- Five additional companies have received licenses from the Bank of Uganda to conduct digital and electronic payments under the new National Payment System Act.
- So far, seven companies have been licensed under the National Payment Systems Act.
Five additional companies have received licenses from the Bank of Uganda to conduct digital and electronic payments under the new National Payment System Act. So far, seven companies have been licensed under the National Payment Systems Act. Two other companies, MTN and Airtel, had already received payment system operator and payment service provider licenses in May. The five latest companies include issuers of payment instruments and trust fund operators, namely Micropay Uganda, Mcash Uganda, Interswitch East Africa, Pegasus Technologies, and Wave Transfer. Six other companies are currently under evaluation.
The National Payment Systems Act has made it mandatory for all payment service providers to obtain new licenses. Previously, many innovative fintech products were introduced without specific regulation, exposing users to cyberattacks and other threats.