Bank of Uganda grants first large SACCO license to EBO
The Bank of Uganda has this evening handed out the first-ever large licensed registered society’s license to EBO Cooperative Savings and Credit Society Limited, a SACCO based in Western Uganda that has been in operation for over 30 years. During the handover, Deputy Governor Prof. Augustus Nuwagaba warned directors that they must adhere to rules and regulations for better risk management and to maintain operational stability. EBO SACCO's financial statements show core capital growth of up to UGX 16.5 billion as of December 2024. The license comes after months of legal challenges between EBO SACCO and the Uganda Cooperatives and Savings & Credit Union, with claims that there is a contradiction in the laws governing tier 4 and cooperative societies.
