KAMPALA, Uganda — The Bank of Uganda has extended the licensing deadline for large savings and credit cooperative societies to Sept. 30, 2026, providing more time for these institutions to comply with new regulatory standards.
The central bank announced the six-month extension from the original March 31 deadline to allow for broader stakeholder engagement and public awareness campaigns. Officials said the additional time will help the bank sensitize the public on its oversight role and determine if any changes to existing regulations are necessary.
The directive specifically applies to large SACCOs with voluntary savings exceeding 1.5 billion Ugandan shillings and institutional capital of more than 500 million shillings. These entities are required to obtain licenses under the Microfinance Deposit-Taking Institutions Act and the 2023 regulations for registered societies.
During the extension period, the Bank of Uganda directed regulated financial service providers to continue supporting SACCOs currently seeking licensure. The central bank emphasized that financial institutions should not deny services to eligible cooperative societies until the new deadline expires.
The extension also grants regulated providers more time to update their know-your-customer practices regarding their transactions with these cooperative societies.
Parties seeking more information regarding the licensing process may contact the director of the non-bank financial institutions department at the Bank of Uganda.
