On Sep. 28, 2026, UGA CB extended the deadline for regulated financial service providers (RFSPs) to update know your customer (KYC) practices and transact only with licensed registered societies/savings/credit cooperative societies (SACCOs).
SACCOs with savings over UGX 1.5bn and capital above UGX 500mn are to submit license applications (Form A) to UGA CB by Oct. 12, 2026.
Licensing must be completed by Mar. 31, 2027; there will be no more extensions.
RFSPs must ensure proper internal controls to identify and mitigate related material risks.
On Feb. 23, UGA CB extended deadline for KYC & SACCO transacting.
UGA CB advised that the deadline for regulated financial service providers (RFSPs) to update know your customer (KYC) practices and transact only with licensed registered societies/savings/credit cooperative societies (SACCOs) is extended to Sep. 30, 2026.
Summary
Licensing is as per the Microfinance Deposit-Taking Institutions Act Cap.58 and the Micro Finance Deposit-Taking Institutions (Registered Societies) Regulations 2023.
The extension is to enable UGA CB to undertake further stakeholder engagement and public awareness on its role in licensing and regulatory oversight of eligible SACCOs.
These engagements may inform changes to existing regulatory oversight, if necessary.
Aims to give SACCOs with voluntary savings (over UGX 1,500,000,000 and institutional capital over UGX 500,000,000 with time to prepare & submit required documentation.
During the extension period, all RFSPs are encouraged to continue supporting SACCOs in the process of obtaining requisite licenses; UGA CB said it does not expect any RFSP to deny financial services to the eligible SACCOs until the expiry of this period.
Effectiveness
The deadline is extended from Mar. 31, 2026 to Sep. 30, 2026.
Sep. 2026 Deadline Extension
On Sep. 28, 2026, UGA CB extended the deadline for regulated financial service providers (RFSPs) to update know your customer (KYC) practices and transact only with licensed registered societies/savings/credit cooperative societies (SACCOs).
SACCOs with savings over UGX 1.5bn and capital above UGX 500mn are to submit license applications (Form A) to UGA CB by Oct. 12, 2026.
Licensing must be completed by Mar. 31, 2027; there will be no more extensions.
RFSPs must ensure proper internal controls to identify and mitigate related material risks.
