Bank Of Uganda Issues Licenses To Airtel, MTN Mobile Money Under National Payment Systems

Bank Of Uganda Issues Licenses To Airtel, MTN Mobile Money Under National Payment Systems

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By Spy Uganda

Kampala: The Bank of Uganda has issued a license to Airtel Mobile commerce Uganda limited and MTN Mobile Money Uganda limited to conduct various payments through telecommunication-based channels which have transformed online business transactions over the years.

On Friday, the governor Bank of Uganda, Emmanuel Tumusiime Mutebile said in a statement that the two will be directly regulated by the Bank of Uganda.

“Following the enactment of National Payment System (NPS) Act 2020, on 4 September 2020 and the gazetting of the NPS Implementing Regulations on 5th March 2020 Bank of Uganda has commenced licensing of Payment System Operators, Payment Service Providers and Issuer of Payment Instruments.”

“In addition, M/s Wave Transfer limited received the Bank of Uganda’s approval to operate under the regulatory Sandbox Framework Pursuant to section 16 of the National Payment Systems Act 2020 and regulation 5 of the National Payments Systems Sandbox Regulations, 2021,” he said.

   Statement From Bank Of Uganda

 

\The National Payment System Department in the Bank of Uganda oversees the national payment system with the objective of ensuring the overall effectiveness and integrity of payment systems in the country.

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