If no claim is lodged for a closed electronic or mobile money account within seven years, the National Payment Systems Act indicates, the unclaimed balances shall be transferred to Consolidated Fund
Financial Services | Mobile Money Separated From Telecom Operations | Enactment Of National Payment System ACT 2020 ugandandiasporanews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ugandandiasporanews.com Daily Mail and Mail on Sunday newspapers.
Daily Monitor
Thursday May 27 2021
Summary
Mobile money companies, which already operate payment service providers and payment systems operator platforms, will be required to obtain two licences each at Shs25m.
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Bank of Uganda has set Shs25m as the amount that telecoms will have to pay in annual licence to operate as a payment service providers or payment systems operator.
The two services are classified separately, which means that a telecom that wishes to operate both will have to pay a combined sum of Shs50m annually.
Telecoms are already operating as payment service providers and payment systems operators, which means they will be required to have the two licences. The fees are contained in the National Payment Systems Regulations 2021, which effectively split mobile money operations from telecommunication services.