The Uganda Forex Bureau and Money Remittance Association is the umbrella Association of forex bureaus and Money Transfer operators in Uganda. A non-profit, non-governmental, member-based organization, the Forex Association was first registered in the names of Uganda Forex Bureau Association as a company limited by guarantee in August 2000. It was officially inaugurated on 27 January 2001 by the Governor of Bank of Uganda.
The Association changed its name from Uganda Forex Bureau Association (UFBA) to the current Uganda Forex Bureau and Money Remittance Association (UFBMRA) in 2006, after the Foreign Exchange Act that allowed forex bureaus to be licensed to transfer money was enacted. From an initial membership of 60, the Forex Bureau & Money Remitters Association has grown its membership to over 240 to-date and this has kept on increasing. UFBMRA is an Association for all duly Regulated Forex Bureaus and Money Remittance operators and all are licensed and supervised by Bank of Uganda.
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Goals, Objectives and Functional Priorities:
UFBMRA serves 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.
Trainings & Capacity Building
Training programs are essential for organizational success. They are important tools that not only develop talent but also provide employees with the latest skills needed to thrive in a constantly changing market.
Business Information
Business information is information that holds meaning, value or significance for your business. It would include any reports, spreadsheets, metrics, regulatory reporting, web pages, documents, dashboards etc & Collective lobby for additional products for the members
Chairman: Managing Director City Forex Bureau Limited
Vice chairman: Executive Director Hydery Forex Bureau Limited
Secretary: Managing Director Access Forex Bureau Limited
Treasurer: Managing Director Reliance Forex Bureau Limited
Assistant treasurer: Managing Director Amron Forex Bureau Limited
Communications
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,
Monitoring
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,
Training
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;
Counselling
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.
