Application Fees: (a) Banks - 1,000,000 Ugx
(b) Non-bank - 500,000 Ugx
License Fee: Fee prescribed by the Central Bank by notice
Maximum Processing Time: 6 Months
Related Websites: Validity: 1 Year
Contact Office: Renewal Fee: Annual fee prescribed by the Central Bank
License Type: License
Legal Basis: The Financial Institutions Act, 2004. The Financial Institutions (Licensing) Regulations, 2005
- A certificate of incorporation and memorandum and articles of association from Uganda Registration Services Bureau.
- A business plan and financial projections for at least three years (including the assumptions underlying the projections and a sensitivity analysis of the plan on varying assumptions).
- A certified copy of the resolution of the Board of Directors, authorising the preparation and submission of the application.
- An information sheet for the applicant and for each of its substantial
share holders (if corporate), subsidiaries or affiliates.
- Existing financial institutions and companies which have been engaged in
other businesses before applying to do financial institution business,
should provide certified copies of audited financial statements for the
past three years prepared in accordance with generally accepted
accounting principles.
- If the most recent audited accounts are more than six months out of
date, they should be accompanied by management accounts (which need not
be audited) showing the current financial position and the current
results of the institution.
- Individual credit references for the applicant and each of the
substantial shareholders, directors and officers from his or her
bankers.
- Personal declaration form for each of the proposed directors, officers and substantial shareholders ( if natural persons).
- Proposed capital structure of the financial institution.
- With respect to foreign applicants, a statement from the supervisory
authority of the home country declaring that it has given prior approval
or a “No Objection” for the establishment of a subsidiary or any other
office in Uganda, and that the applicant’s chairperson, directors,
managers and substantial shareholders as a whole, are fit and proper
persons within the meaning of the Act.
- Any other information relating to the viability of the proposed
institution or other matters which the applicant may consider relevant.
- Any other information which the Central Bank may request the applicant to provide.
Note: The following classes of licenses apply.
- Class 1 - Commercial bank.
- Class 2 - Post-office savings bank.
- Class 3 - Merchant bank.
- Class 4 - Mortgage bank.
- Class 5 - Credit institution.
- Class 6 - Acceptance house.
- Class 7 - Discount house.
- Class 8 - Finance house.
