The Bank of Uganda (BoU) has licensed four large savings and credit cooperative societies (SACCOs), bringing the number of large SACCOs under its supervision to 10.
The licences were handed over on Wednesday, October 7, 2026, at a ceremony attended by representatives of the four SACCOs.
Representing the BoU Governor, Executive Director of Supervision and Regulation David Kalyango congratulated the boards, management, staff and members of the institutions for meeting the regulatory requirements.
The licensed SACCOs are CBS PEWOSA Nsindika Njake Eyeeterekera Savings and Credit Cooperative Society Limited, Mateete Savings and Credit Cooperative Society Limited in Sembabule, Uganda National Bureau of Standards (UNBS) Staff Cooperative Savings and Credit Society Limited, and Kibaya Youth Development Cooperative Savings and Credit Society Limited in Mbarara.
The SACCOs were licensed under the Microfinance Deposit-Taking Institutions Act, Cap. 58, and the Micro Finance Deposit-Taking Institutions (Registered Societies) Regulations, 2023. The regulatory framework provides for the supervision of large SACCOs while allowing them to retain their cooperative model.
BoU said more than 35 other SACCO applications are in the final stages of review, signalling growing interest among cooperatives in formal regulation. Kalyango said regulation would help strengthen public confidence in SACCOs by improving governance, internal controls, financial reporting and protection of members’ deposits.
He also urged the newly licensed SACCOs to focus on mobilising savings and retaining part of their surpluses to grow their lending capacity and offer credit at more affordable rates. “Money speaks only one language; if you save me today, I will save you tomorrow,” Kalyango said, underscoring the need to build a stronger savings culture among SACCO members.
The licences also give regulated SACCOs an opportunity to participate in government-supported financing programmes, including the Agricultural Credit Facility and the Small Business Fund. Access to such programmes could enable the SACCOs to provide cheaper financing to farmers, traders, households and small businesses that may have limited access to conventional financial institutions.
BoU said well-governed SACCOs have a key role to play in widening financial inclusion and supporting economic growth.
Kalyango, however, warned SACCOs that have not yet obtained the required licences to complete the regulatory process before the March 31, 2027 deadline. He said the deadline would not be extended and urged eligible SACCOs to use the remaining time to meet the requirements and submit their applications.
