Money remittance license

To increase transparency of remittance and payment flows in and outside Uganda by ensuring that anti-money laundering and the combating of the financing of terrorism measures are observed in forex bureau and money remittance businesses

The following classes of licenses can be applied for and the applicant has to meet the requirements/  criteria listed below.
Class A - International Money Transfer Agency License
  • A clear license to operate in the base country.
  • A good track record of conducting money remittance business.
  • A recommendation from the regulatory authority in the base country.
  • A minimum paid -up share capital of two thousand and five hundred currency points.
  • The ability to comply with all applicable anti-money laundering and combating of financing of terrorism standards and measures.
  • Acceptable Agency Agreements.
  • a well spelt-out mode of money remittance that is formal, reliable and transparent.
  • An acceptable operational manual.
Class B- Forex Bureau Remittances License
  • A proven track record of licensed forex bureau operations for a period of two years.
  • A minimum paid-up share capital of two thousand and five hundred currency points.
  • Shareholders, directors and officers who are fit and proper persons for purposes of money remittances.
  • The ability to comply with all applicable anti-money laundering and combating of financing of terrorism standards and measures.
  • Separate counters and staff dedicated to the money remittance business.
  • An acceptable operational manual.
Class C - Direct Entrants License
  • The financial condition and history of the applicant.
  • That the applicant has a minimum paid-up share capital of two thousand and five hundred currency points.
  • The nature of the business of the applicant.
  • The competence and integrity of the applicant and its management.
  • The adequacy of the applicant's business and financial plans and earning prospects.
  • Whether the shareholders, directors and officers of the applicant are fit and proper persons for purposes of transacting money remittance business.
  • The geographical locations and branch distribution network of the proposed business.
  • The ability to comply with all applicable anti-money laundering and combating of financing of terrorism standards and measures.
Class D - Sub-Agent’s License
  • The financial condition and history of the applicant.
  • that the applicant has a minimum paid-up share capital of two thousand five hundred currency points.
  • The nature of business of the applicant and its management.
  • The competence and integrity of the applicant and its management.
  • The adequacy of the applicant's business and financial plans and earning prospects.
  • Whether the shareholders, directors and officers of the applicant are fit and proper persons for purposes of transacting remittances business.
  • The geographical locations and branch distribution network of the proposed business (premises).
  • The applicant’s ability to comply with all anti-money laundering and combating of financing of terrorism standards and measures.
  • Evidence of acceptable Agency Agreements with its principal.
  • Phone: +256 414 259090, +256 417 302000, +256 312 392000
  • Physical Address: Head Office, Plot 37/45 Kampala Road
  • Postal Address: P.O Box 7120, Kampala, Uganda
  • Jurisdiction: National
  • Email Address: info@bou.or.ug
  • Website: www.bou.or.ug
  • Operating Hours: Moday to Friday, 8:00am-5:00pm (excluding weekends and public holidays)
  • Directions: View Directions