Uganda, Dec. 1 -- Bank of Uganda has said it will, with amendments to the Microfinance Deposit-Taking Institutions Bill, 2022, start regulating at least 42 Savings and Credit Cooperative Societies (Saccos) whose savings are above Shs1.5b.

The regulation will be effected under the Micro Finance Deposit-taking Institutions (Registered Societies) Regulations, 2022.

Speaking during the second Central Bank Financial Stability Symposium, Dr Tumubweinee Twinemanzi, the Bank of Uganda executive director supervision, said Cabinet had already considered and approved the Microfinance Deposit-Taking Institutions (Amendment) Bill, 2022; and authorised the Minister of Finance to submit the Bill to Parliament.

"On [November 22], the minister presente...