A non-refundable application fee of Uganda shillings one million for banks, and Uganda shillings five hundred thousand for non-bank financial institutions shall accompany each application for a licence. Each application for a licence shall be accompanied by the following supporting documents:

  1. an information sheet for the applicant and for each of its substantial shareholders (if corporate), subsidiaries or affiliates in the form set out in Schedule 2;
  2. a personal declaration form for each of the proposed directors, officers and substantial shareholders ( if natural persons) in the form set out in Schedule 3;
  3. individual credit references for the applicant and each of the substantial shareholders, directors and officers from his or her bankers;
  4. proposed capital structure of the financial institution;
  5. 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);
  6. the Certificate of Incorporation; and  the Memorandum and Articles of association.

Upon receipt of an application form together with the requisite application fee and supporting documents in accordance with regulations 11 and 12, the Supervision Function of the Central Bank shall, within ten days, send the applicant a formal letter of acknowledgement or a letter of deficiency in accordance with sub regulations  (2) or (3), as the case may be.    The Central Bank shall, within six months after receipt of a complete application and in accordance with section 12 of the Act, investigate and prepare a detailed report in respect of each application. The Central Bank shall inform the applicant, in writing, of its decision to grant or refuse to grant the licence. Where the Central Bank decides to grant a licence, it shall, in the notice communicating the decision require the applicant to submit, within a period of two weeks, a certificate of deposit in the name of the applicant indicating that it has deposited or invested an amount not less than the required
minimum paid-up capital.

Licence fees and other requirements
An initial licence fee prescribed by notice of the Central Bank shall become due and payable soon after notification of the decision to grant a licence and thereafter an annual fee prescribed from year to year by the Central Bank shall be payable on or before the 31st day of January each year in accordance with section 13 of the Act until the licence is revoked.

• The minimum capital funds unimpaired by losses of a licensed bank shall, at any one time, not be less than Uganda shillings four billion.
• The minimum capital funds unimpaired by losses of a licensed non-bank financial institution shall at any one time not be less than Uganda shillings one billion an individual or body corporate owned or controlled by one individual other than a reputable financial institution or a reputable public company approved by the Central Bank

The Director
Commercial Banking Department
Bank of Uganda (BOU)
Plot 37/43 Kampala Road
Kampala, Uganda
Telephone: 257240 or 258441/9
Fax: 258515
Email: info@bou.or.ugThis e-mail address is being protected from spambots. You need JavaScript enabled to view it
Web site: www.bou.or.ug

Leave a Reply