UMRA, FIDA, and NAWOU Sign MOU towards Geared Consumer Protection.
Two women organizations have entered into a memorandum of understanding with the Uganda Microfinance Regulatory Authority (UMRA) to rescue individuals with the inability to fulfill their loan obligations with money lenders.
The two include the Uganda Association of Women Lawyers (FIDA Uganda) and the National Association of Women’s Organizations signed on behalf of women at a ceremony held at UMRA offices at Rwenzori Towers in Kampala.
The Chief Executive Officer at FIDA-Uganda Lillian Byarugaba Adriko said that this partnership with UBRA is to address challenges faced by beneficiaries and financial services providers under the Tier4 legal framework.
She stated that vulnerable people like women and men have been paying loans in difficult times when their work closed like in covid-19 lockdown without being helped.
The Executive Director of the Uganda Microfinance Regulatory Authority Edith Tusubira said that this MOU will enhance policy and legal framework for the protection of vulnerable women and men who access loans through self-help groups and community-based microfinance institutions.
She added that the objective of the MOU is to institutionalize the relationship between the three institutions so as to launch a campaign on consumer protection.
UMRA is a government institution that seeks to protect the interests of members and beneficiaries of tier 4 microfinance institutions including promotion of transparency and accountability, by applying both prudential and non-prudential standards.
FIDA and NAWOU are implementing the women’s Economic Justice (WEJ) that involves two partner organizations in Uganda, all of which are working to enhance women’s economic participation.