Managers of the Savings and Credit Cooperative Societies (SACCO) have rejected the proposed increment of the share capital requirement fronted by Bank of Uganda from 25,000 currency points (Shs500M) to 500,000 currency points (Shs10Bn), for Microfinance Deposit Taking Institutions (MDIs) warning that the move if implemented would sink SACCOs. The warning was issued by Ivan
Players in the Microfinance Deposit Taking Institutions (MDIs) have backed the proposal by Government to increase their minimum paid up share capital requirements from 25,000 currency points (Shs500M) to 500,000 currency points (Shs10Bn), saying the changes will enable them, engage in more products like insurance, agent banking and mobile banking with their customers. According to Shafi Nambobi,