Anticipated regulatory landscape – Uganda 2024

1. The digital Money Lenders Guidelines will be finalized by the Uganda Microfinance Regulatory Authority (UMRA) and rolled out. There has been outcry over the ethical, predatory lending and breaches of personal data by some of the digital lenders.

2. Political advisories expected from the Electoral Commission/EC as political parties build up for party primary elections.

3. The Uganda Communications Commission anticipated to be active on digital communications regulation. There is a new Executive Director in office and the institution will have a new impetus as it asserts it’s mandate in a rapidly evolving digital economic landscape.

4. The Petroleum Authority of Uganda anticipated to be busy in the oil fields as we build up to first oil. The sector had the highest FDI inflows last year. This trend is anticipated to continue. Efficient monitoring of local/national content parameters, resolution of emergencies, accidents and ESG concerns will be key deliverables.

5. Bank of Uganda will be busy with financial stability and keeping eyes on banks’ capital requirements ahead of June deadline where all Tier 1 commercial banks in Uganda will be expected to have UGX 150bn paid-up by 30th June, 2024. Most of the banks are already compliant.

6. The Uganda National Bureau of Standards (UNBS) will probably be the busiest with standards setting and anti-counterfeit enforcement.

7. The Financial Intelligence Authority will be busy with getting us off FATF grey list.

8. The National Drug Authority focus on pharmaco-vigilance, pharmacies inspection, and clinical trials approvals will remain. The creation of a new regulator to focus on veterinary & agro-chemicals will be keenly watched.

9. The Uganda Civil Aviation Authority will continue implementing the International Civil Aviation Organization/ICAO audit recommendations focusing on security & safety.

10. The Capital Markets Authority leadership is undergoing transition with a new CEO. We hope the tax protection against the infant collective investment schemes sector will remain a top agenda.

11. The Insurance Regulatory Authority will continue with insurance public sensitization. With insurance penetration at 1% of the population, more will be expected from all the industry players.

12. The Public Procurement & Disposal of Public Assets Authority (PPDA) will remain key in setting Public procurement & disposal standards alongside the PPDA Tribunal for dispute resolution . The Tribunal has grown into a very quick and efficient adjudication body. However, recent trends on single sourcing for big projects have elicited some public concern.

13. The Electricity Regulatory Authority will be busy with energy transition work, post-UMEME concession planning, and continuity work. Eyes will be on the proposed re-consolidation of the sector.

By and large, regulated entities will be keenly following the developments and their impact on compliance requirements.

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