This pillar focuses on macro-level interventions, to provide an enabling regulatory environment, working primarily with the Ministry of Finance, Planning and Economic Development (MoFED), the Bank of Uganda (BoU), the Insurance Regulatory Authority (IRA), regulated financial institutions and financial services apex institutions such as the Uganda Bankers Association and Uganda Insurers Association.
FSD Uganda has been able to engage with a number of government agencies in the regulatory space, as well as joining a number of continuing efforts with partners to create an enabling environment to enhance access to financial services.
FSD Uganda has already signed Memoranda of Understanding with the following institutions towards facilitating efforts to have in place a policy and regulatory environment for financial inclusion:
- Uganda Registration Services Bureau
- Insurance Regulatory Authority of Uganda
- Uganda Bankers Association
- Uganda Insurers’ Association
So far, FSD Uganda has contributed towards the following legislation, Policies and Industry Standards:
- The Financial Institutions Amendments Act 2016
- The Microfinance and Money Lenders Act 2016
- Movable Properties and Securities Interest Draft Bill
- National Financial Inclusion Strategy 2017-2021
- The Scheme Rules for the Interoperability of Mobile Money Services
FSD Uganda is also represented on the Financial Markets Development Committee (FMDC) which is chaired by Bank of Uganda. The FMDC brings together the policy makers and regulators in the financial sector to better coordinate the market developments in the sector.
The Policy Briefs are published at the end of every quarter. They provide a brief update on the latest policy and regulatory developments in Uganda, the East African region and on the international markets. The briefs further analyse the implications of these developments on the financial inclusion for the poor.
Policy Research Papers
Policy research papers are published bi-annually at the end of August and January. They provide in-depth research on key policy and regulatory issues which have implications on the agenda of financial inclusion for the poor.
Policy and Regulatory Forums
These forums are held when the need arises to address a particular policy and regulatory issue on financial inclusion for the poor that is trending at the time. They follow a breakfast meeting format that usually runs for not more than three (3) hours. They provide a platform for the different stakeholders to have meaningful and engaging discussions on the relevant issues .
Policy and Regulatory Financial Inclusion Workshops
FSDU plans to organise workshops once a year targeting policy makers, industry associations and regulators who have a bearing on financial inclusion for the poor. The main objective of these workshops is to build a pool of professionals who not only have an in-depth understanding of but who are also ambassadors of pro-poor financial inclusion.