Government to take idle mobile money

MOBILE MONEY GOVERNMENT

Parliament has passed the National Payments Systems Bill, 2019, empowering Bank of Uganda (BOU) to license mobile money operators and ensure that money on dormant accounts is sent to the Consolidated Fund.

Hitherto, the regulation of mobile money and other fi nancial services offered over communication platforms in the communications sector is guided by the Mobile Money Guidelines and select provisions under the Uganda Communications Act, 2013 on provision of value for money services.

The current legal regime does not sufficiently address all the issues regarding digital financial services. 

The Details of this story are in the copy of the New Vision. Click for Epaper.