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The Bank of Uganda (BoU) has come under intense scrutiny following its abrupt cancellation of the National Payments Switch (BNPS) procurement process. This move has raised significant concerns over transparency, security, and alleged undue influence. The central bank annulled the deal just days after awarding the contract to a Moroccan firm, Paylogic S.A., citing security concerns that had supposedly been overlooked earlier. However, industry insiders and procurement experts suggest that deeper issues of favoritism and influence peddling may be at play. The international bidding process, initiated in July 2023 under reference number BOU/NCONS/22-23/00378/C, attracted twenty companies vying for the…
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MTN Mobile Money Uganda Limited has partnered with Dutch global payments infrastructure company TerraPay, in a partnership that will enable MTN Mobile Money Uganda Limited in facilitating international digital cross border remittances and speedy money transfers to beneficiaries in regions such as India and China. Since 2020, TerraPay has been offering inbound remittances to MTN Mobile Money Uganda Limited’s mobile wallets. In its drive to build global payments highways that interconnect mobile wallets and banks across the world, TerraPay aims to cultivate inclusivity, independence, digital mobility and empowerment amongst everyone, with the additional outbound remittance channels now opened up. Speaking on the occasion recently,…
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