KAMPALA, June 15, 2026 — Although the requirement for large Savings and Credit Cooperative Organisations [SACCOs] in Uganda to operate under the supervision and regulation of the Bank of Uganda [BoU] remains contested by some stakeholders in the cooperative sector, the Central Bank has announced that Share an Opportunity Zirobwe Co-operative Savings and Credit Society Limited [ SAO Zirobwe SACCO ] is now officially under its regulation and supervision.
According to a public notice published by BoU and seen by this news website, SAO Zirobwe SACCO fulfilled all requirements for licensing under the applicable regulations, and issued a licence as of June 8, 2026.
“Pursuant to Regulation 8 of the Microfinance Deposit-Taking Institutions [Registered Societies] Regulations, 2023, the Bank of Uganda hereby informs the public that M/s Share an Opportunity Zirobwe Co-operative Savings and Credit Society Limited has fulfilled the requirements for licensing,” the notice stated.
“Accordingly, the Registered Society (SAO Zirobwe SACCO) is now under the supervision and regulation of the Central Bank.”
SAO Zirobwe SACCO is located in Zirobwe Town Council, Luweero district.
According to BoU, large SACCOs are defined as institutions with voluntary savings exceeding Shs 1.5 billion and institutional capital above Shs 500 million.
On February 23, the Central Bank extended the deadline requiring regulated financial institutions to transact exclusively with licensed large SACCOs by six months, moving the cut-off date to September 30, 2026.
BoU said the extension provides additional time for compliance under the Microfinance Deposit-Taking Institutions Act, Cap. 58, and the Microfinance Deposit-Taking Institutions [Registered Societies] Regulations, 2023.
Previously, the Central Bank had directed Regulated Financial Service Providers [RFSPs] to update their Know Your Customer [KYC] procedures and ensure they conduct business only with licensed Registered Societies or SACCOs by March 31, 2026.
In a statement posted on X (formerly Twitter), BoU said the extension would allow for comprehensive consultations, including sensitisation and public awareness campaigns, regarding its licensing and supervisory role over eligible SACCOs.
The engagements are also expected to guide any necessary adjustments to the current regulatory framework.
Other SACCOs that have successfully secured full BoU licences include EBO Cooperative Savings and Credit Society Ltd in Bwizibwera, Mbarara District; Kyazanga-Kwegata Microfinance Cooperative Savings and Credit Society Ltd in Lwengo District; and MADFA Cooperative Savings and Credit Society Ltd (Masindi District Farmers Association) in Masindi District.
Supervisory benefits
Under BoU oversight, regulated SACCOs are required to maintain minimum standards in governance, capital adequacy and risk management.
Members’ deposits are protected by the Deposit Protection Fund of Uganda [DPF] up to Shs10 million per saver. Licensed SACCOs may also access credit reference bureau services to strengthen borrower assessment and improve lending decisions.
https://thecooperator.news/uca-welcomes-bous-extension-of-licensing-deadline-for-large-saccos/
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