At the end of February 2024, the Bank of Uganda (BoU) issued a notice suspending the licenses of M/S Pivot Payments Limited. This immediate suspension was a response to serious concerns raised by the central bank regarding the company’s operations, which were deemed detrimental to public interest and financial stability.
Pivot Payments Limited has been recognized for its diverse offerings in the payment solutions sector, including B2B services such as Bulk Payments and Bulk Collections from Mobile Money, Cards, and Bank Accounts. Additionally, their retail solution, the Pivotpay wallet, has attracted over 250,000 verified users across multiple African markets, providing a platform for safe, secure, and convenient transactions.
Upon the issuance of the suspension notice, the Bank of Uganda instructed all existing wallet holders to report to Pivot Payments’ premises to verify their wallet balances and update their Know Your Customer (KYC) information.
Lifting of the suspension
After more than nine months, the Bank of Uganda has now lifted the suspension. In a notice disseminated through various media outlets, BoU stated that this decision follows “the institution’s implementation of the corrective measures agreed upon between BoU and the management of M/S Pivot Payments Limited.”
Shamirah Kimbugwe, the founder of Pivot Payments, shared her relief and gratitude on LinkedIn. She expressed her emotions regarding the end of what she described as 281 days filled with challenges:
“Today, the 281 days have come to an end. The Central Bank of Uganda makes public their approval to lift the suspension. The long nights, intense discussions, humbling moments, tears and anxieties are now validated. The numerous lessons learned in these 281 days now get to be tested and implemented.“
Kimbugwe emphasized that entrepreneurship is a spiritual journey that can lead one to profound realizations. She reflected on her journey with gratitude and anticipation for what lies ahead:
“Deep down, I am asking myself, what do you do when your prayers have been answered? Where do you start? For now, let me enjoy this moment.“
