Bank of Uganda has officially handed over licences to four large SACCOs; Uganda National Bureau of Standards Staff Cooperative Savings and Credit Society Limited, Kibaya Youth Development Cooperative Savings and Credit Society Limited (Mbarara), CBS PEWOSA Nsindika Njake Eyeeterekera Savings and Credit Cooperative Society Limited, and Mateete Savings and Credit Cooperative Society Limited (Sembabule).
The licences were handed over by David L. Kalyango, the Bank of Uganda Executive Director for Supervision and Regulation, who represented the Governor at the ceremony held on Wednesday, October 7, 2026.
Kalyango congratulated the boards, management, staff and members of the four SACCOs for meeting the requirements for licensing under the Microfinance Deposit-Taking Institutions Act and the Microfinance Deposit-Taking Institutions (Registered Societies) Regulations, 2023.
The licensing brings the total number of large SACCOs licensed by Bank of Uganda to 10, with more than 35 applications at various final stages of review.
Kalyango said licensing and proportional regulation would help strengthen public confidence in the SACCO sector by providing members with greater assurance that their savings are protected and institutions are operating under enhanced safeguards.
“Effective licensing and proportional regulation help to build public trust and confidence in the SACCO sector,” he said.
He said regulatory oversight would also strengthen governance, accountability, risk management, financial reporting and internal controls, enabling SACCOs to become more financially sound and resilient.
Kalyango urged the newly licensed SACCOs to protect the trust of their members by ensuring that members’ funds are secure, accurately accounted for and readily available when needed.
He also encouraged the SACCOs to retain part of their surpluses instead of distributing all the earnings to members, saying this would increase the pool of funds available for lending at affordable interest rates.
He reminded the boards and management that licensing comes with greater responsibility, including maintaining adequate capital and liquidity buffers, managing credit risks, submitting accurate financial returns and protecting members’ interests.
Kalyango said SACCOs should also invest in people, systems, controls and service quality to match their growth.
He encouraged the institutions to use their understanding of households, farmers, traders, small businesses and organised groups to expand access to financial services, particularly among underserved communities.
“When prudently managed, SACCOs mobilise savings, provide responsible credit and support investment, they help more Ugandans to participate in the money economy,” he said.
Kalyango also reminded the licensed SACCOs that they are eligible for subsidised funding under the Agricultural Credit Facility and Small Business Fund to expand affordable financing for agriculture and businesses.
He urged the SACCOs to take advantage of the opportunities while maintaining sound environmental, social and governance practices.
Kalyango further called on eligible unlicensed SACCOs to complete the licensing process before the March 31, 2027 compliance deadline, which he said would not be extended.
“Bank of Uganda remains available to guide and support eligible SACCOs through the licensing process,” he said.
