In a significant move aimed at safeguarding the interests of the public and maintaining the stability of the financial system, the Bank of Uganda has exercised its authority under Section 13 of the National Payment Systems Act, 2020, to suspend the licences of M/s Pivot Payments Limited as both a Payment Service Provider and a…
The landscape of financial payments in Uganda is rapidly evolving as consumers increasingly prioritize convenience and speed in their payment methods. The surge in demand for digital payment services reflects this trend, with mobile money transactions experiencing a notable 7.7 percent increase in volume and a 2.9 percent uptick in value, soaring to UGX 62.2 trillion…
In an era where digital interactions reign supreme, calling a bank provides a seemingly human touch for consumers wary of the digital landscape. However, with the surge in banking fraud and the advancements in generative AI voice cloning tools, questions arise about the safety of voice banking. Rising Threat of Impersonation Attacks Impersonation attacks, a…
In the recently released Absa Africa Financial Markets Index 2023, Uganda maintained its standing as the fourth-ranked country among the 28 nations surveyed. With a score of 63, Uganda showcased its continued commitment to a robust financial market environment. The survey, conducted by the Absa Group and unveiled in the capital city, Kampala, highlighted a…
Uganda’s digital payments landscape is undergoing a transformative shift, accelerated by the COVID-19 pandemic and evolving consumer preferences prioritizing convenience, speed, and security. While mobile money has seen widespread adoption, card payments have faced challenges, including merchant surcharges at point-of-sale terminals and limited awareness regarding the advantages of card transactions. The introduction of the “Sasuza…
The Monetary Policy Committee (MPC) of the Bank of Uganda has opted to maintain the Central Bank Rate (CBR) at 9.5%, affirming its commitment to fostering economic stability and growth. In a statement issued by Michael Atingi-Ego, the Deputy Governor of the Bank of Uganda, the decision to retain the current monetary policy stance aligns…
