Bank of Uganda has been granted extra powers by parliament to manage all monetary companies after the Nationwide Cost Techniques Invoice, 2019 was handed into regulation, in accordance with a information report by Capital FM.
In line with the parliamentary Committee on Finance, Planning and Financial Growth chaired by Rubanda East MP, Musasizi Henry, the earlier absence of a nationwide cost programs regulation has led to uncertainty, the place service suppliers who will not be monetary establishments have interaction in digital and digital monetary funds and as such, there was insufficient safety of cash throughout all digital platforms.
The amendments grant Bank of Uganda extra powers of regulation and never Uganda Communications Fee as has been.
The passing of the invoice ensures that the authorized framework for the monetary sector does embody non-financial establishments like MTN, Airtel, Uganda Telecom, PayWay, SafeBoda, and Uber that present cost programs. The transfer, parliament stated would tackle the regulatory gaps which have affected customers of those cost programs for a while.
Amongst different issues of the invoice was to supply for the protection and effectivity of cost programs; to prescribe the principles governing the oversight and safety of cost programs; to supply for monetary collateral preparations; to manage cost companies suppliers; to manage the issuance of digital cash; to supply for the oversight of cost devices and for different associated issues.