Cash transfer firms ignore BOU licenses

News published on Oct 25, 2023 @ 3:05 pm

The Bank of Uganda has accused financial technology companies, and fintechs, of refusing to apply for licenses.

BOU started implementing the regulatory framework for fintechs last year and started implementing the National Payments Systems Act which provides for the regulation of the small financial technology companies under the regulatory sandbox arrangement.

This is aimed at ensuring that the payments or cash transfer players are under a form of regulation to protect the public.

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