What does it take to get a remittance licence in Uganda?
To hold a remittance licence in Uganda, you need the Money Remittance Operator licence from Bank of Uganda. Published minimum capital: Current: UGX 200,000,000 (10,000 currency points × UGX 20,000). [Superseded 2006 figure: 2,500 CP = UGX 50,000,000.]. 103 entities currently hold a remittance licence in Uganda. Full requirements — minimum capital, local presence, timeline, local ownership, fees and ongoing obligations — are set out below in each instrument's own words, with source and date; amounts are in the statute's own currency.
“Cross-border remittance” here is the normalized activity: Provide inbound/outbound cross-border money transfer / remittance services under a dedicated licence, approval or registration (IMTO/MRP/MTSP/ADLA-type).
Activity id (as used by the Afriset MCP): fintech:REMITTANCE_XBORDER
Money Remittance Operator
Bank of Uganda| Requirement | As published | Source | Source date |
|---|---|---|---|
| Minimum capital | Current: UGX 200,000,000 (10,000 currency points × UGX 20,000). [Superseded 2006 figure: 2,500 CP = UGX 50,000,000.] (computed — see source note) Verbatim“The minimum paid up share capital to carry out money remittance business shall be ten thousand currency points. … a minimum paid-up share capital of two thousand and five hundred currency points” | Foreign Exchange (Amendment) Act, 2023 | 2023 |
| Local presence / incorporation | Local incorporation mandatory — company limited by shares, ≥2 shareholders Verbatim“An applicant … shall be locally incorporated in Uganda as a company limited by shares … only a body incorporated under the Companies Act … with a minimum of two shareholders shall qualify for a licence” | Foreign Exchange (Forex Bureaus and Money Remittance) Regulations, 2006 (S.I. 2006 No. 17) | 2006 |
| Timeline | Processing: within 3 months of a complete application. Validity: open-ended post-2023 (was 12 months renewable under the 2006 Regs). Verbatim“The Bank of Uganda shall, within three months after receipt of a complete application … consider the application … A licence … shall remain valid, unless suspended or revoked” | Foreign Exchange (Forex Bureaus and Money Remittance) Regulations, 2006 (S.I. 2006 No. 17) | 2006 |
| Local ownership | No such requirement: No local-shareholding percentage prescribed (≥2 shareholders, no nationality quota) | Foreign Exchange (Forex Bureaus and Money Remittance) Regulations, 2006 (S.I. 2006 No. 17) | 2006 |
| Fees | A value has been located but not yet verified, so we don't publish it here. | — | — |
| Ongoing obligations | Keep customers' funds separate (reg 20); AML/CFT; maintain security deposit (reg 19); on-going min-capital fund unimpaired by losses (2023 Act new s.5A); BoU supervision/inspection Verbatim“The minimum capital fund … unimpaired by losses, shall not be less than the minimum capital required under section 5(3) and 5(4) … Customers' funds to be kept separately” | Foreign Exchange (Amendment) Act, 2023 | 2023 |
Requirements as published in the cited instruments — not legal or compliance advice. Capital and fees are shown in the currency the statute itself uses. Where a value is located but not yet verified, we show that it exists but don't publish the figure. Verify directly with the regulator.
Who already holds this licence?
103 entities are on the Bank of Uganda register under the Money Remittance Operator category — view the register .
Related
Everything Afriset holds on Uganda →
Related questions
This question, in other markets