MICROCAPITAL BRIEF: Kenya’s Metropol Acquires License to Operate Credit Bureau in Uganda

The Bank of Uganda, the central banking authority of the country, recently granted a license to Metropol Corporation Limited (MCL), a Kenya-based credit rating and debt management company, to provide credit reference services. By June, MCL plans to establish Metropol Uganda, focusing on helping lenders manage credit risk. Metropol Uganda Limited also plans to provide investor advisory services, credit management and business information reports.

Sam Omukoko, the managing director at MCL, said, “with the current regional integration processes going on, it will be important to make sure that business risks are not transferred from one country to another. Most of our local banks have presence in East African countries, this will be a great input in their safe lending strategies” [1].

Financial information on Metropol is unavailable.

By Jeff Pierce, Research Associate

About Bank of Uganda (BoU)

Bank of Uganda (BoU), established in 1966 by an act of parliament, is Uganda’s central bank. It is mandated to supervise financial institutions in the country, including commercial banks and non-bank financial institutions such as foreign exchange bureaus, money remitters, deposit-taking microfinance institutions and microcredit institutions.

About Metropol Corporation Limited

Metropol Corporation Limited, a Kenya-based credit rating and debt management company, was established in 1996 under the name Metropol Business Services Limited. Since then its name was changed to Metropol East Africa Limited until the establishment of its current name, Metropol Corporation Limited. In 2015, the firm expanded operations into Uganda, under the name Metropol Uganda Limited. Financial information on Metropol is unavailable.

Sources and Additional Resources:

[1] Metropol News: “Credit Rating to keep loan defaulters out of Uganda,” http://www.metropol.co.ke/metropol-gets-uganda-credit-referencing-licence/

MicroCapital Universe Profile: Bank of Uganda (BoU)

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bank+of+Uganda+%28BoU%29

MicroCapital Universe Profile: Metropol Corporation Limited

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=metropol+corporation+limited

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