Bank of Uganda Tightens Forex Bureau & Money Remitter Compliance Rules

Corporate editorUpdated 2 months Ago1 Mins read102

The Bank of Uganda (BoU) has strengthened its engagement with the non-bank financial sector after its Non-Bank Financial Institutions (NBFI) Department convened an industry workshop on April 2, bringing together forex bureaus, money remittance businesses, and other key stakeholders. The meeting focused on improving regulatory compliance, industry preparedness, and stronger collaboration between supervisors and operators.

According to the central bank, the workshop covered key compliance areas, including regulatory return submissions and proposed amendments to the regulatory framework. These sessions were led by Ms Judith Nampeera and Mr Andrew Kamugisha from the Bank of Uganda, who guided participants through current obligations and upcoming changes expected to shape the sector.

The workshop also highlighted employer responsibilities under the National Social Security Fund (NSSF). Ms Brendah Arinda, Senior Manager for Partnerships and Business Development at NSSF, led the session on employer obligations and also delivered greetings from NSSF Managing Director Mr Patrick Ayota. Industry voices were equally represented, with Uganda Forex Bureaus and Money Remitters Association (UFBMRA) Chairperson Mr Masoudi Obed sharing perspectives from operators within the sector. His contribution underscored the need for continued dialogue between regulators and market players as the industry evolves.

Opening and closing remarks were delivered by Mr Mackay Aomu, Director of NBFI, on behalf of the Executive Director for Supervision and Regulation. He reaffirmed the central bank’s commitment to transparent, collaborative, and forward-looking supervision of Uganda’s non-bank financial institutions.

The workshop comes at a time when the financial sector is seeing increased attention on remittance flows, data reporting, and oversight reforms, as the Central Bank continues to modernise supervision tools and strengthen market confidence. For businesses in the forex and remittance space, the engagement signals a clear regulatory direction: stronger compliance standards, better reporting systems, and closer cooperation with the regulator.