Finance Minister, Maria Kiwanuka

The minister of finance Maria Kiwanuka said that consumers have been complaining about the microfinance services and government is being forced to intervene.

She that government has already started on the process of coming up with the regulations and before the end of this financial year the regulations will be in place.

Kiwanuka however said that not all microfinance institutions will be controlled by bank of Uganda saying that it will depend on the size and level of the institution.

She said that there is no way government can say that it’s protecting people’s lives if it’s not protecting their finances.

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The new board members are chaired by the Ministry of Finace’s Deputy Secretary to Treasury Keith Muhakanizi.

 Other members on the new board are Moses Kaggwa, who is the commissioner of Micro Finance, David Baguma who is the new Executive Director Association of Micro finance Institutions, the registrar of Cooperatives is Fred Mwesigye, Timothy Lubanga and ustine Lwagaba. Lwagaba is the only female on the committee. The committee has been appointed by the minister of finance, Miria Kiwanuka.

According to the records at the ministry of finance inKampala, Microfinance Support Centre Limited was incorporated in 2001 as a company limited by guarantee. It is role is to facilitate access to affordable, sustainable and convenient financial and business development services to active and productive Ugandans. Kazibwe’s board was first sacked in June 2011.

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The governor bank ofUganda, Tumusiime Mutebile has informed the members of the public that all regulated financial institutions which include commercial banks, credit institutions and microfinance deposit taking institutions inUgandaare safe and strong and have the backing of the central bank ofUganda.

Speaking to journalists at the Bank of Uganda headquarters inKampalatoday, Tumusiime said that if any person wishes to either deposit or withdraw their money, they will be served as usual.

He says that in case the client’s branch is located in some shopping arcade that is closed one will be served by any other branch of the bank in question.

Tumutebile reminded bank customers that banks play a very important role of keeping money safe. Therefore Tumutebile asked bank customers to disregard any advice to customers to withdraw money and keep it at home.

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