The Bank of Uganda (BoU) recognizes Savings and Credit Cooperative Organisations (SACCO) as unique social enterprises owned, governed, and managed by their members, distinguishing them from profit-driven financial institutions.
The Bank of Uganda is implementing strategic initiatives to advance socio-economic transformation, including amending regulations to allow institutions to offer agent banking, Islamic banking, and insurance services. They also plan to regulate and supervise large SACCOs to enhance corporate governance practices and strengthen public confidence in the sector. Regulated and well-managed SACCOs are expected to attract funds, consolidate member support, and invest in effective systems and innovations like digital channels to offer services at scale.
