Uganda Registration Services Bureau (URSB) and Uganda Microfinance Regulatory Authority (UMRA) have this morning signed a Memorandum of Understanding that will create a closer and collaborative working relationship amongst the two institutions. The partnership is aimed at enhancing the sharing of business registration information and creation of awareness on the usage and importance of the Security Interest in Movable Property Registry System (SIMPO). The MoU will also enable improved client’s experience while accessing services of both entities.
The signing of this MoU indicates commitment by URSB and UMRA to integrate available microfinance data and provide timely information through secure channels that will benefit prospective borrowers and lenders. UMRA has been identified as a strategic stakeholder in the successful establishment of the Chattels Registry that is run by URSB.
The purpose of the MoU is to establish a working relationship between UMRA, the Microfinance regulator and URSB in the area of financial data verification, easy sharing of business registration information, facilitating sharing of the licensed business entities under UMRA, and engaging in joint sensitization of the public on the benefits of the SIMPO.
To facilitate easy management of the partnership, UMRA shall designate staff to work with URSB to enroll and certify registration of money lenders onto the SIMPO registry. UMRA will also ensure usage of the URSB run SIMPO platform by ensuring that all licensees under UMRA are trained and sensitised on the usage and importance of the SIMPO
Speaking at the MoU signing, Bemanya Twebaze, the Registrar General, on behalf of URSB welcomed UMRA and noted that collaborations of this nature help government agencies promote service delivery with ease through such collaborations. He said “At URSB, we are not just looking at strategic and innovative ways to add value to our service offering for our clients, but also to create strong partnerships with valuable stakeholders who will enable us deliver on our mandate better. I welcome UMRA onboard and assure you and your team of our commitment to this understanding. We also believe, this working partnership help us promote the usage of our SIMPO registry while enabling access to credit for business and personal growth through safer lending and easier borrowing.”
Speaking at the MOU signing, Edith Namugga Tusuubira, UMRA’s ED said the partnership with URSB will go a long way into improving accuracy of information for their joint clients. she added “We thank the leadership of URSB for facilitating, supporting and enabling the signing of this unique agency-agency collaboration which should become a model for enhancing financial information needed by MSMEs to access credit with much ease. UMRA re-states its support to URSB towards the achievement of mutual goals.”
The MoU signing happens at such a time when URSB is exploring and implementing a number of digital solutions that will improve the clients’ interaction with their services and is aligned with their ICT mantra of All Digital All Online by 2020.