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LICENSING REGULATION AND SUPERVISION OF SACCOs IN UGANDA

The Uganda Microfinance Regulatory Authority notifies all savings and credit cooperatives (SACCOs) operating in Uganda that they must obtain a license to legally conduct financial services according to the Tier 4 Microfinance Institutions and Money Lenders Act of 2016. SACCOs that continue operating without a license are in contravention of this law. SACCOs with voluntary savings not exceeding 1.5 billion Ugandan shillings and institutional capital below 500 million shillings must comply with licensing requirements by visiting the UMRA website or offices in Kampala.

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226 views1 page

LICENSING REGULATION AND SUPERVISION OF SACCOs IN UGANDA

The Uganda Microfinance Regulatory Authority notifies all savings and credit cooperatives (SACCOs) operating in Uganda that they must obtain a license to legally conduct financial services according to the Tier 4 Microfinance Institutions and Money Lenders Act of 2016. SACCOs that continue operating without a license are in contravention of this law. SACCOs with voluntary savings not exceeding 1.5 billion Ugandan shillings and institutional capital below 500 million shillings must comply with licensing requirements by visiting the UMRA website or offices in Kampala.

Uploaded by

JacobMuheesi
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We take content rights seriously. If you suspect this is your content, claim it here.
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PUBLIC NOTICE

LICENSING, REGULATION AND SUPERVISION OF SACCOs IN UGANDA

Uganda Microfinance Regulatory Authority (UMRA) is a Government


Regulatory Agency established under section 6 of the Tier 4
Microfinance Institutions and Money Lenders Act, 2016. The Authority
us mandated to license, regulate and supervise all Tier 4 Microfinance
Institutions (which include SACCOs) and money lenders in Uganda.

According to section 36 of the Act, a SACCO shall not conduct the


business of financial services unless it’s licensed under this Act.

UMRA commenced the licensing of SACCOs in 2021. However, some


SACCOs continue to operate in contravention under this Act.

The purpose of this Public Notice therefore, is to notify all registered


societies with; (a) the voluntary savings that are not in excess of one
billion five hundred million shillings; and (b) the institutional capital
which is not above five hundred million shillings, to regularize their
operations by complying with the above stated section of the Act.

For more information, visit our website www.umra.go.ug or visit our


offices located at Wing B Rwenzori Towers along Nakasero Road,
Kampala. Call +256417799700 or Toll – free 0800 111 449

Edith N. Tusuubira
EXECUTIVE DIRECTOR

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