#UGBudget14 On Financial inclusion Government is preparing legislation to formalize several innovative financial products to increase access to credit and improve regulation of the financial sector. The legislation will address the following aspects:- 1 Banking according to Islamic principles where a bank does not charge interest but takes a partnership (equity) role in the proposed venture; 2 Regulation of Mobile money users and providers; 3 Bank assurance to allow banks to engage in insurance to lower the cost of borrowing; 4 Provision for Bank of Uganda to regulate and formalize agency banking which includes money lenders; and 5 Legislation for micro-finance institutions
Posted on: Thu, 12 Jun 2014 13:05:51 +0000
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