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Daily Monitor Tuesday June 01 2021 Summary Standalone business. E-commerce platforms of Airtel Uganda and MTN Uganda have automatically become standalone businesses from their parent companies –the telecoms, a move that is likely to drive partnerships among payment service providers. Advertisement Is it a good move, or a risky one? Whose business is it going to impact mostly? Is it the savers, banks or telecoms that have been managing mobile money services? These are the lingering questions in the corridors, sparked off by the recent pronouncement by Bank of Uganda (BoU) Governor Emmanuel Tumusiime Mutebile that the Central Bank had commenced licensing of payment system operators, payment service providers and issuers of payment instruments. ....
Advertisement The COVID-19 pandemic has opened the way for great opportunities for FinTech companies. The term for it is called COVID propelled transformation. Who would have thought that a world wide pandemic will be the silver lining in ensuring the world becomes more digitally adept. Now, customer penetration has increased to record highs in an effort to ride the digital transformation wave that everyone wants to be a part of. However, with new opportunities come new risks. When risks and digital are in the same sentence, you know we mean risks of the cyber security kind. According to an Accenture report, financial services incur the highest cybercrime cost of all the industries studied. Just think about one of the largest data breaches in recent history, the Equifax incident in 2017, which exposed the personal information of 147 million people. Equifax has spent $1.4 billion on security upgrades alone in the wake of the incident. ....