It will require mobile money service providers to get a licence from the Bank of Uganda and submit details of mobile money users to the institution. Under the approved Bill, an electronic money issuer who contravenes provisions of this Act of Parliament commits an offence and is liable on conviction, to a fine not exceeding 20 million Shillings.
Besides the regulation of mobile money transactions, the Bill also provides for the protection of the payment and settlement systems against insolvency proceedings by providing for transfer orders finality and protection of collateral arrangements.
