This archive report was first published on 13 July 2021.
Published on July 13, 2021, the Bank of Uganda has assumed full responsibility for regulating mobile money services in Uganda, a move that has sparked concerns among customers.
The development comes after the BOU licensed three firms - Airtel Mobile Commerce Uganda Ltd, MTN Mobile Money Uganda Ltd, and M/s Wave Transfer Limited - to operate mobile money services under new rules that require them to delink from mobile cash transfer from communication services for ease of regulation.
According to the new rules, mobile cash operators are expected to pay interest on mobile wallets to encourage customers to save, with a minimum amount set at USh 500 for Airtel.
As of Q4, 2020, the total value of all mobile money transactions by all platforms had hit US$8.2 billion (USh30 trillion), with Airtel and MTN together having over 20 million mobile money subscribers out of the country's 24 million.
