Elliot Mwebya: Consultation on draft National Payments law

Keynote address by Mr Elliot Mwebya, Acting Deputy Governor of the Bank of Uganda, to the National Payment Systems Bill Stakeholder Consultative Workshop, Kampala, 1 October2018.

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

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.