Co-operatives minister backs SACCOs regulatory body creation

“Under that law, if a SACCO has voluntary savings of shillings 1.5 billion, that SACCO is to be regulated as a microfinance institution by Bank of Uganda (BOU),” Tumuhaise cited.

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Cooperatives state minister Fredrick Ngobi Gume has backed calls by a section of lawmakers to establish a regulatory body for all savings and credit co-operative organisations (SACCOs) in the country. (New Vision/Files)