Bank of Uganda sets March 31, 2027 deadline for unlicensed SACCOs to secure operating licenses

The Bank of Uganda has set a March 31, 2027 deadline for unlicensed savings and credit cooperative societies (SACCOs) to secure operating licenses, stating the deadline will not be extended. This warning follows the central bank's push to integrate eligible SACCOs into its regulatory framework to enhance financial management, safeguard member savings, and expand access to affordable credit.

Kalyango, a Bank of Uganda official, reported that 10 SACCOs have received licensing approvals as registered societies, with over 35 applications currently in final review stages. The licensing process operates under the Microfinance Deposit-Taking Institutions Act, Cap.

The Bank of Uganda emphasized that unlicensed SACCOs must complete licensing before the March 31, 2027 deadline to avoid non-compliance, as the central bank continues its efforts to formalize the cooperative sector through this regulatory pathway.