Despite the Bank of Uganda mobile money guidelines that were introduced in 2013, many citizens have decried the shoddy dealings related to the transactions
Cabinet has approved the National Payment Systems Bill, 2019, which will regulate mobile money transactions, among other financial payments in the country.
“All of you know that for now, mobile money is not very regulated. Many of you have asked questions 'if you die and you are the only one with your pin code, what happens to your mobile money?' So, the National Payment Systems Bill, 2019, is supposed to regulate inter-institutional payments and transactions between telecom companies and citizens,” Ofwono Opondo, the government spokesperson, said during a press conference at the Uganda Media Centre on Tuesday.
Ofwono added that the proposed law is an “effort to integrate the economy and make it secure.”
Once enacted by Parliament, Ofwono said, the law will also regulate transactions between Bank of Uganda and commercial banks.
Despite the Bank of Uganda mobile money guidelines that were introduced in 2013, many citizens have decried the shoddy dealings related to the transactions.
The other complaint within the public domain is related to the difficulties related to the recovery of money once mobile money is sent to a wrong number.
The law will also foster consumer protection for mobile money customers including a mechanism for handling complaints relating to the provision of mobile money services and further the interests of customers in mobile money services.