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2023-01-01

Financial Institutions (Agent Banking) (Amendment) Regulations 2023

The Central Bank of Uganda issued the Financial Institutions (Agent Banking) (Amendment) Regulations 2023 to update licensing requirements for agent banking operations. The amendment modifies Regulation 7 by mandating that applicants maintain a licensed bank or mobile money account for six consecutive months prior to application, reduces a specified numerical threshold from twelve to six, and repeals designated subregulations. These adjustments streamline compliance for deposit-taking institutions and e-money issuers, ensuring consistent operational standards across authorized agent banking networks.

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157 STATUTORY INSTRUMENTS 2023 No. 17. The Financial Institutions (Agent Banking) (Amendment) Regulations, 2023 (Under sections 4(2b) and 131(1b) of the Financial Institutions Act, 2004 Act 2 of 2004) IN EXERCISE of the powers conferred upon the Central Bank by sections 4(2b) and 131(1b) of the Financial Institutions Act, 2004, and in consultation with the Minister responsible for finance, these Regulations are made this 7th day of December, 2022.

  1. Title These Regulations may be cited as the Financial Institutions (Agent Banking) (Amendment) Regulations, 2023.
  2. Amendment of S.I. No. 39 of 2017 The Financial Institutions (Agent Banking) Regulations, 2017 in these Regulations referred to as the “principal Regulations” are amended in regulation 7— (a) in subregulation (2) by substituting for paragraph (a) the following— “(a) has, for six consecutive months prior to the making of the application, operated a bank account or mobile money account with a deposit taking institution or e-money issuer licensed by the Central Bank;”; STATUTORY INSTRUMENTS SUPPLEMENT No. 6 10th February, 2023 STATUTORY INSTRUMENTS SUPPLEMENT to The Uganda Gazette No. 8, Volume CXVI, dated 10th February, 2023 Printed by UPPC, Entebbe, by Order of the Government.

158 (b) in subregulation (2) (e) by substituting for the word “twelve” the word “six”; (c) by repealing subregulation (4). 3. Amendment of regulation 13 Regulation 13 of the principal Regulations is amended by repealing subregulation (3). MICHAEL ATINGI-EGO, Deputy Governor Central Bank

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