Uganda will compensate members of collapsed savings and credit cooperative societies (Saccos) with up to Ush10 million ($2,785) each, in a bid to restore confidence in a sector seen as critical to poverty reduction and economic security.
The move follows an expanded mandate for the Bank of Uganda (BoU), which now regulates large Saccos with voluntary savings exceeding Ush1.5 billion ($417,872) and institutional capital of at least Ush500 million ($139,291).
