Tier 4 regulation ensures safety of financial deposits and growth in financial Inclusion.

kyaps

KYAPS one of the leading SACCOs in the south western region of Uganda registered significant growth in its membership saving deposits which subsequently exposed it to more financial risks. In an aim to safe guard member’s interests, foster further growth and increase financial inclusion, KYAPS contracted FRIENDS Consult LTD (FCL) to assess its risk exposure and develop risks mitigating measures to enable the institution operate under Tier 4 regulation. FCL undertook the following the following Tasks: 

  1. Studied all relevant laws and regulations in order to embed the prudential requirements within the documents
  2. Examined the sound practices of FI operations and management using institutions regulated and non-regulated but running proficiently.
  3. Conducted a workshop with KYAPS board, management and staff to document processes and procedures.
  1. Reviewed the existing manuals to identify gaps and other areas of improvement

FCL reviewed all existing manuals, policies for gaps and recommended adequate risk mitigation measures that were adopted by the board to improve the SACCO`s operations as it awaits Tier 4 regulation from Bank of Uganda. 

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