The Bank of Uganda Director of Non-Bank Financial Institutions, Mr Mackay Aomu, on Wednesday presented licences to Share An Opportunity SACCO based in Zirobwe on behalf of Bank of Uganda’s Executive Director, Supervision and Regulation. This brings the number of large SACCOs in the country under the Bank’s direct supervision to five.

Speaking at the ceremony held at the Bank of Uganda on Thursday, Mr Aomu advised the newly licensed SACCO to remain firmly rooted in the community it serves. He urged the SACCO to build strong and trusted institution that its members can be proud of.

He emphasised the importance of sound policies and procedures that promote accountability, strengthen internal checks and balances, and support prudent management.

Mr Aomu also called on the SACCO to safeguard members’ data and give due attention to environmental, social, and governance principles in their operations.

He noted that a well-governed and regulated SACCO plays an important role in expanding financial inclusion and supporting Uganda’s socio-economic transformation.

The ceremony was attended by the executive and board chairperson of the SACCOs, as well as staff from Bank of Uganda’s Supervision Directorate.