Ugandan government asks for public input on digital banking regulations

The Ugandan government is asking for public input on legislation to regulate mobile money and online banking.

The Ugandan government is asking for public input on legislation to regulate mobile money and online banking.

 

The Uganda Law Reform Commission (ULRC) is inviting members of the public to contribute to the content of the new regulations by participating in a survey.

 

Patrick Nyakana, Commissioner at the ULRC said the legislation aims to address issues of security for electronic money transfer, consumer privacy and confidentiality, safety of transactions and allocations of risks and liability under electronic money transfers.

 

It will also target consumer complaints and dispute resolution, cross-border electronic money transfers and the regulation of mobile money services.

 

According to Lucas Omara Abong, ULRC secretary, the legislation will improve the security of transactions undertaken through mobile money and internet banking.

 

The ULRC has also released an "issues paper" underlining the areas in which it wants the views of normal Ugandans, in order to canvas the general public’s views on mobile money and internet banking.

 

The development of regulation for mobile money and online banking follows the rising levels of fraud in these sectors.

 

The lack of direct legislation on the matter has also made prosecution of suspected fraudsters very difficult.

 

 

 

 

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