Business
Uganda Mobile Money Transaction Reaches $7.4 Billion in Value
Regulation:
Realizing the huge amounts of money that go through this platform, BOU took over the regulation of mobile money services to avert fraud and manipulation that comes with huge transactions. Last year, the central bank issued mobile money guidelines. Here, a mobile money provider must be a registered company.
And a mobile money agent must also be registered as a business with a physical address and an account with a licensed institution such as a bank. A financial institution must receive approval from BOU for the provision of mobile money services. If customers are aggrieved and the provider fails to address their concerns, they are free to report to the central bank, which would then issue a directive to the providers. Also, given the amount of money transacted, BOU suspects some money could land in the hands of criminals, possibly terrorists and money launderers.
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