Originally Published: July 03, 2005
Source: allAfrica.com, Uganda
The Uganda Micro Finance Ltd was on June 30 awarded a Micro Deposit-taking Institution (MDI) by the Bank of Uganda. The Central Bank issued Certificate Number 003 after a thorough review of the finance company's operations.
Under the new license, Umu will drop the union designation from its name and become a limited liability company with immediate effect.
The issuance brings to only three MFIs that have qualified for the MDI out of over 1,300 MFIs in the country. "We are committed to offering the most flexible and innovative credit and savings products to individuals and small-to-medium sized enterprises in Uganda," Mr Charles W. Nalyaali, the Umu Chief Executive Officer, said on Friday at their offices in Kamwokya.
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