The BRRD aims, inter alia, to end the policy of bailing-out failing banks by introducing bail-in tools to ensure that losses are borne by creditors, including senior unsecured creditors. The BRRD, especially its bail-in tool, has been criticized – perhaps with some justification.
Money lenders and other microfinance institutions are therefore not the responsibility of the Bank of Uganda. Non-deposit taking Microfinance institutions and entities like SACCOs are regulated by other agencies such as Uganda Microfinance Regulatory Authority. With respect to SACCOs, I want to urge the members to reflect on the unutilised potential of these groupings in fostering job creation and wealth for our community.