Government has initiated a process of harmonizing laws that regulate Savings and Credit Cooperative Organisations (SACCOs) across the country.
The process involves reviewing and harmonizing laws that will regulate SACCOs, according to Martin Magezi, the assistant director in charge of microfinance at Bank of Uganda.
“We are also aware that there have been voices calling for one regulator; whether it is Bank of Uganda or Uganda Microfinance Regulatory Authority, those discussions are happening and for us at Bank of Uganda, we shall take the position that government takes on,” Magezi said.
The Ministries of Finance, Trade and Cooperatives, Uganda Cooperative Savings and Credit Union (UCSCU), Uganda Cooperative Alliance, and other stakeholders are involved in the said discussions.
According to Magezi, they are working closely with the office of the Attorney General to ensure that the laws are harmonized
He made the remarks while speaking at the launch of the Coop 360 Innovations Awards in Kampala.