How to Apply for Money Remittance License In Uganda

Apply for Money Remittance License In Uganda By Yourself

  1. Contact Bank of Uganda at an early stage to arrange a preliminary meetings for discussion of licensing and other questions.
  2. Make a proposal and reserve at least three business names that are registered with an Registrar of Companies that have the words “money transfer” as well as “money transfer” as an official brand name.
  3. Submit the names that you are proposing to the Bank of Uganda in order of priority prior to incorporation this company. firm restricted by shares.

Stage 2 Request for Licence

Complete and submit an approved Formula A for Application for the Bank of Uganda together with an Information Sheet according to Form B, Schedule 5 of the Regulations which specifies the class of license being sought and provide to the Bank of Uganda with any additional information is required by the Bank of Uganda may require along with any necessary documents, including the following:

  • The certified copies of the Certificate of Incorporation;
  • A certified duplicate of the Tax Personal Identification Number (PIN) certification;
  • A certified replica of the approved Memorandum along with Articles of Association indicating paid up capital of at minimum Ugshs fifty million.
  • A valid licence to operate in the country of base.
  • An impressive track record of running a money remittance business
  • An opinion from the authority responsible for regulation in the base country.
  • A minimum-paid-up capital for shares of two thousand or five hundred points of currency
  • The ability to adhere to all applicable anti-money-laundering and fighting the financing of terrorism standards and measures
  • Acceptable Agency Contracts;
  • Officially confirmed notice of the registered business address as well as the potential locations for business (Head Office branches, branches, agencies and outlet, in the event of there are any);
  • A clearly laid-out method of money transfer that is official, trustworthy and transparent;
  • A valid operational manual
  • Make a payment of a non-refundable application charge that is Ugshs one million to the Bank of Uganda by bankers cheque or RTGS.
    • You must provide proof of a the minimum capital required for core investment in the amount of Ugshs.50 million.
    • Create and submit a complete analysis of feasibility and a business strategy.
    • Fill out and send the’Fit as Proper’ forms of all important shareholders (at minimum 10 percent shareholding) and directors proposed to be appointed with supporting documents (certified).
    • The applicant should be sure there aren’t any reasons, like the inability to obtain or inadequacy of data, and insufficient transparency, that might be a cause for concern.
      • Hinder the conducting of investigations by Bank of Uganda after submission to Bank of Uganda after the submission of the application or
      • prevent the effective oversight of the licensee by authorities at the Bank of Uganda after the approval of a money transfer license.

Stage 3: Detailed report.

The Bank of Uganda shall, within three months following receiving a complete application for a licence to transfer money review the application and write an elaborate report on the basis of the application. It will also state what the bank’s decision was. Bank of Uganda to—

  1. The license will be granted in the event that it is satisfied the application meets the conditions in the Act and the Regulations;
  2. The license is granted in condition of the conditions set by are deemed necessary by the Bank of Uganda deem necessary;
  3. Refusal to grant the license with the reason of the decision to refuse. The reasons for refusal must be included on the notification of decision or the letter of refusal sent to the applicant.
  4. The Bank of Uganda may at anytime alter or cancel any existing condition of a license or create new conditions.

Stage 4 Letter of intention.

  • After assessing and confirming that the applicant has met all of the above requirements at step three following the assessment, following the assessment and fulfilment of all these requirements in stage three, the Central Bank will issue a Letter of Intent that is an acceptance in principle. The Central Bank will provide the applicant with the next steps and conditions to be satisfied prior to the issue of a licence and authorization for operations to start, including.
    • Paying the license fee of Ugshs 1 million in the Central Bank by bankers’ cheque or RTGs.
    • Get a security that consists of either a surety or an irrevocable certificate of credit from a commercial bank microfinance institution, or an insurance bond that is at least Ugshs.10 million or an amount equivalent 1 percent or more of estimated total business in the initial year of the operation.
    • Preparation of premises to comply with the prescribed standards and to seek permission from Central Bank approval/ licence prior to the start of business.
    • Complete and send and submit the Fit as well as Proper Forms of the top officers, accompanied by documents supporting them,
    • Making and establishing a management information system as well as other institutions required to conduct the business of money remittance.

5. Stage 5 Issue of Licence

  • Central Bank, if satisfied that the applicant has fulfilled all requirements, will issue a license allowing the applicant to begin a money transfer business.

Note: The Central Bank must conduct due diligence assessment of the management, and an assessment of the MIS as well as internal procedures and controls.

Required Documents For Apply for Money Remittance License

  • The certified copies of the Certificate of Incorporation;
  • A certified duplicate of the Tax Personal Identification Number (PIN) certification;
  • A certified replica of the recorded Memorandum along with Articles of Association indicating paid up capital of at the minimum Ugshs fifty million.
  • Verified official notice of the registered location of business, as well as the possible locations for business (Head Office, branches, agencies as well as outlets, should they exist);
  • You must pay a non-refundable charge that is Ugshs one million at Central Bank. Central Bank by bankers’ cheque or RTGS.

Office Locations and Contacts

Bank of Uganda
Lot 37/45 Kampala Road
P.O Box 7120, Kampala, Uganda
Tel:+256 414 258-441/6
Tel:+256 414 258 060/9
Tel:+256 417 302 000
Tel:+256 312 392 000
Fax: +256 41-4230878
Fax:+256 41-4233818
Email: info@bou.or.ug
SWIFT:UGBA UGKA
Site: Bank of Uganda

Bank Of Uganda Branches.

  • The bank has nine branches located in the following towns throughout the country:

Bank of Uganda.
Arua (Branch)
Location: Plot 27/29 Avenue Road (Inzikuru Road)
Address: P. O. Box 152 Arua
Tel:+256-476-420253

Bank of Uganda
Fort Portal (Branch)
Place: Lot 1 Kaboyo Road
Address: P.O. Post 562 Fort Portal
Tel:+256-483-422532

Bank Of Uganda
Gulu (Branch)
Airfield Road, Airfield Road
Address: P.O. Box 46 Gulu
Tel: +256-471-432330

Bank of Uganda
Jinja (Branch)
Location: Plot 3 Busoga Avenue/ Busoga Square
Address: P.O. Box 35 Jinja
Tel:+256-43-4121247

Bank Of Uganda
Kabale (Branch)
Location: Plot 137 Kabale Road
Address: P.O. Box 966 Kabale
Tel:+256-486-423595

Bank of Uganda
Masaka (Branch)
Location Lot 41 Kampala Road
Address: P.O. Box 1567 Masaka
Tel:+256-481-421246/8

Bank of Uganda
Mbale (Branch)
Place: Plot 34-38 Cathedral Avenue
Address: P.O. Box 2402 Mbale
Tel: +256-454-433632

Bank of Uganda
Mbarara (Branch)
The address: Plot 2 High Street, Mbarara
Address: P.O. Box 1421 Mbarara
Tel:+256-485-420741

Bank of Uganda
Kampala (Branch)
The location: Plot 37/43 Kampala Road, Kampala
Address: P.O Box 7120, Kampala
Tel: +256-41-4258441/6

Bank of Uganda Lira
(Currency Tech Center)
Place: Plot 2, Obote Avenue
Address: P.O. Box 211, Lira

Eligibility

  • Anyone can submit an application to operate an money Remittance Firm located in Uganda.

Fees

  • A search name and the cost of reservation is Ugsh.100,000
  • The fee for application is Ugsh.1,000,000 for a new license (fees are paid by bankers’ cheque made payable on Bank of Uganda). Bank of Uganda);
  • The annual license fee of Ugsh.2,000,000

NOTE:The Bank of Uganda can prescribe different fees for licences for various categories or classes of licensees.

  • For more details on the charges, click here:

Bank Fees Charges

Validity

  • The time of validity is one calendar year.
  • A license issued pursuant to this section be valid, unless earlier cancelled, and expire on December 31st the following day after the date of issue.

Documents to Utilize

Application Form

Processing Time

Processing time is 120 days.

Instructions

  1. For the issuance of a licence you must submit the completed application form at Bank of Uganda.
  2. In order to apply for a new license applicants are required to get approval from the Bank of Uganda and thereafter will be informed of the required documents to submit together with the properly completed application form.
  3. After meeting all conditions and paying the applicable fees for licensing, the person applying is issued the license.
  4. All information supplied will be considered to be private.
  5. The Bank of Uganda will not refund any fees for licences due towards Bank of Uganda shall be made if Bank of Uganda shall be provided in the event of—
    • A license is cancelled or removed;
    • The licensee ceases to conduct Business prior to the expiration of the license.
  6. An additional charge of fifty points in currency will be paid by a licensee for each branch.
  7. A license issued pursuant to these Regulations is not transferable or transferable.

Requirements Information

  1. Name of the applicant
  2. Head/ Main Office
  3. Physical address and postal address of the head office/ new outlet
  4. Date of incorporation
  5. Form of incorporation
  6. Description of the activities or business
  7. Certificate of incorporation number
  8. Details of affiliates and subsidiaries (Name of Outlet County City/Town Street and Building, date of opening)
  9. Details of shareholder details (Name, Nationality, Date of acquisition, amount of shares, % of shares held)
  10. Information about directors (Name Name, Nationality Date of appointment Education level)
  11. Particulars of officers in ascending order of their seniority (Name, Designation Nationality, Date of appointment)
  12. Ownership profiles
  13. The shareholding of another financial institution
  14. Name of the person who is applying for external auditors.
  15. Declaration.

The Document is required

  • This license allows the owners to run an Money Remittance firm in Uganda.
  • Anyone who runs a Money Remittance Firm without a valid license commits an infraction and, if found guilty, will be subject to a fine of not more than the sum of five million dollars or to imprisonment for a period not exceeding 3 years or both.
  • Increase the transparency in remittance as well as payment flows inside and out of Uganda by making sure that anti-money laundering measures and the fight against terrorist financing measures are adhered to in the forex bureaus and money remittance companies.

Information that can be useful

  • The Money Remittance firm will be a corporative body having perpetual succession with a common seal having the right to purchase the right to own, possess, and dispose of properties, to enter into contracts and sue, as well as being sued under its personal name.
  • This program allows an individual to run an money Remittance Firm within Uganda.
  • In Uganda nobody is allowed to run a money Remittance firm in Uganda unless it is authorized by Uganda’s Bank of Uganda.

External Links

Source

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