Printer Friendly

Central bank says Uganda needs urgent national payments system.

Global Banking News-October 4, 2018--Central bank says Uganda needs urgent national payments system

(C)2018 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 04 October 2018

The Ugandan central bank has said that the nation urgently needs a national payments system.

The central bank said that the system is needed to licence and regulate new payment platforms in the financial markets. Even though payment systems have been launched in the nation five years ago, about 76 percent of transactions are made through cash.

Emmanuel Tumusiime Mutebile, governor of the central bank, said, '...a comprehensive National Payment System to provide an oversight framework for payment service providers, operators and instruments is urgently required.'

The National Payment System is currently undergoing a review before it is sent to the Finance Ministry for consideration and further adjustment.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))

COPYRIGHT 2018 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2018 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Oct 4, 2018
Words:156
Previous Article:Totten Insurance purchases Anderson McTague.
Next Article:American National set to become fourth largest firm in Roanoke Valley.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters