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