finance 25 September 2026 Nile Post
Large SACCOs Face March 2027 Deadline for Bank of Uganda Compliance
Savings and Credit Cooperative Societies (SACCOs) with significant assets have until March 31, 2027, to meet new regulatory requirements set by the Bank of Uganda. The Uganda Cooperative Savings and Credit Union (UCSCU) announced the deadline, emphasizing the need for enhanced oversight and member protection. Source: https://nilepost.co.ug/news/373686/large-saccos-given-until-march-2027-to-meet-bou-requirements
Large Savings and Credit Cooperative Societies (SACCOs) in Uganda must now comply with Bank of Uganda (BoU) regulations by March 31, 2027. This directive comes from the Uganda Cooperative Savings and Credit Union (UCSCU) as part of a broader effort to strengthen oversight, boost accountability, and mitigate risks like fraud and money laundering within the sector.
UCSCU Board Chairperson Col. Allan Kitanda explained that the new regulatory framework aims to align SACCO operations with international standards. SACCOs exceeding Sh1.5 billion in assets will be subject to registration and licensing requirements. Kitanda stressed that these regulations are not meant to compete with commercial banks but rather to complement them, reinforcing the SACCO model’s role in collecting funds and serving members.
Beyond regulatory compliance, SACCO leaders are urged to prioritize good governance, ethics, and integrity to safeguard member savings and maintain public trust. The adoption of technology is also encouraged to improve operations, from record-keeping to loan management and financial service delivery. However, this must be coupled with robust cybersecurity measures and data protection.
During the 11th SACCO National Conference, UCSCU CEO Dr. Silvester Ndiroramukama called for proactive adoption of the new framework to ensure sustainable development and operational consistency. He also highlighted the union’s strategy to attract younger members by offering convenient digital services and educating them on financial literacy.
Experts like Dr. Fred Muhumuza from Makerere University Business School advised SACCOs to diversify income streams beyond member savings and to actively inform members about economic trends and technological advancements. The overall sentiment among stakeholders is that regulation should bolster accountability while preserving the cooperative spirit that places members at the core of operations. Efforts are underway to build capacity within SACCOs to meet these new demands without compromising the accessibility of financial services.
Source: Nile Post