Daily Monitor
Monday May 24 2021
Telecoms will now be required to register new businesses under which mobile money shall be operated. PHOTO | FILE
Summary
The licences, which were issued at the weekend by the National Payment System department at Bank of Uganda, will seek to ensure overall effectiveness and integrity of payment systems in the country, including mobile money.
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Mobile money has been split as a standalone business which, going forward, will be regulated by Bank of Uganda as a financial service.
The move, which effectively takes mobile money away from telecom service operations, regulated by Uganda Communications Commission, has now been implemented with the issuance of financial services operator licences to Airtel Money, which will trade as Airtel Mobile Commerce Uganda and MTN, which has placed its mobile money business under MTN Mobile Money Uganda.
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The matter of fees being charged by some financial institutions for services was in the spotlight on Wednesday as an Independent and a Government senator called for strict regulation of service providers, when the Senate debated the
National Payments Systems Bill 2021.
The bill sets out the framework for the establishment of non-traditional systems of payment for business transactions and makes provision for oversight and regulation by the Central Bank and a National Payments Council which is to be established.
Independent senator Lindell Nurse and Government senator Rawdon Adams were of the view that fee monitoring and control should be an important aspect of the regulator’s role.
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