The Bank of Uganda last month issued the required licenses to both MTN Mobile Money Uganda Limited and Airtel Mobile Commerce Uganda Limited. The “red” telecom has today announced that they have separated and transferred the Airtel Money Business to their sister company Airtel mobile commerce Uganda Limited (AMC Uganda).
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Airtel has done this in compliance with the mandatory requirements for a new law called the National Payment Act, 2020. Under this law, all telecom firms operating mobile financial services are required to separate these services from their telecom operations. AMC Uganda will take over all of Airtel Uganda’s business and continue to provision Airtel Money services to the registered subscribers of Airtel Uganda, on the same terms and conditions.
Unlike Airtel Uganda which is now under the Uganda Communications Commission, AMC Uganda is licensed, regulated, and supervised by the Bank of Uganda. Airtel was given a Payments Systems Operator (Electronics Money Systems) license number PSO 01/21 and a Payment Service Provider (Class A) License number PSP 01/21 and was issues on May 6, 2021.
According to AMC Uganda, Airtel money Services and Products remain the same and customers will continue to access the services via the shortcode *185# or *165# or My Airtel App and use the same Airtel Money Agents, Service Centers, and Outlets. Also, all transaction charges and branding will not change.
The company has also assured its subscribers that their money is safe and secure and kept in commercial banks with the same level of protection as other bank accounts. As a result of this separation, the Airtel Money and related information will be transferred or shared with AMC Uganda with the same level of safety and protection and in compliance with the privacy and data protection laws of Uganda.
If you continue to use Airtel Money services, the company will deem this as proof of customer’s acceptance of the transfer of their Airtel Money account and sharing of the customer registration information between Airtel Uganda and AMC Uganda.
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