Compliance to Corporate Governance best practices by MFIs in Uganda
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In Uganda, the financial sector is dominated by Small and Medium commercial banks. The need for credit and other financial services to sustain Small and Medium Enterprises (SMEs) has led to a proliferation of Micro finance Institutions (MFIs). These MFIs have provided ready financial services to enterprises, but they have also cheated the unsuspecting public by taking deposits and closing off businesses without paying the depositors. These problems are attributable to lack of corporate governance practices by the MFIs. Although the Microfinance Deposit Taking Institutions (MDI) Act provides an...
In Uganda, the financial sector is dominated by Small and Medium commercial banks. The need for credit and other financial services to sustain Small and Medium Enterprises (SMEs) has led to a proliferation of Micro finance Institutions (MFIs). These MFIs have provided ready financial services to enterprises, but they have also cheated the unsuspecting public by taking deposits and closing off businesses without paying the depositors. These problems are attributable to lack of corporate governance practices by the MFIs. Although the Microfinance Deposit Taking Institutions (MDI) Act provides an opportunity for promoting Corporate Governance of MFIs in Uganda, the Act is not applicable to tier 4 MFIs which dominate the microfinance sector in the country. This book examined the extent to which MFIs comply with corporate governance best practices in Uganda. Findings depicted that to a large extent, the MFIs and especially non regulated MFIs do not comply with corporate governance best practices. The analysis in this book provides a resource for designing a regulatory framework for corporate governance of tier 4 MFIs
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