Fintech License Application In Uganda

Fintech License Application In Uganda

The FinTech licence allows institutions to accept public deposits of up to UGX 100 million or cryptobased assets, provided that these are not invested and no interest is paid on them. FinTech (financial technology) is a catch-all term referring to software, mobile applications, and other technologies created to improve and automate traditional forms of finance for businesses and consumers alike.

Procedure For Fintech License Application In Uganda

A certificate of incorporation and memorandum and articles of association from Uganda Registration Services Bureau. A business plan and financial projections for at least three years (including the assumptions underlying the projections and a sensitivity analysis of the plan on varying assumptions).

Financial technology and digital lending firms must operate under the licenses given to them, the Reserve Bank of Uganda. The governor stated that the central bank could not allow building up of risk on the economy due to unlicensed operations of fintechs. In this primer, we will highlight four fintech areas digital lending, payments, blockchain and digital wealth management that are of particular interest due to their rapid pace of growth, technological disruption, and regulatory and other risks.

Co-Founders Agreement.

Intellectual Property Licensing Agreement.

Privacy Policy.

Website User Policy.

Terms of use for mobile app users.

Vendor Agreement.

Product Development Agreement.

Required Documents Fintech License Application In Uganda

Certificate of Company Incorporation.

Forms of particulars of Directors and Secretary.

Registered Address of the Company.

National Identity Cards for Directors and Secretary.

Evidence of Payment of Application Fees (Receipt)

Certified copy of the tax Personal Identification Number (PIN) certificate.

Certified copy of the registered Memorandum and Articles of Association indicating core capital (at least UGX 50 million)

Eligibility For Fintech License Application In Uganda

A certificate of incorporation and memorandum and articles of association from Uganda Registration Services Bureau.

A business plan and financial projections for at least three years (including the assumptions underlying the projections and a sensitivity analysis of the plan on varying assumptions).

A certified copy of the resolution of the Board of Directors, authorising the preparation and submission of the application.

An information sheet for the applicant and for each of its substantial share holders (if corporate), subsidiaries or affiliates.

Existing financial institutions and companies which have been engaged in other businesses before applying to do financial institution business, should provide certified copies of audited financial statements for the past three years prepared in accordance with generally accepted accounting principles.

If the most recent audited accounts are more than six months out of date, they should be accompanied by management accounts (which need not be audited) showing the current financial position and the current results of the institution.

Individual credit references for the applicant and each of the substantial shareholders, directors and officers from his or her bankers.

Personal declaration form for each of the proposed directors, officers and substantial shareholders ( if natural persons).

Proposed capital structure of the financial institution.

With respect to foreign applicants, a statement from the supervisory authority of the home country declaring that it has given prior approval or a “No Objection” for the establishment of a subsidiary or any other office in Uganda, and that the applicant’s chairperson, directors, managers and substantial shareholders as a whole, are fit and proper persons within the meaning of the Act.

Any other information relating to the viability of the proposed institution or other matters which the applicant may consider relevant.

Any other information which the Central Bank may request the applicant to provide.

Note: The following classes of licenses apply.

Class 1 – Commercial bank.

Class 2 – Post-office savings bank.

Class 3 – Merchant bank.

Class 4 – Mortgage bank.

Class 5 – Credit institution.

Class 6 – Acceptance house.

Class 7 – Discount house.

Class 8 – Finance house.

Fees For Fintech License Application In Uganda

At all times, this annual license fee for any Commercial Bank or Tier I financial institution, shall be the greater of UGX 50 million or 0.05% of GAR. b) For Credit Institutions or Tier II financial institutions, a percentage rate of 0.05% of the GAR shall be payable as the annual license fee.

Office Locations & Contacts Fintech License Application In Uganda

Uganda Registration Services Bureau

Plot 5 George Street, Georgian House, Kampala

P.O.Box 6848 Kampala Uganda

URSB General Line: +256 414 233 21

Call Center: +256 417 338 100

Email: inquiries@businesslicenses.go.ug

URSB Fax: +256 414 250 712