Bank of Uganda to supervise mobile money in Uganda
By Drone Reporter
Airtel Uganda has shifted all its financial transactions to a new company, a move that adheres to the latest regulations in the market, and one that offers more protection to customer funds.
In a press statement, Airtel Uganda said it had completed its transfer of Airtel money issues Business to Airtel Mobile Commerce Uganda Limited. The change is in line with a Bank of Uganda’s requirement to separate Airtel Money from mainstream telecommunications services. Customer deposits are safe [and] transaction charges remain at the same affordable rate.”
The separation of its business comes after government passed the the National Payment Systems (NPS) Act, 2020, last year, and only gazetted the regulations in March this year. MTN Uganda, the other large telecom multinational, is expected to take the same direction soon.