is the lease signed by both parties? Is the lease registered?

What is the duration of the lease and is it long enough to allow for economical use of permanent improvements?

Is the landlord's approval for interior design/alteration obtained and other conditions satisfied?

1.2 APPROVAL BY RELEVANT AUTHORITIES Have the following approvals been obtained where necessary- * Local Authority; * Security firm-regarding physical security of staff, premises and assets; * Approval by UEDCL for electrical wiring of the premises.

1.3 BUSINESS HALL Does the business hall suit the type of business to be undertaken in the premises?

YES NO COMMENTS 1.4 STAFF OPERATING AREA

Is the space allowed for each individual employee adequate ?

Are sufficient and suitable sanitary conveniences for employees provided and kept clean?

1.5 VENTILATION Is ventilation adequate for security and circulation of fresh air in the premises?

1.6 LIGHTING Is there sufficient and suitable lighting in every part of the premises?

2.1 W O D U E/R T /SA L WN I D O WS Are the outer doors of heavy duty metal or reinforced wood?

Are there a minimum of two locks of good quality?

Are windows and glass walls reinforced with metal grills or made of anti- burglar/bullet proof glass?

2.2 STRONGROOM (SAFE/VAULT) Is there a strong room?

Is it conveniently situated i.e. does it boarder with the outside walls?

Is there adequate space to cater for the needs of the institution?

Are the duplicate keys stored off the premises?

Is there dual control for entry?

2.3 FREE - STANDING SAFE

Is the safe fire proof? Is access to the safe and the room where the safe is kept under the control of more than one person?

YES NO COMMENTS

Is the safe in a window-less room and secured by a heavy duty lock door of fire resistant material?

2.4 RECORD ROOM AND STATIONERY STORE Is it fire proof? 2.5 CASH LOADING AREA Is it protected from public view and access? Is cash in transit protected by police/security firm? Are there security guards at the premises at all times - day and night?

2.6 CASHIER'S TILL Is it restricted to the individual cashiers during working hours?

2.7 ALARM SYSTEM Is there an alarm system installed in the premises? If yes, Is it connected to police/security firm? Switches to be located in the- * Strong room * Cashiers' cubicles * Manager's office

2.8 EMERGENCY PLAN Is there an emergency plan? Is it documented? Are there fire extinguishers at appropriate places? i.e.,- * Water type * Non-water type

SCHEDULE 4 Regulation 10 (5)

PUBLIC ANNOUNCEMENT OF ESTABLISHMENT OF A MICRO FINANCE DEPOSIT-TAKING INSTITUTION (Form to be used by all institutions and to be published in a daily newspaper of national circulation for three consecutive days)

In accordance with regulation10(5) of the Micro Finance Deposit Taking Institution (Licensing) Regulations, 2004, this is to inform the public that a request to establish an institution has been submitted to the Bank of Uganda.

1. Name of entity

The text of this section isn't in the consolidation we hold — see the original PDF above.

2. Location of headquarters (city)

The text of this section isn't in the consolidation we hold — see the original PDF above.

3. Paid-up capital: Ug Shs 500,000,000 divided into .....shares

with a nominal value of Ug shs...................................... each.

4. Purpose: To be engaged in Micro finance business in

accordance with section 2 of the Micro Finance Deposit- Taking Institutions Act, 2003. (Each institution to describe its target group)

5. Shareholders (names, principal business, domicile)

a. .............................................................................................. b. .............................................................................................. c. .............................................................................................. d. .............................................................................................. e. ..............................................................................................

6. Legal representative of the entity (names,

principal business domicile) .................................................................................................. .................................................................................................. ..................................................................................................

Persons that have reasonable objections against the new organisations or against one or more of the shareholders or the legal representative may submit the objections in writing to the Bank of Uganda within fifteen working days after this announcement has been published, by a confidential note which shall be sent to:

The Executive Director, Supervision Function, Bank of Uganda, P. O Box 7120, Kampala.

All information will be treated with utmost confidentiality.

Kampala, ...........................................(DATE)

SCHEDULE 5 Regulation 12(2)

GUIDELINES ON MINIMUM STANDARDS FOR BUSINESS PREMISES OF MDIs. Objectives These guidelines aim at establishing the minimum standards that MDIs must conform to when operating to ensure a safe and secure environment.

Meaning of Premises Premises refer to MDI premises/buildings whether owned, rented or leased.

Location and size * Premises should be accessible to MDI's clientele. * Premises should have ample space to receive clients and a back office to enable the MDI to cope with the volume of business. Security * The premises should have sufficient security to ensure the safety of the MDI's assets. * The premises should be strong with reinforced entrance doors and windows. * The premises should have fire extinguishers. * Where premises are shared with other businesses, there should be a distinct barricade separating the businesses. * Sensitive stationery and documents such as land titles should be kept in lockable fireproof cabinets. * The premises should be guarded by at least two armed guards.

Strong room * Premises must have a strong room of ample size to accommodate a safe. * The safe must have a dual control system. * The strong room walls must be reinforced.

* The strong room must not be exposed to the public or be accessible to unauthorised persons. Other General Requirements * The premises should conform to the institution's established policies, procedures and internal controls established by the MDI with regard to acquisition, revaluation, maintenance works, depreciation and disposal. * Acquisition and disposal of premises should be reported and duly approved by the Board of Directors. * The MDI in rented or leased premises should ensure that rents, ground rents, rates and property taxes are paid up to date. * Each MDI should keep a fixed register for the premises, together with all the covenants relating to the premises. * The fixed assets register should be regularly reviewed and reconciled to ensure that all necessary entries with regard to acquisition, revaluation, depreciation and disposal are properly recorded.

E. TUMUSIIME-MUTEBILE, Governor, Bank of Uganda

Enquiries on any aspect of these Regulations should be referred to- The Executive Director Supervision Function Bank of Uganda P.O. Box 7120 KAMPALA.

STATUTORY INSTRUMENTS SUPPLEMENT No. 34 15th October, 2004

STATUTORY INSTRUMENTS SUPPLEMENT to The Uganda Gazette No. 53 Volume XCVII dated 15th October, 2004 Printed by UPPC, Entebbe, by Order of the Government.

STATUTORY INSTRUMENTS. 2004 No. 62.

THE MICRO FINANCE DEPOSIT-TAKING INSTITUTION (LIQUIDITY AND FUNDS MANAGEMENT) REGULATIONS, 2004.

ARRANGEMENT OF REGULATIONS ________

12. Remedial measures

The text of this section isn't in the consolidation we hold — see the original PDF above.

13. Administrative sanctions

SCHEDULES

SCHEDULE 1: WEEKLY STATEMENT OF LIQUIDITY FOR MICRO FINANCE DEPOSIT- TAKING INSTITUTIONS.

SCHEDULE 2: POLICY STATEMENT OF THE BANK OF UGANDA ON PRUDENTIAL ASPECTS OF LIQUIDITY OF MICRO FINANCE DEPOSIT-TAKING INSTITUTIONS.

STATUTORY INSTRUMENTS. 2004 No. 62.

The Micro Finance Deposit-Taking Institutions (Liquidity and Funds Management) Regulations, 2004. (Under section 89(3) of the Micro Finance Deposit-Taking Institutions Act, 2003, Act No. 5 of 2003)

In exercise of the powers conferred on the Central Bank by section 89 (3) of the Micro Finance Deposit Taking Institutions Act, 2003, these Regulations are made this 12th day of May, 2004.

1. Citation

The text of this section isn't in the consolidation we hold — see the original PDF above.

2. Application

The text of this section isn't in the consolidation we hold — see the original PDF above.

3. Interpretation

The text of this section isn't in the consolidation we hold — see the original PDF above.

4. Objectives

The text of this section isn't in the consolidation we hold — see the original PDF above.

5. Purpose

The text of this section isn't in the consolidation we hold — see the original PDF above.

13. Central Bank examination of quality of loans

The text of this section isn't in the consolidation we hold — see the original PDF above.

14. Determination of classification and provisioning

The text of this section isn't in the consolidation we hold — see the original PDF above.

15. Remedial measures 16 Offences and penalties

17 Administrative sanctions SCHEDULES

SCHEDULE 1 MONTHLY REPORT OF PORTFOLIO QUALITY RETURNS (PQR): FORM MDI 150

SCHEDULE 2 VIOLATION OF CREDIT LIMITS TO A SINGLE BORROWER OR GROUP OF BORROWERS

SCHEDULE 3 MONTHLY SCHEDULE OF PROVISION FOR BAD DEBTS: FORM MDI 120.

STATUTORY INSTRUMENTS. 2004 No. 64. The Micro Finance Deposit-Taking Institutions (Asset Quality) Regulations, 2004. (Under section 89 (3) (a) of the Micro Finance Deposit-Taking Institutions Act, 2003, Act No 5 of 2003)

IN EXERCISE of the powers conferred on the Central Bank by section 89 (3) (a) of the Micro Finance Deposit-Taking Institutions Act, 2003, these Regulations are made this 12th day of May, 2004.

13. (1) The Central Bank may, as authorised by section 56 of

examination the Act, undertake inspections of institutions and the inspections of quality of loans may include reviews to determine if non-performing credit facilities have been accurately reported to the Central Bank and that interest accrual is in compliance with these Regulations.

(2)

When reporting of non-performing facilities referred to in subsection (1) is determined to be inaccurate, the Central Bank may call for revisions, by the institution concerned, to such statutory returns to reflect an accurate position.

(3)

The Central Bank may impose on an institution, any or all of the remedial measures or administrative sanctions in Part IV of these Regulations with regard to inaccurate or untimely reporting and non-compliance with these Regulations.

(4)

The Central bank may request an external auditor to determine whether an institution is reporting accurately and is in compliance with these Regulations.

14. (1)

Every institution shall establish an appropriate system Determinfor the appraisal of its loan portfolio and control of inherent risks in ation of classification accordance with these Regulations. and (2) The loan portfolio appraisal system for each provisionsing

institution shall be based on an analysis of relevant and appropriate information in order to identify risks and possible losses. (3) The chief executive officer and the other officers of the institution are personally responsible for ensuring compliance with these Regulations. (4) Where, in the course of an inspection, the Central Bank determines that a non-performing credit facility has not been properly classified by the management of an institution, the Central Bank may call for a classification and subsequent provisioning, which, in the judgment of the Central Bank, is within the criteria of these Regulations.

15. (1)

Where the Central Bank determines, through an Remedial inspection, that an institution is not in compliance with these measures Regulations, it may exercise any or all of its supervisory enforcement powers under section 56 of the Act.

(2)

Where the Central Bank determines that an institution is not in compliance with these Regulations, it may call for adjustments to balance sheets, income statements and the capital adequacy computation returns with regard to non-accrual of interest and adequate provisions as it deems fit.

(3)

Where the Central Bank determines, by applying the criteria prescribed by these Regulations, that the institution's condition is unsound, it may take appropriate action as prescribed by section 59 of the Act.

Offences 16. An institution which fails to submit a report as required and by regulation 7(1) commits an offence and is liable, on conviction penalties to- (a) a fine of two currency points for each of the first five days of delay; and

(b)

a fine of four currency points for each day after the first five days of delay.

Admini- 17. The Central Bank may, in addition to the remedial action strative sanctions referred to in regulation 15(3), impose any or all of the following administrative sanctions on an institution that is not in compliance with these Regulations-

(a)

prohibition from declaring and paying dividends;

(b)

suspension of the establishment of new branches or expansion into new activities;

(c)

suspension of acquisition of fixed assets;

(d)

suspension of acceptance of new deposits; and

(e)

suspension of lending facilities.

SCHEDULE 1 Regulation 7(1)

FORM MDI 150 BANK OF UGANDA

MONTHLY REPORT OF PORTFOLIO QUALITY RETURNS (PQR) NAME OF MICRO FINANCE DEPOSIT TAKING INSTITUTION:.....…………………………………………………..

MONTH ENDING: ............................................................................ Current month Previous month CLIENT POPULATION

1. Number of new borrowers

The text of this section isn't in the consolidation we hold — see the original PDF above.

2. Number of borrowers existing

The text of this section isn't in the consolidation we hold — see the original PDF above.

3. Total number of borrowers

DEPOSITORS

4. Savings

The text of this section isn't in the consolidation we hold — see the original PDF above.

5. Time Total

PORTFOLIO STATUS

6. No. Of loans disbursed

The text of this section isn't in the consolidation we hold — see the original PDF above.

7. Value of loans disbursed (Shs.'000)

The text of this section isn't in the consolidation we hold — see the original PDF above.

8. No. Of loans outstanding

The text of this section isn't in the consolidation we hold — see the original PDF above.

9. Value of outstanding loan portfolio (Shs.'000)

The text of this section isn't in the consolidation we hold — see the original PDF above.

10. Average loan amount

The text of this section isn't in the consolidation we hold — see the original PDF above.

11. Average loan term (in weeks)

The text of this section isn't in the consolidation we hold — see the original PDF above.

12. AGING REPORT

Current loans Number of Outstanding Minimum Provision Compulsory Required Portfolio at loans in arrears balance provision (%) amount (Shs.) savings/LIF provision risk ** 8 days to below 30 days Nil 30 days to below 60 days 25% 60 days to below 90 days 50% 90 days and above 100% Rescheduled loans 8 days to below 30 days 5% 30 days to below 60 days 50% 60 days to below 90 days 75% 90 days and above 100% Total

13. Amount of loans written off (Shs. '000) this month

The text of this section isn't in the consolidation we hold — see the original PDF above.

14. Loans recovered this month

The text of this section isn't in the consolidation we hold — see the original PDF above.

15. Loan Insurance Fund fortified this month

SCHEDULE 2

Regulation 7(1)

VIOLATION OF CREDIT LIMITS TO A SINGLE BORROWER OR GROUP OF BORROWERS (All amounts in thousand Ug.shs.)

Largest individual loans (exceeding 1% of core capital) Amount (Shs '000s) percentage of Core Capital

Largest group loans (Exceeding 5% of core capital) Amount (Shs '000s) percentage of Core Capital

TOTALS

Date:

Title:

Signature:

SCHEDULE 3 Regulation 7(1)

FORM MDI 120 BANK OF UGANDA

MONTHLY SCHEDULE OF PROVISION FOR BAD DEBTS

11. Remedial measures

The text of this section isn't in the consolidation we hold — see the original PDF above.

12. Offences

The text of this section isn't in the consolidation we hold — see the original PDF above.

13. Administrative sanctions

SCHEDULES

SCHEDULE 1-FORM MDI 110 A-WEEKLY STATEMENT OF LIQUIDITY

SCHEDULE 2-FORM MDI 100-MONTHLY STATEMENT OF ASSETS AND LIABILITIES.

SCHEDULE 3-FORM MDI 100A-MONTHLY COMPUTATION OF CAPITAL ADEQUACY.

SCHEDULE 4-FORM MDI 110-MONTHLY STATEMENT OF INCOME AND EXPENSE

SCHEDULE 5-FORM MDI 140-MONTHLY SCHEDULE OF LOANS EXTENDED TO INSIDERS.

SCHEDULE 6-FORM MDI 120-MONTHLY SCHEDULE OF PROVISIONS FOR BAD DEBTS

SCHEDULE 7-FORM MDI 150-MONTHLY REPORT OF PORTFOLIO QUALITY RETURNS (PQR)

STATUTORY INSTRUMENTS 2004 No. 65.

The Micro Finance Deposit-Taking Institutions (Reporting) Regulations, 2004 (Under section 89 (3)(h) of the Micro Finance Deposit-Taking Institutions Act 2003, Act No. 5 of 2003)

In exercise of the powers conferred on the Central Bank by section 89 (3)(h) of the Micro Finance Deposit-Taking Act, 2003, these Regulations are made this 12th day of May, 2004.

1. These

Regulations may be cited as the Micro Finance Deposit-Taking Institutions (Reporting) Regulations, 2004. Citation

2. These Regulations apply to all micro

finance deposit- Application taking institutions in Uganda.

3. In

these Regulations, unless the context otherwise Interrequires- pretation "Act" means the Micro Finance Deposit-Taking Institutions Act, 2003; "external auditor" means the person appointed as such by an institution and approved by the Central Bank under section 30 of the Act; "institution" or "MDI" means a micro finance deposit- taking institution; "inspection" means an examination of an institution conducted by the Central Bank under sections 55 and 56 of the Act;

"return" means a periodic report of financial information submitted by a micro finance deposit-taking institution to the Central Bank as required by section 57 of the Act. Purpose 4. The purpose of these Regulations is to emphasise to institutions that- (a) the Central Bank can only execute its functions of ensuring monetary stability and overall soundness in the financial sector when accurate and comprehensive data on the operations and activities of institutions are reported on a regular basis; and (b) prudential supervision requires that on-site inspections and external audit reports must be supplemented by a formalised system of comprehensive analysis of an institution's returns which will ensure that the supervisory authority has data to monitor on a regular basis, the soundness of the institutions it supervises.

Objectives 5. The objectives of these Regulations are- (a) to enable the Central Bank to supervise institutions by means of accurate and timely financial data and other information from the institutions; and (b) to enable the Central Bank gather a comprehensive and accurate database of the activities of institutions to be used for policy making in promoting economic growth and stability in Uganda.

7. (1)

Every institution shall submit to the Central Bank the Required following set of returns- returns

(a)

on a weekly basis: Form MDI 110A Weekly Statement of liquidity for Micro-Finance Deposit- Taking Institutions specified in Schedule 1. (b) on a monthly basis-

(i)

FORM MDI 100-Monthly Statement of Assets and Liabilities specified in Schedule 2;

(ii)

FORM MDI 100A-Monthly Computation of Capital Adequacy specified in Schedule 3;

(iii)

FORM MDI 110-Monthly Statement of Income and Expense specified in Schedule 4;

(iv)

FORM MDI 140-Monthly schedule for Loans extended to Insiders specified in Schedule 5;

(v)

FORM MDI 120-Monthly Schedule of Provisions for Bad Debts; and

(vi)

Form MDI 150-Monthly Report of Portfolio Quality Returns-Form PQR.

(2)

A monthly return referred to in subsection (1) is to be submitted as printed reports, within ten days from the date of the return.

(3)

A weekly return is to be submitted on Tuesday following the end of the week to which it refers.

(4)

All returns are to be completed in compliance with special instructions prepared by the Central Bank.

8. (1) The Chief Executive Officer is personally responsible for ensuring compliance with

these Regulations (2) The Chief Executive Officer of the institution is responsible for the accuracy of the returns.

Verification 9. (1) The Central Bank may, in order to determine the of accuracy of accuracy of the data or information disclosed in a required return, required returns inspect an institution in accordance with the Bank's powers under section 56 of the Act.

(2)

An institution under inspection by the Central Bank shall produce all records, books, and documents used in the preparation of such returns, as authorised under section 56 of the Act.

Inspection by the

10. (1) As required by section 35 of the Act, it is the duty of

Central an external auditor to verify the accuracy of the returns submitted Bank by an institution to the Central Bank on a quarterly basis.

(2)

The external auditors and the Central Bank may, through consultation, determine the scope of review by external auditors to verify the accuracy of returns submitted by an institution to the Central Bank.

11. (1)

Where the Central Bank ascertains that an institution is Remedial measures not in compliance with these Regulations, it may determine that the institution is liable to the fine specified in section 57 (3) of the Act.

(2)

The Bank may, in addition to, or in place of a fine under section 57 (3) of the Act, impose corrective action prescribed by section 58 of the Act.

(3)

Where the Central Bank determines that the institution's non compliance with these Regulations, through false or misleading reporting has resulted in such severe distortion of its financial condition that its true condition is unsound, or that the funds of its depositors are in jeopardy, it may exercise its powers under section 59 of the Act.

12. An institution which fails to submit

a report as required by Offences regulation 7 commits an offence and is liable, on conviction to- (a) a fine of two currency points for each of the first five days of delay; and

(b)

a fine of four currency points for each day after the first five days of delay.

13. The Central Bank may impose any

or all of the following Adminiadministrative sanctions on an institution that has failed to comply strative sanctions with the reporting requirements of these Regulations-

(a)

prohibition from declaring and paying dividends; (b) suspension of establishment of new branches or expansion into new activities;

(c)

suspension of acquisition of fixed assets;

(d)

suspension of acceptance of new deposits; and

(e)

suspension of lending facilities.

SCHEDULES.

SCHEDULE 1 Regulation 7 (1)(a)

BANK OF UGANDA FORM MDI 110A

WEEKLY STATEMENT OF LIQUIDITY FOR MICRO FINANCE DEPOSIT-TAKING INSTITUTIONS (MDIs) NAME OF MICRO FINANCE DEPOSIT-TAKING INSTITUTION .................................................................................. WEEKLY STATEMENT OF LIQUIDITY AS AT ....................... ... (in thousands of shillings) Amount ('000s)

1. Notes and coins

The text of this section isn't in the consolidation we hold — see the original PDF above.

2. Demand balances and money at call from Banks

The text of this section isn't in the consolidation we hold — see the original PDF above.

3. Balances with other financial institutions

The text of this section isn't in the consolidation we hold — see the original PDF above.

4. Government of Uganda Treasury bills

The text of this section isn't in the consolidation we hold — see the original PDF above.

5. Uganda Government stocks maturing in not more than 5 years

The text of this section isn't in the consolidation we hold — see the original PDF above.

6. Demand balances with Head Office and branches

The text of this section isn't in the consolidation we hold — see the original PDF above.

7. Demand balances with Head Office, branches

and other money at call abroad in convertible currencies after off setting amount due to such institution

8. Commercial bills and promissory notes eligible

for discount at Bank of Uganda

9. Total liquid assets held

DEPOSIT LIABILITIES

10. Saving liabilities

The text of this section isn't in the consolidation we hold — see the original PDF above.

11. Time deposits

The text of this section isn't in the consolidation we hold — see the original PDF above.

12. Total deposit liabilities

LIQUIDITY RATIO REQUIREMENTS

13. 15% of deposit liabilities

The text of this section isn't in the consolidation we hold — see the original PDF above.

14. Total liquid assets needed to comply with the statutory

requirements (surplus compare item 9 with 12).

15. Total advances

The text of this section isn't in the consolidation we hold — see the original PDF above.

16. Ratio: Advances/Deposits

We certify that to the best of our knowledge, the figures in this statement are those appearing in our books and records as at close of business.

Date: ......................................................

Signature ................................................

SCHEDULE 2

Regulation 7 (1)(b)(i)

BANK OF UGANDA FORM MDI 100

MONTHLY STATEMENT OF ASSETS AND LIABILITES FOR MICRO FINANCE DEPOSIT-TAKING INSTITUTIONS (MDIs) IN UGANDA

NAME OF MDI .................................................................................

MONTH ENDING.............................................................................

BRANCH NETWORK

Number of branches; ............................................. Number of agencies: .............................................

To be submitted not later than the 10th day of the month following that to which it refers.

To: The Director, Supervision Function, Non-Banking Financial Institutions Department, Bank of Uganda, P.O. Box 7120, Kampala.

And copies to:

The Director, Research and Policy Function, Research Department, Bank of Uganda, P.O. BOX 7120, Kampala.

FORM MDI 100 MONTHLY STATEMENT OF ASSETS AND LIABILITIES

NAME OF MICRO FINANCE DEPOSIT-TAKING INSTITUTION .............................................................................................................

MONTH ENDING............................................................................. ASSETS Sub-Total Amount Shs. '000'

1 Notes and Coins 2 Balance with financial institutions in Uganda 3 Balance with financial institutions outside Uganda 4 Investment in Securities (Line items 5 and 6)

5. Treasury Bills 6 Others e.g. Government Bonds, etc (specify)

7 Loans (Line items 8, 9, and 10) 8 Current 9 Past Due 10 Restructured

11. Allowance for loan losses: general and

specific 12 Net loans outstanding (Line item 7 less 11) 13 Inter Branch / Due from own offices 14 Fixed Assets (Gross) (Line items 16 to 17) 15 Land 16 Buildings 17 Equipment 18 (Accumulated depreciation) 19 Net Fixed Assets (Line items 14 less 18) 20 Long term investments 21 Other assets (specify) 22 Total Assets (line items 1 and 4. 12 to 13 and 19, 20 to 21

23 LIABILITIES Sub-Total Amount Shs. '000'

24 deposits: (Line items 25, 26 and 27) 25 Savings 26 Time Deposits 27 Accrued interest 28 Loan insurance funds / compylsory savings 29 Borrowings-short term (Market rate 30 Other liabilities (specify) 31 Borrowings-long term debt (concensional rate) 32 Borrowing-long term debt (Market rate) 33 Borrowings-long term debit (consensional rate) 34 Grants/Deferred income 35 Inter Branch 36 Other long-term liabilities (specify) 37 Total liabilities (Line items 24, 28 to 36) 38 EQUITY 39 Paid up capital 40 Share Premium 41 Retained Earnings prior years 42 Current year Net Profit/loss (Line 43 less 44 should agree with line item 45 from the income statement) 43 Revenue 44 Expenditure 45 Other Reserves (specify) 46 Total equity (Line items 39 to 42 and 45) 47 Subordinated debt 48 TOTAL LIABILITIES AND EQUITY (LINE ITEMS, 37, 46 AND 47)

ASSETS Sub-Total Amount Shs. '000'

OFF BALANCE SHEET ITEMS 49 Contigent claims secured by cash collateral 50 Direct credit substitutes (guarantees and acceptance 51 Transaction related (performance bonds) 52 Total (Line assets 49 and 51)

Date........................................... Date ....................................

Title .......................................... Title ....................................

Signature ................................. Signature ............................

C. Other Assets No. Item Amount 1 2 3 4 5 Total

D. Other Assets No. Item Amount 1 2 3 4 5 Total

C. Minimum and Maximum Interest Rates on Savings and Time Deposits Minimum Maximum Savings Time

Total

D. Lending Rates

Sector 3-6.9% 7-10.9% 11-14.9% 15-18.9% 19-29.9% Over 30%

Agriculture

Trade and Commerce

Transport and communications

Electricity and Water

Building and Construction

Other services

Total

Key: Interest rates should refer to the reporting period only.

BANK OF UGANDA

INSTRUCTIONS FOR FILLING FORM MDI 100

BANK OF UGANDA REPORT FORM MDI 100:MONTHLY STATEMENT OF ASSETS AND LIABILITIES FOR MDIs

INTRODUCTION

The Form MDI 100 is one of the statutory returns designed under the supervision function of the Bank of Uganda for MDIs in Uganda. In this return, institutions reveal the volume of business and financial position as at the last day of each month. The form is composed of three major sections namely; Assets, Liabilities and Equity.

The format is also expected to capture subsequent changes in the sector as they unfold, while maintaining emphasis on having the reports manageable for the compilers and consistency across micro finance deposit-taking institutions.

INSTRUCTIONS FOR COMPLETING THE MONTHLY STATEMENT OF ASSETS AND LIABILITIES

The instructions and definitions to guide in the compiling of Form MDI 100 are divided into two areas; General and Specific Instructions. The general instructions refer to the regularity of reporting and the format of the return. The specific instructions on the other hand relate to the particular items in the statement of assets and liabilities and the schedules, and the relevant definitions.

1. GENERAL INSTRUCTIONS

(i)

This report must be submitted ten days following the end of the month to which the data relates;

(ii)

The report should cover all of the transactions of the micro finance deposit-taking institutions for the reporting period;

(iii)

Balances in currencies other than the Uganda shillings should be converted at the mid-exchange rate ruling at the reporting date. The total in the statement of assets and liabilities is in local currency.

SECTION 1 BRANCH NET WORK:

Branch:

This is a full office carrying on all or most activities of the MDI. It keeps separate accounts and has accounts with the head office. A full time manager is in charge. It is independent of the other branches and reports to the head office.

Agency:

This is a part time office. It is located in a place which supports a fully-fledged branch. The agency offers a limited range of facilities, (e.g. receiving cash and payments of depositors) on selected days and hours of the week. The agency maintains a ledger at the controlling branch office.

ASSETS

1. Notes and coins - The amount held in cash by the MDI

The text of this section isn't in the consolidation we hold — see the original PDF above.

2. Balances with financial institutions in Uganda

Balance on deposit accounts in commercial banks, credit institutions or in all regulated institutions if applicable and, the Central Bank, if prescribed, in Uganda.

3. Balances with financial institutions outside Uganda

Balance on deposit accounts in commercial banks, credit institutions or in all regulated institutions outside Uganda. These balances are available to the MDI on a demand basis.

4. Investment in securities

Investments that earn interest income for the MDI, e.g. treasury bills and government securities.

5. Treasury Bills

Report the cost value of Treasury Bills issued by Bank of Uganda. Interest accrued on Treasury bills at the date of reporting should be reported under other assets as accrued interest receivable (Line item 21).

6. Government Bonds, etc

Enter the cost of the bonds held in the appropriate line. Any premium or discount resulting from the acquisition of the bonds should be recorded as a separate entry (at the date of acquisition) and amortized over the remaining life of the bonds. Income earned on bonds but not yet received and taken into income should be entered in accrued interest receivable (Line item 21).

7. Loans (Gross Loan Portfolio)

The total sum of all the outstanding principal balance of the MDI's loans including current (Line item 8), past due (delinquent) (Line item 9) and restructured loans (Line item 10), but not loans that have been written off.

The gross loan portfolio is frequently referred to as the loan portfolio loans outstanding. Note: These terms should not be used to refer to the Net loan portfolio described below. The Gross loan portfolio should not be confused with the volume of the loans disbursed.

11. Allowance for Loan Losses

The portion of the Gross loan portfolio that has been expensed (provisioned for) in anticipation of losses due to default. The item represents the cumulative value of the Loan loss provision expenses (from the Income Statement) less the cumulative value of loans written off. The allowance for loan losses is recorded as a negative asset on the balance sheet.

It should be noted that the allowance for loan loss is not a cash reserve, but rather an accounting entry to adjust for anticipated loan losses. The allowance accumulates from

provision expenses related to the portfolio at risk or in some cases, general provision expenses against the entire gross loan portfolio. The value of the allowance Loan losses should not be less than the value of loans anticipated to be written off.

12. Net Loans Outstanding

The Gross loan portfolio less the allowance for loan losses.

13. Inter Branch (Net due from own offices)

Report the net amount receivable from the branches. However, amounts due and uncleared, which are 30 days and more, will be considered as other assets subject to classification. Examples of items that would normally be found under this item in the balance sheet are- (a) head office and branch clearing accounts representing nominal value of cheques deposited, transfer of funds, etc between branches or temporarily in suspense; (b) uncleared remittance accounts; (c) other similar accounts dealing with items in the course of settlement or in transit.

14. Fixed Assets (Gross)

Includes land (Line item 15), buildings (Line item 16), vehicles, office equipment (Line item 17), etc. recorded at their initial cost at time of acquisition.

18. Accumulated Depreciation

Represents the sum of depreciation expenses recorded in the current and previous financial periods. It represents a decrease in the book value of fixed assets. (See depreciation on the income statement).

19. Net Fixed Assets

The difference between the book value of fixed assets and accumulated depreciation.

20. Long-Term Investments

The amount held in long-term investments. These are investments not intended as a ready source of cash and include stocks, bonds and promissory notes that will be held for more than one year.

21. Other Assets

Other assets not listed above that will be used or that will change form within the next 12 months, such as prepaid expenses like rent and insurance, accrued interest, accounts/fees received, etc.

22. Total Assets

The summation of assets.

23. Liabilities

The text of this section isn't in the consolidation we hold — see the original PDF above.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Liabilities”.

“Liabilities”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Liabilities”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

24. Deposits

Savings and Time deposits, and Accrued Interest on customary deposits.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Deposits”.

“Savings and Time deposits, and Accrued Interest on customary deposits.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Deposits”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

25. Savings

Savings, that are not an obligatory part of accessing credit services. Voluntary savings' services are provided to both borrowers and non-borrowers who can deposit and withdraw according to their needs.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Savings”.

“Savings, that are not an obligatory part of accessing credit services. Voluntary savings' services are provided to both borrowers and non-borrowers who can deposit and withdraw according to their needs.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Savings”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

26. Time Deposits

Deposits repayable after a fixed period or after notice.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Limitation rule

This section establishes the statutory limit for “Time Deposits”.

“Deposits repayable after a fixed period or after notice.”

Primary legislation Source quotation matched

Practical effect

Check the relevant dates and any stated exception before commencing or resisting proceedings.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

27. Accrued Interest

Interest payable on deposit accounts.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Accrued Interest”.

“Interest payable on deposit accounts.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Accrued Interest”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

28. Loan Insurance Funds/Compulsory Savings

Also referred to as compulsory savings, forced savings, Loan Insurance Funds (LIF), or compensating balances. These represent funds that must be contributed by borrowers as a condition to receiving a loan, sometimes as a percentage of the loan, and sometimes as a nominal amount. Compulsory savings are considered part of the loan product rather than savings product since they are tied to receipt of loans.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Mandatory duty

This section imposes mandatory requirements concerning “Loan Insurance Funds/Compulsory Savings”.

“Also referred to as compulsory savings, forced savings, Loan Insurance Funds (LIF), or compensating balances. These represent funds that must be contributed by borrowers as a condition to receiving a loan, sometimes as a percentage of the loan, and sometimes as a nominal amount. Compulsory savings are considered part of the loan product rather than savings product since they are tied to receipt of loans.”

Primary legislation Source quotation matched

Practical effect

The provision uses mandatory language; the responsible person or institution should be able to demonstrate compliance.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

Also referred to as compulsory savings, forced savings, Loan Insurance Funds (LIF), or compensating balances. These represent funds that must be contributed by borrowers as a condition to receiving a loan, sometimes as a percentage of the loan, and sometimes as a nominal amount. Compulsory savings are considered part of the loan product rather than savings product since they are tied to receipt of loans.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

29. Borrowings-short-term debt (Market Rate)

The amount outstanding on all short-term borrowings (those that mature in less than 12 months) on which a concessional (or below market) rate of interest is charged.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Borrowings-short-term debt (Market Rate)”.

“The amount outstanding on all short-term borrowings (those that mature in less than 12 months) on which a concessional (or below market) rate of interest is charged.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Borrowings-short-term debt (Market Rate)”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

30. Borrowings-Short-Term Debt (Concessional Rate)

The amount outstanding on all short-term borrowings (those that mature in less than 12 months) on which a concessional (or below market) rate of interest is charged.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Borrowings-Short-Term Debt (Concessional Rate)”.

“The amount outstanding on all short-term borrowings (those that mature in less than 12 months) on which a concessional (or below market) rate of interest is charged.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Borrowings-Short-Term Debt (Concessional Rate)”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

31. Other Liabilities (Specify)

Any other liabilities due within 12 months such as interest payable on savings accounts or taxes due that are not listed above.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Other Liabilities (Specify)”.

“Any other liabilities due within 12 months such as interest payable on savings accounts or taxes due that are not listed above.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Other Liabilities (Specify)”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

32. Borrowing Long-Term Debt (Market Rate)

The amount outstanding on all long-term borrowings (those that mature in 12 months or more) on which a market rate of interest is paid.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Borrowing Long-Term Debt (Market Rate)”.

“The amount outstanding on all long-term borrowings (those that mature in 12 months or more) on which a market rate of interest is paid.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Borrowing Long-Term Debt (Market Rate)”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

33. Borrowing Long-Term Debt (Concessional Rate)

The amount outstanding on all long term borrowing (those that mature in 12 months or more) on which a concessional (or below market) rate of interest is paid.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Borrowing Long-Term Debt (Concessional Rate)”.

“The amount outstanding on all long term borrowing (those that mature in 12 months or more) on which a concessional (or below market) rate of interest is paid.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Borrowing Long-Term Debt (Concessional Rate)”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

34. Deferred Income or Grants

Donations provided to the MDI that are restricted in some way to a particular purpose or time frame. Theoretically, if the MDI failed in its performance, the donor could recall these funds. As the MDI provides the services agreed on and incurs expenses, the deferred revenue is reflected as grant revenue and used to cover these expenses.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Deferred Income or Grants”.

“Donations provided to the MDI that are restricted in some way to a particular purpose or time frame. Theoretically, if the MDI failed in its performance, the donor could recall these funds. As the MDI provides the services agreed on and incurs expenses, the deferred revenue is reflected as grant revenue and used to cover these expenses.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Deferred Income or Grants”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

Donations provided to the MDI that are restricted in some way to a particular purpose or time frame. Theoretically, if the MDI failed in its performance, the donor could recall these funds. As the MDI provides the services agreed on and incurs expenses, the deferred revenue is reflected as grant revenue and used to cover these expenses.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

35. Inter Branch

Balance due to Head Office or branches.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Inter Branch”.

“Balance due to Head Office or branches.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Inter Branch”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

36. Other Long-Term Liabilities

Other long term liabilities that do not meet the criteria of deferred income or do not qualify as restricted funds.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Other Long-Term Liabilities”.

“Other long term liabilities that do not meet the criteria of deferred income or do not qualify as restricted funds.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Other Long-Term Liabilities”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

37. Total Liabilities

Summation of liabilities.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Total Liabilities”.

“Summation of liabilities.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Total Liabilities”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

38. Equity

Summation of equity items

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Equity”.

“Summation of equity items”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Equity”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

39. Paid Up Capital

Amount of paid up share capital from shareholders.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Paid Up Capital”.

“Amount of paid up share capital from shareholders.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Paid Up Capital”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

40. Share premium

The excess (premium) of the amount received for preferred and common shares over their respective par values (net of the cost of issuing shares).

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Share premium”.

“The excess (premium) of the amount received for preferred and common shares over their respective par values (net of the cost of issuing shares).”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Share premium”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

41. Retained Earnings (Loss) Prior Years

The cumulative surplus or deficit from MFI operations that has been retained in prior years.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Retained Earnings (Loss) Prior Years”.

“The cumulative surplus or deficit from MFI operations that has been retained in prior years.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Retained Earnings (Loss) Prior Years”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

42. Current Year Net Profit (Loss)

The surplus or deficit from MDI operations in the current financial year includes Net Income from Operations (After Tax) and Net Income from non-financial services.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Definition

This section supplies the definitions or statutory meaning governing “Current Year Net Profit (Loss)”.

“The surplus or deficit from MDI operations in the current financial year includes Net Income from Operations (After Tax) and Net Income from non-financial services.”

Primary legislation Source quotation matched

Practical effect

Use this definition when interpreting other provisions that employ the language addressed by “Current Year Net Profit (Loss)”.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

43. Revenue

Income for the current period.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Revenue”.

“Income for the current period.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Revenue”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

44. Expenditure

Expenses for the current period.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Expenditure”.

“Expenses for the current period.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Expenditure”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

45. Other Reserves

Other forms of equity other than paid up share capital or retained earnings. They may arise from a surplus on asset revaluation or capital contributions not financially registered as paid up share capital. They could also be created out of retained profits for special purposes.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Statutory power

This section confers or regulates the statutory power described as “Other Reserves”.

“Other forms of equity other than paid up share capital or retained earnings. They may arise from a surplus on asset revaluation or capital contributions not financially registered as paid up share capital. They could also be created out of retained profits for special purposes.”

Primary legislation Source quotation matched

Practical effect

The power must be exercised by the authorised decision-maker, within the conditions and purpose stated in the section.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

1

Other forms of equity other than paid up share capital or retained earnings. They may arise from a surplus on asset revaluation or capital contributions not financially registered as paid up share capital. They could also be created out of retained profits for special purposes.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

46. Total Equity

Summation of equity items.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Total Equity”.

“Summation of equity items.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Total Equity”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

47. Subordinated debt

A debt that is junior in claim on assets to other debts, repayable only after other debts with a higher claim have been satisfied.

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Subordinated debt”.

“A debt that is junior in claim on assets to other debts, repayable only after other debts with a higher claim have been satisfied.”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Subordinated debt”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

48. Total Liabilities and Equity

Summation of liabilities and equity (This amount equals Total Assets).

INSTRUCTIONS FOR COMPLETING THE MONTHLY STATEMENT OF INCOME AND EXPENSE

BANK OF UGANDA FORM MDI 110

INCOME

Section analysis Source-linked statutory analysis Source linked

Approved statute annotation. Statutory quotations are matched to this consolidation and judicial passages are linked to judgments. Check the primary sources alongside this analysis.

What this section does

Governing rule

This section states the governing statutory rule for “Total Liabilities and Equity”.

“Summation of liabilities and equity (This amount equals Total Assets).”

Primary legislation Source quotation matched

Practical effect

Use this section as the starting statutory rule for “Total Liabilities and Equity”, together with the linked provisions and current consolidation.

Deterministic editorial synthesis — not a substitute for the statutory text Editorial synthesis approved

Elements or requirements

Operative requirements extracted from the consolidated text.

0

This section states a single governing proposition and does not enumerate separate elements.

Judicial interpretation

Express propositions in source-matched passages from judgments citing this section.

0

No judgment in the current Wakilii corpus expressly cites this section. Bare rule-number references are not assigned where the Order cannot be verified.

Related provisions

No express internal or cross-Act reference appears in this section.

Amendment notes

No section-specific amendment note or instrument-level amendment history appears in this consolidation.

1. Credit Income This is the sum

of interest income, loan, fees, service charges and late fees on loans

2. Interest Income from Loans Interest received on loans granted. Some MDI's recovered

interest income on an accrual basis while others record interest income only when received (cash-basis). This should be described in the notes to the financial statements However, for uniform reporting, interest income should be reported on accrual basis. If the loan becomes non- performing, interest should be suspended and placed in a suspense- account.

3.4,5 Fee Income from Loans Fees, service charges and commissions, including penalty fees (if applicable) received on loans.

6. Total Other Income

This is the sum of income from investments and other financial services.

7. Income from Investments

Revenue from interest, dividends or other payments generated by financial assets other than the loan portfolio, such as interest-bearing deposits, certificates of deposits and treasury obligations. This includes not only interest received in cash, but also interest accrued but not yet received.

8. Income from other financial services

Revenue generated from other financial services, such as fees and commissions for non-credit financial services. This item may include revenues linked with lending such financial services such as payment services or insurance, membership fees.

9. Gross Financial Income

Total Operating Income during the month or year-to-date.

10. Financial Expenses of Lending Funds

Total financial expenses during the period or year-to-date.

11. Interest and fees expense on Debt (borrowing)

Total amount of interest and fees paid during the period on funds borrowed at a commercial (or market) interest rate.

12. Interest expense on Deposits

Total amount of interest and fees paid during the period on voluntary and compulsory savings or LIF.

13. Provision for Bad Debts

A non-cash expense that creates or increases the Loan loss reserve on the balance sheet. This expense may be composed of general and specific provisions. The general provision is calculated as a percentage of the value of the gross loan portfolio that is at risk of default based on aging analysis. Specific provisions are made for identified loans. It is common to use the term "loan loss provision" and "loan loss reserve" interchangeably. To avoid confusion between this expense and the loan loss reserve, analysts prefer to use the term "reserve" for the balance sheet account, and the term "provision" for the expense account. It is helpful to include the word "expense" when referring to this latter account.

The provision for loan loss expense should always be separated from other operating costs. The provision for loan loss expense increases the Loan loss reserve on the balance sheet.

14. Net Financial income

Represents the difference between the income generated from the portfolio and other investments , and the costs directly associated with those investments during the period (Financing expenses and Provision for loan losses). This

represents the amount of income available to cover operating expenses for the month or year-to-date.

15. Operating Expenses Financial Services

Includes staff salaries, bonuses and benefits and other operational expenses during the period. It includes expenses like administrative expenses, rent and utilities, travel and transport, depreciation and other operating expenses.

16. Salaries and benefits

Includes staff salaries, bonuses, and benefits, as well as employment taxes paid by the MDI. It is also referred to as "salaries and benefits" or "staff expense". It may also include costs of recruitment and initial orientation. It does not include on-going or specialized training costs, which are considered as other operating expenses.

17. Administrative Expenses

Expenses incurred for stationery, office supplies, postage, insurance, legal fees, etc.

18. Rent and Utilities

Expenses incurred for lease of land and/or buildings during the period and utilities such as electricity, water and telephone bills.

19. Travel and Transport

Expenses incurred for transportation (vehicle maintenance, fuel, etc), allowances or per diem, etc. of staff members while on official duties for the MDI.

20. Depreciation

A non-cash expense that is determined by estimating the useful life of each asset and expensing a portion of the useful life for the period. Depreciation represents a decrease in the value of property/assets and accounts for the portion of useful lifetime that is expensed during each accounting period. (see accumulated depreciation on the balance sheet).

21. Other Operating expenses

Other operating expenses (non-financial) directly related to the provision of financial services or other services that form an integral part of the financial services not included above.

These could include advertising and consulting fees, training expenses, legal fees, insurance, etc. or direct expenses associated with accessing donor funding. Does not include taxes on employees, revenues, or profits, but may include taxes on transactions and purchase, such as value-added taxes if not included above.

22. Net Income (Loss) from Operations

(Total operating income) - (Total operating expenses).

23. Grant Income for Financial Services

This is the summation of all grant income to support the delivery of financial services.

24. Grant Income for Loan Fund

Funds donated to the MDI to capitalise the loan fund, that is, which are restricted to use as lending funds and cannot be used for operating expenses.

25. Grant Income for Fixed Assets

Funds donated to the MDI to purchase fixed assets (depreciable), which are restricted to fixed asset purchases and cannot be used for operating expenses.

26. Grant Income for Operations

Funds donated to the MDI to cover operating expenses and supplement earned income.

27. Unrestricted Grant Income

Unrestricted funds donated to the MDI to cover operating expenses and supplement earned income.

28. Grant Income for Non Financial Services

This is the summation of all grant income to support the delivery of non-financial services.

29. Grant Income for Fixed Assets

Funds donated to the MDI to purchase fixed assets (depreciable), which are restricted to fixed asset purchase and cannot be used for operating expenses.

30. Grant Income for Operations

Funds donated to the MDI to cover operating expenses and supplement earned income.

31. Unrestricted Grant Income

Unrestricted funds donated to MDI to cover any need, including purchase of fixed assets or operating shortfalls for non-financial services.

32. Income from Non-Financial Services

Income received from non-financial services, which are not an integral part of the financial services.

33. Operating Expenses from Non-Financial Services

Expenses that an institution incurs for providing non- financial services. Include salaries and benefits, administrative expenses, rent and utilities, travel and transport, etc.

40. Net Operating Profit (Loss) from Non-Financial Services

Represents the contribution to net profit from non-financial services.

42. Provision for Corporation Tax

Includes all taxes paid on net income or other measure of profits as defined by tax authorities. This item may also include any revenue tax. It includes taxes related to employment of personnel, financial transactions, fixed-assets purchase or other value-added taxes (which should be included in operating expenses).

43. Net Profit (Loss) after Tax

Profit/loss from operations less taxes.

44. Dividends

Payment by the MDI to shareholders.

45. Retained Earnings

Accounting net profits kept to accumulate in MDI after dividends are paid.

SCHEDULE 3

Regulation 7 (1) (b) (ii)

BANK OF UGANDA FORM MDI 100A

MONTHLY COMPUTATION OF CAPITAL ADEQUACY (To be submitted with Form MDI. 100 as at same reporting date)

NAME OF MDI.................................................................................

MONTH ENDING.............................................................................

1.0 CORE CAPITAL (Tier 1)

Ushs

1.1 Paid-up share capital ............................

1.2 + Share premium ............................

1.3 + Retained earnings ............................

1.4 + Net after-tax, current year-to-date

(50% only)/(Loss 100%) ............................ 1.5 (-) Less, investment in financial companies,

not consolidated ............................

1.6 (-) Less, accumulated losses ............................ 1.7 Core Capital __________ (A)

2.0 SUPPLEMENTARY CAPITAL (Tier 2) 2.1 General provisions up to 1.0 per cent of loan portfolio ...................... ( Limited to a maximum of 1.25% of gross risk-weighted assets).

2.2 Subordinated debt ........................ (Not to exceed 50% of core capital, subject to discount factor). 2.3 Other reserves ......................... 2.4 Total supplementary capital __________(B) (Not to exceed 100% of tier 1 capital) 3.0 TOTAL CAPITAL (Core + Supplementary) ========= (C)

CAPITAL REQUIREMENT BASIS (Amounts to agree to MDI 100) Amount Risk Capital Weighting Requirement

1. Notes and coins .......... 0% Nil

The text of this section isn't in the consolidation we hold — see the original PDF above.

2. Balance with banks in Uganda .......... 20%

The text of this section isn't in the consolidation we hold — see the original PDF above.

3. Balance with banks outside Uganda .......... 20%

The text of this section isn't in the consolidation we hold — see the original PDF above.

4. Balance with other financial institutions in Uganda 20%

The text of this section isn't in the consolidation we hold — see the original PDF above.

5. Balance with other financial institutions outside Uganda 20%

The text of this section isn't in the consolidation we hold — see the original PDF above.

6. Investments in Government Securities ............ 0% Nil

The text of this section isn't in the consolidation we hold — see the original PDF above.

7. Loans net of provisions ............. 100%

The text of this section isn't in the consolidation we hold — see the original PDF above.

8. Long term investments ............. 100%

The text of this section isn't in the consolidation we hold — see the original PDF above.

9. Premises and other fixed assets ............. 100%

The text of this section isn't in the consolidation we hold — see the original PDF above.

10. Inter branch/due from own office (own

offices)............. 100%

11. Other assets ............. 100%

__________________ Total Risk weighted Assets* =============== * Amount column for sum of items 1 through 11 must equal to the amount of total assets of the balance sheet.

CONTINGENT CLAIMS: ** (If applicable)

12. Contingent claims secured by cash collateral

.......... 0% Nil

13. Direct credit substitutes (guarantees and acceptances)

... 100%

14. Transaction related (performance bonds)50%

** Amount column for sum of items 12 through 14 must equal to: off-balance sheet items shown on MDI 100

CAPITAL REQUIREMENT BASIS (Risk weighted sum of items 1 through 14) ========== (D) Core capital required: 15 % of (D) ___________ (E) Total capital required: 20% of (D) ___________ (F) CAPITAL REQUIREMENT CALCULATIONS:

Minimum capital requirement (Section 15 Micro Finance Deposit-Taking Institutions Act No5, 2003).U Shs 500 million)

Paid Up Share Capital = line 1.1 (page 1) ========== Core capital requirement (Section 16(2) )a minimum ratio of 15% = line 1.7/Risk Weighted Assets _________%

Surplus or (deficiency) of Core capital =========

Total capital requirement (Section 16(3) ) (Minimum ratio of 20%) = line 3.0 /Risk Weighted Assets _________%

Surplus or (deficiency) of Total Capital =========

The amounts shown on this form have been verified to be accurate as at the reporting date.

_____________________________ CHIEF EXECUTIVE OFFICER

Date: _______________________

SCHEDULE 4

Regulation 7 (1) (b) (iii)

BANK OF UGANDA FORM MDI 110

MONTHLY STATEMENT OF INCOME AND EXPENSE

NAME OF MICRO FINANCE DEPOSIT-TAKING INSTITUTION:…………………………………………………....

MONTH ENDING ..........................................................................

Amount ('000s) Current Financial month year to-date

1 Credit income (Line 2, 3, 4 and 5 2 Interest Income from loans 3 Loan fees 4 Service charges 5 Late fees on loans 6 Total other income (Line items 7 and 8) 7 Income from investments 8 Income from other financial services 9 Gross Financial income (Add Line items 1 and 6) 10 Financial Expenses of lending funds (Line items 11 and 12) 11 Interest and fees expense on debt (borrowing) 12 Interest expense on deposits 13 Provision for bad debts 14 Net Financial Income (Line item 9 Less line items 10 and 13)

Amount ('000s) Current month Financial Year to-date

15 Operating Expenses Financial Services (Line items 16 to 21) 16 Salaries and benefits 17 Administrative Expenses 18 Rent and Utilities 19 Travel and Transport 20 Depreciation 21 Other operating Expenses 22 Net Income (Loss) from operating (Line item 14 less line item 15) 23 Grant Income for Financial services (Line items 24 to 27)

24 Grant Income for the loan fund 25 Grant income for fixed assets 26 Grant income for operations 27 Unrestricted grant income 28 Grant Income for Non-Financial services (Line items 29 to 31)

29 Grant income for fixed assets 30 Grant income for operations 31 Unrestricted grant income 32 Income from non-financial services 33 Operating Expenses from non-financial services (Line items 34 to 39)

34 Salaries and benefits 35 Administrative Expenses

Amount ('000s) Current month Financial Year to-date

36 Rent and Utilities 37 Travel and Transport 38 Depreciation 39 Other 40 Net Operating Profit/Loss from Non- financial services (Line item 32 Less 33) 41 Net Profit/Loss for the period (Line items 22, 23, 28 and 40) 42 Corporation tax 43 Dividends 45 Retained Earnings (Subract line item 44 from line item 43)

We have received the above return and certify that the figures stated therein are in accordance with the MDI records.

Date: ............................................................

Signature: ...................................................

SCHEDULE 5

Regulation 7 (1) (b) (iv)

BANK OF UGANDA FORM MDI 140

MONTHLY SCHEDULE FOR LOANS EXTENDED TO INSIDERS

NAME OF MICRO FINANCE DEPOSIT-TAKING INSTITUTION ..........................................................................……

MONTH ENDING...........................................................................

(All amounts in thousand Ug Shs.)

Name Amount (Shs'000) % of Core Capital

Total

SCHEDULE 6 Regulation 7(1) (b) (v)

BANK OF UGANDA FORM MDI 120

MONTHLY SCHEDULE OF PROVISIONS FOR BAD DEBTS

NAME OF MDI: ................................................................................

MONTH ENDING ............................................................................

Note: Complete either or both of the schedules below, depending on the type of provision(s) for bad debts used, as defined. Data in columns should be, from left to right: for the prior financial year; year-to-date in current financial year; and the month just ending (previous month). Amounts should be in thousands of Uganda shillings.

PART I-GENERAL PROVISIONS A provision established against future and as yet unidentified losses (MDIs are encouraged to make at least 1.00% of the performing loans). When subsequently identified, such losses are charged off against the provisions, and any recoveries eventually made on the asset charged off are credited back to the provision.

Beginning balance SPECIFIC PROVISIONS: Prior Year-to- Current date month

Transfer to provisions Gross charge-offs(loan losses) Recoveries on prior charge-offs Other entries (describe) Ending balance (to agree with MDI 100)

A provision established against a presently identified loan or probable loss. Should the loan improve in status, its provision may be eliminated or reduced. When all efforts of recovery have been exhausted, the balance of the loan should be written off against the specific provision.

Prior Year-to- Current date month

Beginning balance Transfer to provisions Gross charge-offs(loan losses) Recoveries on prior charge-offs Other entries (describe) Ending balance (to agree with MDI 100)

1. Agriculture

The text of this section isn't in the consolidation we hold — see the original PDF above.

2. Manufacturing

The text of this section isn't in the consolidation we hold — see the original PDF above.

3. Trade and Commerce

The text of this section isn't in the consolidation we hold — see the original PDF above.

4. Transport and utilities

The text of this section isn't in the consolidation we hold — see the original PDF above.

5. Building and construction

The text of this section isn't in the consolidation we hold — see the original PDF above.

6. Others

The text of this section isn't in the consolidation we hold — see the original PDF above.

7. Total N.B Totals must agree to applicable amount shown in the General Provisions and Specific Provisions as described in Part I of

this Schedule

1. Agriculture

The text of this section isn't in the consolidation we hold — see the original PDF above.

2. Manufacturing

The text of this section isn't in the consolidation we hold — see the original PDF above.

3. Trade and Commerce

The text of this section isn't in the consolidation we hold — see the original PDF above.

4. Transport and utilities

The text of this section isn't in the consolidation we hold — see the original PDF above.

5. Building and construction

The text of this section isn't in the consolidation we hold — see the original PDF above.

6. Others

The text of this section isn't in the consolidation we hold — see the original PDF above.

7. Total N.B. Total must agree with

Item No. 7 (Loans in MDI 100) We have reviewed the above return Micro Deposit Institution120 and we certify that the figures stated therein are in accordance with the Micro Deposit Institutions books and records.

Date: .....................................................

Signature: .............................................

12. AGING REPORT

Current loans Number of Outstanding Minimum Provision Compulsory Required Portfolio at loans in arrears balance provision (%) amount (Shs.) savings/LIF provision risk ** 8 days to below 30 days Nil 30 days to below 60 days 25% 60 days to below 90 days 50% 90 days and above 100% Rescheduled loans 8 days to below 30 days 5% 30 days to below 60 days 50% 60 days to below 90 days 75% 90 days and above 100% Total

13. Amount of loans written off (Shs. '000) this month

The text of this section isn't in the consolidation we hold — see the original PDF above.

14. Loans recovered this month

The text of this section isn't in the consolidation we hold — see the original PDF above.

15. Loan Insurance Fund fortified this month

E. TUMUSIME-MUTEBILE Governor, Bank Of Uganda

Enquiries on any aspect of these Regulations should be referred to- The Executive Director Supervision Function Bank of Uganda P.o Box 7120 KAMPALA.

About this Act

Full text of the Act

Part II

6. (1) The Central Bank shall, in

Part III

7. An application for a licence to

8. (1) To ensure that the Central Bank has adequate Information

9. The Central Bank shall, on receipt of the Licencing

10. (1) The Central Bank shall, at the appraisal Interview

11. (1) The Central Bank shall disqualify a shareholder

12. (1) The Central Bank shall carry out an on-site Pre

17. An institution granted a licence under

18. (1)

19. A licence issued under

20. An institution shall not transfer or

21. The Central Bank may, at any time and in Amendment

Part IV

22. (1)

1. Name of institution

2. Physical address of head office:

3. Postal address

4. Date and country of incorporation

5. Names of branch offices and the number of years each has

6. Former name(s) by which the institution has been known

7. Particulars of shareholding

8. Particulars of officers

9. Name and address(es) of banker(s)

10. Does the institution hold, or has

11. Has the institution been put under

12. Is

13. Has the institution been refused registration, in Uganda or

14. Is the institution engaged or does

15. Is the institution engaged, or does

16. DECLARATION

1. Application form for a licence to conduct micro finance

1. THE INSTITUTION

2. PERSONAL INFORMATION

3. SWORN DECLARATION OF ASSETS AND LIABILITIES

1. 1

4. Employment/Business record

5. DESCRIPTION OF YOUR PAST AND CURRENT

7. DECLARATION

1. Name of entity

2. Location of headquarters (city)

3. Paid-up capital: Ug Shs 500,000,000 divided into .....shares

4. Purpose: To be engaged in Micro finance business in

5. Shareholders (names, principal business, domicile)

6. Legal representative of the entity (names,

Part III

12. Remedial measures

13. Administrative sanctions

Part I

1. Citation

2. Application

3. Interpretation

4. Objectives

5. Purpose

Part III

13. Central Bank examination of quality of loans

14. Determination of classification and provisioning

Part IV

15. Remedial measures 16 Offences and penalties

Part III

13. (1) The Central Bank may, as authorised by section 56 of

14. (1)

Part IV

15. (1)

1. Number of new borrowers

2. Number of borrowers existing

3. Total number of borrowers

4. Savings

5. Time Total

6. No. Of loans disbursed

7. Value of loans disbursed (Shs.'000)

8. No. Of loans outstanding

9. Value of outstanding loan portfolio (Shs.'000)

10. Average loan amount

11. Average loan term (in weeks)

12. AGING REPORT

13. Amount of loans written off (Shs. '000) this month