What is A Sacco?
SACCOs are legal bodies registered under the Uganda Cooperative Statute of 1991 and Cooperative Societies Regulations of 1992.
Requirements For Registering A Sacco In Uganda
Before applying for registration, know the type of society you would like to register.
Members should be twelve (12) years and above.
Ensure that all members pay membership fees and deposit their share capital before applying for registration.
The membership fees and share capital to be contributed should be determined based on the members of the society intending to register.
Ensure that the society meets the minimum numbers required for registration.
Ensure that the cooperative society is registered to function under specified principles of societies in Uganda.
Recommendations by the District Commercial Officer (DCO) are based on interim operation reports of cooperatives.
Cooperative members are advised to open up a bank account for the cooperative during the process of registration.
A bank account with at least three (3) signatories.
How are SACCOs regulated in Uganda?
According to section 36 of the Act, a SACCO shall not conduct the business of financial services unless it’s licensed under this Act.
UMRA commenced the licensing of SACCOs in 2021. However, some SACCOs continue to operate in contravention of this Act.