- Five more companies have been given licenses by Bank of Uganda to conduct digital and electronic payments under the new National Payment System law.
- So far seven companies have been licensed under the National Payment Systems Act.
Five more companies have been given licenses by Bank of Uganda to conduct digital and electronic payments under the new National Payment System law. So far seven companies have been licensed under the National Payment Systems Act. Two other companies, MTN and Airtel, were earlier issued in May with Payment Systems Operator and Payment Service Provider licences. The latest five companies include issuers of payment instruments and trust fund operators including Micropay Uganda, Mcash Uganda, Interswitch East Africa, Pegasus Technologies and Wave Transfer. Ms Charity Mugumya, the Bank of Uganda director communications, has stated that six more companies are being evaluated.
The National Payment Systems Act, had made it mandatory for all payment service providers to acquire new licences .Earlier, many innovative financial technology products were introduced with no particular regulation exposing users to cyber-attacks and other threats.
