How to Apply For a Change in Particulars of Directors of Licensed Money Lending Procedure in Uganda

Changing the particulars of directors in a licensed money lending business in Uganda involves several steps and compliance with the Uganda Microfinance Regulatory Authority (UMRA). Here’s the detailed procedure:

Steps for Application

1. Board Meeting:
   • Conduct a board meeting to authorize the change of particulars of the directors. The meeting should have minutes signed by both outgoing and incoming officials.
   • Minutes should detail the incorporation of new particulars of directors if new members are being added, and the process of change (elections, expiry of term, disciplinary action, resignation, or death).
   • Submit the minutes within 14 days from the meeting date.
2. Authorization from UMRA:
   • Obtain written authorization from UMRA before making any changes to the management.
3. Visit UMRA Offices:
   • Visit the UMRA offices to obtain the application forms for the change of particulars of directors.
4. Fill Application Form:
   • Fill out the application form for the change in particulars of directors. The form must be filled and signed by incoming officials only, and the details should be legible.
5. Obtain Recommendation Letter:
   • Obtain an introductory/recommendation letter from the money lending business/company showing the new intended appointed directors of the company. The letter should include the names and addresses of both old and new directors.
6. Submit Documents:
   • Submit the completed application form, meeting minutes, and all required documents to UMRA.
7. Pay Fees:
   • Pay the processing fees (UGX 100,000) and submit the receipt to UMRA offices.

Required Documents

1. Notification of Change of Particulars:
   • Duly filled notification form signed by both outgoing and incoming officials.
2. Registration Form:
   • Duly filled and signed by incoming officials.
3. Criminal Clearance Certificate:
   • An equivalent of a certificate of good conduct in Uganda from the applicant.
4. Meeting Minutes:
   • Original minutes authorizing the change, signed by both outgoing and incoming officials.
5. Proof of Death (if applicable):
   • Death certificate, affidavit from local administration, eulogy, or a copy of a newspaper advertisement.
6. Photographs:
   • Two passport-size photographs of the incoming officials on a white background.
7. Identification:
   • A copy of the ID/Passport of the incoming official(s).

Processing Time

• The processing time is 2 days. Changes will be notified and registered within 30 days.

Office Locations & Contacts

• Uganda Microfinance Regulatory Authority – Head Office
  • Physical Address: Rwenzori Towers, Block B, Ground Floor, Plot 6 Nakasero Road
  • Postal Address: P.O Box 11545, Kampala, Uganda
  • Call: +256 417 799 700
  • Toll-Free: 0800 111 449
  • Email: [email protected] / [email protected]
  • Website: UMRA

Eligibility

• Any money lending business wanting to change the particulars of its directors.

Validity

• The changes are valid until new changes are effected.

Need for the Document

• This application allows for the registration of notice of change of directors, secretaries, or physical address, ensuring compliance with regulatory requirements.

By following these steps and ensuring all required documents and fees are in order, a licensed money lending business in Uganda can successfully change the particulars of its directors.