Bank of Uganda reveals new strategy to increase use of digital finance platforms

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By Deo Wasswa

Bank of Uganda reveals that the necessary regulatory framework and payment strategy to accelerate use of digital finance platforms is in the offing.

Speaking at the Digital Financial Literacy summit, the director National Payment Systems Bank of Uganda, Mackay Aomu says that from the regulatory perspective, working with the ministry of finance and that of justice, the Bank has come up with a National payment system ACT that came into effect on the 4th of September 2020.

Aomu adds that Bank of Uganda is now finalizing implementation of regulations for the financial innovations operators that will enable increased access to electronic payment systems to reduce cash based payments.

He reveals that the implementing regulations will cater for operators of the payment systems, address how to get a license and how consumers can be protected.

The Chief Executive Officer of the Uganda Institute of Banking and Financial Services Goretti Masadde noted that this digital financing will see more Ugandans conveniently access banking services on their phones.

Currently only 11% of Ugandans hold bank accounts yet many more have mobile money accounts.