Elliot Mwebya: Developing a legal framework for the regulation of payment systems in Uganda

Keynote address by Mr Elliot Mwebya, Acting Deputy Governor, Bank of Uganda, to the National Payment Systems Bill Stakeholder Consultative Workshop, Kampala, 1 October 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
19 October 2018

 Officials from the EAC Secretariat,
 Representatives from the MoFPED, other Government Agencies, Supervised Financial Institutions [SFIs], the Mobile Network Operators (MNOs) and Payment System Providers (PSPs),
 The Chief Executive's and Representatives from the Partner Regulatory Authorities (UCC, CMA, USE, IRA, UMRA to mention but a few),
 The ED Uganda Bankers Association,
 All stakeholders present in your respective capacities,
 Ladies and Gentlemen.

It is a great pleasure to welcome you all to this very important stakeholder consultation event on the long awaited National Payment Systems Law.

As we have explained in the past, both the Bank of Uganda Act 2000 and the Financial Institution Act 2004 have limitations on the regulation and supervision of Payment Systems in Uganda. Section 4 of the Bank of Uganda Act which stipulates the mandate of Bank of Uganda is silent on the regulation and supervision of payment systems. Similarly the provisions in the Financial Institutions Act 2004 pose limitations on the regulation and supervision of payment systems since the Act applies to deposit-taking institutions only.