Changing the directors of a licensed money lending business in Uganda is a regulated process overseen by the Uganda Microfinance Regulatory Authority (UMRA) under the Tier 4 Microfinance Institutions and Money Lenders Act, 2016.
All money lenders must notify UMRA whenever there are changes to management, directors, or business particulars.
This process ensures transparency, maintains public trust, and guarantees that every person involved in the management of a money lending business is a fit and proper person under Ugandan law.
Step-by-Step Procedure
- Hold a Board Meeting
The Board of Directors must convene to formally authorize the change of particulars of directors.- The meeting minutes must clearly indicate the reason for the change—such as resignation, election, expiry of term, disciplinary action, or death.
- The minutes should be signed by both outgoing and incoming directors.
- Submit these minutes to UMRA within 14 days of the meeting.
- Obtain Authorization from UMRA
A money lender cannot change its management without written authorization from the Authority.
Visit the UMRA head office to obtain the application form for change of particulars of directors. - Prepare Required Documentation
Gather all necessary documents (see section below). These include minutes, identification documents, passport photos, and a certificate of good conduct. - Fill and Sign the Application Form
- The form must be filled and signed only by the incoming directors.
- Ensure that all details are clear, legible, and accurate.
- Obtain a Recommendation Letter
The money lending company must issue an introductory/recommendation letter listing both outgoing and incoming directors, including their full names and addresses. - Submit to UMRA
Submit your application form, supporting documents, and recommendation letter to UMRA. - Pay the Processing Fee
Pay the UGX 100,000 registration fee for notice of change in directors or company particulars and submit the receipt to UMRA. - Verification and Decision
UMRA will conduct a due diligence assessment to confirm that the new directors are suitable to run a money lending business.- If approved, the Authority issues a notice of no objection.
- If not approved, a notice of objection is issued explaining the reasons.
- Acknowledgment and Effecting the Change
- The change is acknowledged within 2 days.
- UMRA registers the change officially within 30 days.
- Outgoing officials are formally notified about the update.
Required Documents
- Duly filled Notification of Change of Particulars form (Form 4).
- Signed Board Meeting Minutes authorizing the change.
- Criminal Clearance Certificate (Certificate of Good Conduct) for all incoming directors.
- 2 passport-size photos (white background) for each new director.
- Copy of ID or Passport of each new director.
- Recommendation letter from the money lending company showing old and new directors.
- In case of death: Death Certificate, Affidavit from local administration, or newspaper obituary notice.
Eligibility
Only licensed money lending businesses seeking to update their management or director particulars are eligible to apply for this change.
Fees
| Service | Fee (UGX) |
|---|---|
| Registration of notice of change (directors, secretaries, or address) | 100,000 |
Validity
The approval remains valid until new changes are effected or new directors are appointed.
Processing Time
- Acknowledgment: Within 2 days
- Full registration: Within 30 days
Office Contact
Uganda Microfinance Regulatory Authority (UMRA)
Rwenzori Towers, Block B, Ground Floor, Plot 6 Nakasero Road
P.O. Box 11545, Kampala, Uganda
+256 417 799 700 | Toll-free: 0800 111 449
[email protected] / [email protected]
Instructions
- The license is personal and non-transferable.
- All notices must be submitted in writing to UMRA.
- Any change in directors, secretaries, or management staff must be communicated prior to implementation.
- Licensees must maintain fit and proper standards for all new appointees.
Need for the Document
This process legally validates any change in company leadership and ensures UMRA maintains accurate records of the people managing Uganda’s money lending sector. It promotes accountability, protects borrowers, and enforces compliance under the Tier 4 Microfinance Institutions and Money Lenders Act, 2016.
Additional Information
Every licensee must:
- Report all changes to UMRA within 30 days.
- Avoid transferring the license or its privileges to another entity.
- Notify the Authority of any material alteration in company particulars, address, or directors.





