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.