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
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.
Daily Monitor
Tuesday April 20 2021
Witnesses point at a spot on a car that was shot by armed thugs who attacked a shop in Nansana-Ganda, Wakiso District in January. Five people were killed during the robbery. PHOTO/FILE
Summary
In 2020, the biggest fraction of money or property valued at Shs11.5t was lost in economic crimes, the report notes.
With many of the 2020 economic crimes still unresolved, financial institutions have urged the government to strength investigative capacity of crime prevention institutions, as well as the criminal justice system, to detect, prevent, investigate and fully prosecute rising cases of big-ticket fraud and embezzlement cases.
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