Regulatory Alerts2020-01-01
National Payment Systems Act 2020
Enacted by the Ugandan Parliament, this Act regulates domestic payment systems and mandates the Bank of Uganda to license, supervise, and oversee operators and service providers. The legislation establishes strict eligibility criteria for licensing, introduces a regulatory sandbox for innovative financial products, and standardizes rules for electronic money issuance, financial collateral arrangements, and cross-border settlements. It further ensures payment finality, protects settlement accounts from insolvency risks, and imposes compliance obligations on licensees to maintain capital adequacy, data security, and consumer protection.
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