Requirements For Registering A Sacco In Uganda
SACCOs is an abbreviation for Savings and Credit Co-Operative Society. It’s a member-based financial institution which operates on co-operative values, identity, and principles which includes social responsibility, openness, honesty, and caring for each other.
Requirements For Registering A Sacco In Uganda
How to Apply for a SACCO Licence in Uganda. To start a Sacco in Uganda Get a certificate of registration of the Sacco. With this certificate, the cooperative should open a bank an account, and deposit the funds you have to the bank account; get a business license from the city council authority, or local government authority; and start active recruitment of members
Procedure to Apply for a SACCO Licence in Uganda
Licence or Permit to operate a SACCO can be obtained from Uganda Microfinance regulatory Authority.
A SACCO shall not carry on the business of financial Services unless it is-
a registered society; and
Licensed under the Act.
Prepare the necessary background and relevant information then fill up the appropriate application form as described by the Microfinance Regulatory Authority.
The documents to be attached on the application form includes:
a certified copy of the certificate of registration issued under the Cooperative Societies Act;
the organizational structure and management of the registered society;
the business plan of the registered society;
the credit policies and lending policies of the registered society.
After filling the form proceed to pay the prescribed fee.
Submit the dully filled in form and attached with pay slip to the finance Officer in charge SACCO Registration.
Ensure that the application fee is submitted and all required information is included with application.
Collect your SACCO Licence certificate from where your application was submitted within 21 days from the date the application was received at Microfinance Regulatory Authority in case there is no rejection.
Required Documents to Apply for a SACCO Licence in Uganda
Certified copy of the Certificate of Incorporation is issued under a Cooperative societies Act.
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 UGshs 5 million.
Verified official notification of the company’s registered place of business, including the prospective places of business (Head Office,branches,agency and outlets,if any Registered Address(certified Copy)
Pay a non-refundable application fee of UGshs 50,000 to the Microfinance regulatory Authority.
Forms of particulars of directors and company Secretary (certified Copies Form) National Identity Cards for all the directors and company secretary
Certificates of good conduct for all the directors
Proof of payment of fees for application of the licence.
A copy of the interest rates according to the categories of loans products offered.
Memorandum and articles of association.(certified copy )
TIN Number and a business plan of the registered society.
Organisation Structure and management of the registered society.
Objective statement of the registered society in relation to offering financial services.
Credit policies and lending procedures of a registered society.
Office Locations & Contacts
Uganda Microfinance Regulatory Authority (UMRA)
Ruwenzori Towers Block B Ground Floor
P.O.Box x 11545, Kampala Uganda.
Plot 6 Nakasero Road
Tel: +256 417 799 700
Fax: + 256 414 230 163
Email:-
Website:- Uganda Microfinance Regulatory Authority
Uganda Cooperative Saving and Credit Union (UCSCU)
P.O.Box 7103 Kampala.
Plot 239 Maganjo, Bombo Road, Kampala
Tel : +256 414 233 601,
Fax : +256 414 233 598
Email : info@ucscu.coop,
Website :Uganda cooperative Savings
The Registrar of cooperative societies
Ministry of Trade, Industry and Cooperatives,
Room 608, Floor 6, Farmers House,Parliament Avenue,
Po Box 7103 Kampala,
Tel: 0312 324 000/+256-312 324 268/230
Alt: 0414 230 916 Uganda
Website: Ministry of Trade Industry and cooperatives