Bank of Uganda starts regulating big Saccos
Bank of Uganda has started the implementation of regulation of substantially well capitalised Savings and Credit Cooperative Societies (Saccos). The move, which starts with the issuance of an MDI licence to Ebo Sacco, targets saving societies with savings of above or UGX 1.5 billion provided under the Microfinance Deposit-Taking Institutions Act, 2022 and guided by the Microfinance Deposit-taking Institutions (Registered Societies) Regulations, 2022. Last week, Bank of Uganda issued Ebo Sacco with an MDI license in a shift that takes regulation of big Saccos away from Uganda Microfinance Regulatory Authority to the Central Bank. In 2022, Finance Minister Matia…
