At around the turn of the  BIS central bankers’ speeches  1  millennium, Uganda, along with many other countries, took the view that at least some of the MFIs should be allowed to accept deposits, both because their customers would benefit from access to deposit facilities and because MFIs could grow more rapidly and be more sustainable if they could mobilise deposits.
Therefore, specific legislation was introduced in 2003 to allow MFIs to take deposits. To provide safeguards for the deposits, the legislation imposed prudential regulations on Microfinance Deposit Taking Institutions (MDIs) and brought them under the regulatory aegis of the Bank of Uganda.