To suite this incident, the regulatory bodies vested with the powers to supervise the financial sector through the enacted law provides for proper and suitable platforms that this crucial sector can take place to the best of its existence. The truth is with this Sector of SACCOs-Microfinance people can make a profit not only for their businesses but also the nation at large that is why we have laws and regulations that govern the operations of this sector so closely.
The Microfinance Act No. 10 of 2018 under Section 34 states inter alia “Management of operations, finances, and business of microfinance shall be vested in the microfinance service provider…” The marginal note of this provision recalls this as ‘Management of microfinance business. It proceeds further to the rest of the sections in the particular Act and the regulation thereto.
The establishment of these Microfinance service providers as per the Microfinance Act and its regulation, it is set to regulate licensing and registration of deposit and non-deposit taking microfinance business in 4 tiers:
Tier 1 – deposit-taking microfinance service providers, such as banks and microfinance banks.
Tier 2 – non-deposit taking microfinance service providers, such as credit companies and financial organisations.
Tier 3 – SACCOS under the Cooperative Societies Act.
Tier 4 – community financial groups, individual money lenders and community-based organisations.
Singo Africa Limited via Amala App Suite occupies this stage now as the reliable trusted, guaranteed SACCOs-Microfinance service provider giving the best and affordable solutions to its customers and ensure that the work in compliance to the provisions of the law.
The Purpose of our business is to offer value (through products and/or services) to customers, who pay for the value with cash or equivalents. Minimally, the money received should fund the costs of operating the business as well as provide for the life needs of the proprietor.
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Kindly visit us to get your affordable solutions and services that could lead your business to the paramount of hope gross profit and safety to your business operations.
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