A copy of the Bill seen by URN shows that it also provides for the licensing criteria, procedure and the regulatory power of the Central Bank concerning imposition of norms, standards on operators of payment systems and the powers to obtain information and take enforcement actions to ensure compliance.
According to the Bank of Uganda act, the Central Bank Governor who is also the most senior officer in the bank also chairs the board of directors and deputized by the Deputy Governor. The other members are the Secretary to the Treasury and directors from different departments in the bank.
Suruma, the Makerere University Chancellor was one of the few government officials that had tried to resist the World Bank/ International Monetary Fund call for privatization of UCB.
Cabinet has approved the principles to amend the Bank of Uganda BoU Act 2000 to to reflect changing mandate and roles of the central bank. Among the proposals is inclusion of mobile money banking and other forms of payments and aligning the Bank of Uganda Act with the Public Finance Act.
A statement from TerraPay, says with the addition of Uganda, it becomes the only licensed mobile payments switch equipped to deliver cross-border payments to mobile wallets in the East African region.
A report published by the Economic Policy Research Center EPRC says that alternative financing other than official development assistance would stimulate growth and plug huge deficits in sectors like energy and transport.
