In May 2021, Bank of Uganda issued two licenses to Airtel Mobile Commerce and MTN Mobile Money to conduct various money transfer and payment services. The licenses were partly intended to implement sections of the National Payment System Act 2020, which had transferred the regulation of mobile money from the Uganda Communications Commission to the Central Bank. In the years leading up to the enactment of the National Payment System Act 2020, there had been various conversations that highlighted the risk of an unregulated digital financial system. But in all this, government had become aware of the problem that not…
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