For years, Uganda’s biggest telecom companies have been operating mobile financial services without any licenses. The Bank of Uganda has this week issued the required licenses to both MTN Mobile Money Uganda Limited and Airtel Mobile Commerce Uganda Limited.
In the Bank of Uganda, the National Payment System Department oversees the national payment system with the aim of ensuring the overall effectiveness and integrity of payment systems in the country.
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In a Friday press statement tweeted by BoU, the governor Bank of Uganda, Mr Emmanuel Tumusiime Mutebile said: “Following the enactment of National Payment System (NPS) Act 2020, on 4 September 2020 and the gazetting of the NPS Implementing Regulations on 5th March 2020 Bank of Uganda has commenced licensing of Payment System Operators, Payment Service Providers and Issuer of Payment Instruments.”
“In addition, M/s Wave Transfer limited received the Bank of Uganda’s approval to operate under the regulatory Sandbox Framework Pursuant to section 16 of the National Payment Systems Act 2020 and regulation 5 of the National Payments Systems Sandbox Regulations, 2021,” he added.
According to the Daily Monitor, the governor further gave assurance to the general public and the market that the Bank of Uganda will support the development of a vibrant and resilient payment eco-system that promotes economic growth.
