Bank of Uganda Extends Deadline for Licensing Large SACCOs to March 2027

The Bank of Uganda has extended the deadline for licensing large registered societies and Savings and Credit Cooperative Societies (SACCOs) under the Microfinance Deposit-Taking Institutions Act Cap. 58 and the related 2023 Regulations.

In a public notice published on 29 September 2026, the central bank announced that the previous deadline of 30 September 2026 has been pushed to 31 March 2027. This gives eligible institutions more time to complete the licensing process.

Who Qualifies as a Large SACCO?

Large Registered Societies or SACCOs are those offering financial services to members with:

• Voluntary savings exceeding UGX 1.5 billion, and
• Institutional capital (retained earnings/deficits, year-to-date profit/loss after tax at 50%, general reserves/provisions and other reserves) above UGX 500 million.

Key Requirements Under the Extension

1. Eligible SACCOs must collect and submit licence applications (Form A) to the Bank of Uganda within 14 calendar days from the date of the notice.
2. All eligible institutions are expected to complete the full licensing process by 31 March 2027.
3. The Bank of Uganda has strongly advised institutions to finalise licensing within this window, stating there will be no further extensions.
4. All regulated financial service providers (RFSPs) must ensure they have adequate internal controls to identify and manage related material risks. They are required to update their Know Your Customer (KYC) practices and transact only with licensed large SACCOs.

Why This Matters

These supervisory measures aim to strengthen protection for savers, safeguard the integrity of Uganda’s financial system, and reduce potential risks to financial stability.

For further information on the licensing and regulation of large SACCOs, contact the Director of the Non-Bank Financial Institutions Department at the Bank of Uganda on +256 414 234652.