The Bank of Uganda (BoU) has extended the deadline for licensing large Registered Societies and Savings and Credit Cooperative Societies (SACCOs) under the Microfinance Deposit-Taking Institutions Act and the Microfinance Deposit-Taking Institutions (Registered Societies) Regulations 2023.
In a public notice issued on February 23, 2026, the central bank said the deadline for Regulated Financial Service Providers (RFSPs) to update their Know Your Customer (KYC) practices and transact only with licensed SACCOs has been pushed from March 31, 2026 to September 30, 2026.
The extension, BoU said, is aimed at allowing more time for stakeholder engagement and public sensitization on its licensing and regulatory oversight role over eligible SACCOs. The engagements are also expected to inform possible adjustments to the current regulatory framework, where necessary.
Additionally, the new timeline will give qualifying SACCOs extra time to prepare and submit the required documentation for licensing. The directive targets SACCOs with voluntary savings exceeding UGX 1.5 billion and institutional capital above UGX 500 million.
During the extension period, the central bank has encouraged RFSPs to continue supporting registered societies and SACCOs that are in the process of securing the requisite licenses. BoU emphasized that it does not expect any financial service provider to deny services to eligible SACCOs before the new September deadline.
The move is expected to ease compliance pressure on large SACCOs while strengthening regulatory oversight in Uganda’s fast-growing cooperative financial sector.
For further guidance, stakeholders have been advised to contact the Director of the Non-Bank Financial Institutions Department at the Bank of Uganda
