Regulatory Alerts2021-01-01
The National Payment Systems Sandbox Regulations
Issued by the Ugandan Minister in consultation with the central bank, these regulations establish a formal regulatory sandbox framework for testing innovative payment products and services. Applicants must submit detailed proposals, risk and exit plans, and supporting documentation to the central bank, which conducts a fit-and-proper assessment before granting written approval within sixty days. The resulting six-month approval, extendable by another six months, may be revoked or suspended if participants fail to implement safeguards, breach data security, or cause customer detriment.
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