Kampala — PREPARATIONS to come up with a microfinance regulatory authority have been finalised by the finance ministry.

The micro-finance state minister, Ruth Nankabirwa, said this at the launch of the Kampala Park Yard Savings and Credit Cooperatives (SACCO).

The SACCO belongs to Owino Market park yard traders who lost goods worth millions when a fire gutted the market early this year.

Nankabirwa said the regulatory authority would help the ministry identify and monitor micro-finance institutions like SACCOs.

She said it would also help categore institutions, which fall under Model Tier 4 and 5.

Nankabirwa said the Government recognises micro-finance as one of the vital tools in the fight against poverty.

She said due to that recognition, the Government was coming up with policies and strategies for effective delivery of micro-finance services.