Bank of Uganda to License Large Saccos

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The Bank of Uganda instructed 90 large savings and credit cooperative societies (Saccos) to apply for licenses as it expands supervision to protect billions in member savings. The move targets Saccos with over 1.5 billion shillings in voluntary savings and at least 500 million shillings in institutional share capital. Officials aim to enforce governance, capital, and risk standards, similar to banks, while supporting Saccos through licensing and member education on regulatory requirements.