The Bank of Uganda has announced that the Empire Forex Bureau is no longer authorized to operate in the foreign exchange business after the central bank declined to renew its license.
In a public notice issued on January 22, 2025, the central bank cited its decision as being in line with regulations 13(2)(a) and 13(3) of the Foreign Exchange (Forex Bureaus and Money Remittance) Regulations, 2006. These regulations govern the licensing and operational standards for forex bureaus and money remittance entities in Uganda.
The notice explicitly states, “Empire Forex Bureau is not permitted to engage in foreign exchange business with immediate effect.”
The Bank of Uganda has urged members of the public to refrain from conducting any foreign exchange transactions with the Empire Forex Bureau following the decision.
