BoU issues new rules for mobile money transactions
Uganda, April 19 -- Mobile money agents across the country will, with immediate effect, start demanding a valid identity card before a customer transacts more than Shs1m on the platform, according to a new directive by the Bank of Uganda (BoU).
The directive to all mobile money service providers includes deposits and withdraw transactions. Following the enactment and operationalisation of the National Payment Systems Act and subsequent regulations, the Bank of Uganda assumed full responsibility and mandate over the regulation of mobile money services in Uganda.
"The Bank of Uganda observed a rise in the usage of mobile money platforms for online fraud and scams. Mobile money systems have occasionally been the target of cybercrime carrie...
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