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 Payment Systems Operator.
This decisive action follows the Bank of Uganda’s meticulous oversight, which revealed that M/s Pivot Payments Limited has been conducting its business in a manner that is not only detrimental to the public interest but also poses a potential threat to the stability of the financial system.
As of today, February 29, 2024, all operations of M/s Pivot Payments Limited in its capacities as a Payment Service Provider and a Payment Systems Operator are suspended. This includes the use of its wallets for financial transactions.
In response to this suspension, the Bank of Uganda has issued a directive for all existing M/s Pivot Payments Limited wallet holders to promptly visit the company’s premises located at Plot 17, Golf Course road-Kololo, Kampala, Uganda. The purpose of this visit is to verify wallet balances and update Know Your Customer (KYC) information. This process is crucial for ensuring transparency and maintaining the integrity of the financial transactions associated with M/s Pivot Payments Limited.
The Deputy Governor, Michael Atingi-Ego, emphasized that the Bank of Uganda remains committed to its role as an overseer and protector of payment systems in Uganda. This commitment is crucial to maintaining the integrity and security of the financial landscape, assuring the public that stringent measures are in place to address any threats or irregularities in the payment systems.
