Kampala. The Association of Micro-Finance Institutions in Uganda (AMFIU) has asked government to speed up the enactment of the Micro-Finance Institutions Bill that will provide a legal framework to regulate the sector.
While presiding over this Year’s Citi Micro Entrepreneurship awards recently, Mr Wilson Twamukabwa, the AMFIU president, said the absence of a legal regime to regulate the sector has greatly tarnished the image of the sector because of the abuses it has suffered.
“We often start as micro but do not remain micro. AMFIU is committed to ensuring that its members are transparent, have appropriate product design, loan appraisals and recovery are transparent and any one with complaint against any of our member is free to approach AMFIU,” he said.
Law coming soon
At the function, Ms Caroline Okao Amali, the Minister of State for Micro Finance, said much as the Bill has dragged on for more than 10 years, it has finally made its way to the floor of Parliament and any time before end of this year, the law regulating the sector will be in place.
“The Micro Finance Institutions Bill is already on the floor of Parliament and when passed, it will enhance collaboration and avoid duplication of scarce resources, scale up the coordination effort, skills development and strong industry collaboration,” she said.
Chinedu Ikwudinma the Citi Bank managing director, the sponsors of the awards, said the bank committed $75,000 towards this year’s event and over the years, the sponsorship has grown close to $600 million.
SOURCE: Daily Monitor