Regulatory Alerts2017-06-21
Added · Updated
Financial Institutions (Agent Banking) Regulations, 2017
The Central Bank of Uganda has issued the Financial Institutions (Agent Banking) Regulations, 2017 to establish a comprehensive framework for delivering banking services through contracted agents. The regulations mandate that financial institutions obtain prior written approval, ensure agents meet strict eligibility and suitability criteria, and maintain non-exclusive agency agreements with clear liability allocations. Furthermore, the rules require real-time electronic processing, two-factor authentication, robust anti-money laundering controls, and transparent consumer protection measures to foster financial inclusion while maintaining strict supervisory oversight.