Financial Inclusion (FI), which refers to access and usage of appropriate financial services, continues to play an integral role in the realization of inclusive and sustainable growth. It is vital for economic and social development of a country.

Financial Innovations (Pillar 3)

Alongside its core role to protect the safety and stability of the financial sector, BOU aims to promote financial innovations through enabling regulation. The objective is to enable financial services providers to take advantage of new technologies to increase access to financial services, while at the same time protecting consumers.  The priority strands under the Financial Innovations Pillar are currently mobile money and agent banking, although other financial innovations will be considered as they arise.

In the area of financial innovations, BOU interacts closely with external partners such as the Ministry of Finance, Planning and Economic Development and the Uganda Communications Commission (UCC), financial institutions, mobile network operators and other relevant actors from the public and the private sector.

Key elements under this pillar include:

  • Development of Mobile Money Guidelines to provide greater clarity to stakeholders on the provision of mobile money services.
  • Preparation of Agent Banking Regulations.
  • Provision of inputs into the relevant legislation and regulation as regards the long-term development of mobile money and agent banking.
  • Development and implementation of a holistic supervisory approach for financial innovations.
BoU Mobile Money Guidelines

The Bank of Uganda Mobile Money Guidelines came into effect on 1stOctober, 2013. The Guidelines have the following objectives:

a)  To provide clarity on mobile money services to customers, mobile money service providers, licensed institutions, mobile money agents and other parties involved in the provision of mobile money services in Uganda;

b)  To outline the approval procedure for  parties seeking to engage in the provision of mobile money services;

c)  To stipulate roles and responsibilities of parties engaged in the provision and usage of mobile money services;

d)  To foster consumer protection for mobile money customers including a mechanism for handling complaints relating to the provision of mobile money services and further the interests of customers in mobile money services;

e)  To enhance competition in the provision of mobile money services and related markets; and

f)   To promote financial inclusion.



Useful Resources/ Links

Mobile Money Guidelines, 2013


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