The Bank of Uganda extended the deadline for Regulated Financial Service Providers (RFSPs) to update their Know Your Customer (KYC) practices and transact only with licensed Registered Societies or Savings and Credit Cooperative Societies (SACCOs), shifting it from 31 March 2026 to 30 September 2026. The extension is intended to allow further stakeholder engagement, sensitization and public awareness on the Bank’s role in licensing and regulatory oversight of eligible SACCOs, and to give eligible SACCOs additional time to prepare and submit licensing documentation. Eligibility is defined as SACCOs with voluntary savings exceeding UGX 1,500,000,000 and institutional capital exceeding UGX 500,000,000; RFSPs are encouraged to continue supporting SACCOs seeking licences and are not expected to deny financial services to eligible SACCOs until the extended deadline. The Bank indicated that the stakeholder engagements will inform any necessary changes to existing regulatory oversight.
Bank of Uganda 2026-02-23
Bank of Uganda extends deadline for RFSPs to transact only with licensed large SACCOs to 30 September 2026
The Bank of Uganda extended the deadline for Regulated Financial Service Providers to update Know Your Customer practices and transact only with licensed Registered Societies or Savings and Credit Cooperative Societies (SACCOs) to 30 September 2026. This extension aims to facilitate further stakeholder engagement and allow eligible SACCOs, defined by specific savings and capital thresholds, more time to prepare licensing documentation. The Bank emphasized that stakeholder feedback may lead to changes in regulatory oversight.