Goals, Objectives and Functional Priorities:

Goals, Objectives and Functional Priorities:

The main goal and objective of UFBMRA is to serve as the voice of all the members and its main duty is to promote healthy dialogue, disseminate information and also enforce discipline and standards among the members as well as in the forex bureau and money transfer market.

The long-term objectives of the UFBMRA are:

  • Enhancing market discipline, promoting market development and encouraging constructive engagement with the regulator
  • Promoting professionalism in the sector with the broader goal of enhancing public image.
  • Enhancing high ethical standards amongst members while fostering self-regulation
  • Keeping line of engagement with the regulator alive so that market vulnerabilities or any challenges can be adequately and timely addressed
  • Representing forex bureaus and advocating their interests
Among others we also have Short term-objectives;
  • To ensure soundness of the forex bureau sector
  • To ensure effective representation and advocacy for forex bureaus
  • To ensure prudent coordination and networking of all forex bureaus, and with the Central Bank
  • To ensure efficient and effective facilitation of information and communication to members, partners and the public
  • To ensure sustainable capacity building for bureaus, management and staff for efficient performance.

Daily Activities

The daily activities performed by UFBMRA in pursuit of the above objectives are:

  • Dissemination of information to members and the general public through publications, which include the Forex Magazine, and the News Internal Bulletin,
  • Maintenance of communication channels with members, the Central Bank, and the outside world stake holders through the internet and website,
  • Enforcement of discipline and standards among members and in the forex bureau and money transfer market, and
  • Monitoring the operations of bureaus to ensure that the Code of Conduct and set standards are strictly observed and adhered to by forex bureau operators,

  • Provision of assistance to members who wish to address their concerns with the Central Bank and regulatory and other outside bodies, such as Kampala Capital City Authority (KCCA);
  • Provision of training to leaders of bureaus and staff to enhance their business skills for improved performance;
  • Provision of guidance and counselling to members to respect and adhere to the Code of Conduct, to maintain high standards of currency ethical dealing and financial management, and to cooperate with each other even though they compete for business.