Regulatory Alerts2021-06-01
Added · Updated
National Payment Systems Oversight Framework
The Bank of Uganda (BoU) establishes its National Payment Systems Oversight Framework, detailing its policies and activities for overseeing payment systems in Uganda, as mandated by the National Payment Systems Act 2020. This framework applies to Payment Service Providers, Operators of Payment Systems (both BoU-owned and external), payment instruments, and the BoU's Central Securities Depository. It outlines a risk-based oversight methodology including authorization, monitoring, assessment, and inducing change, with specific criteria for designating "Systemically Important Payment Systems" (SIPS) and "Prominently Important Retail Payment Systems" (PIRPS). SIPS and CSDs must comply with relevant FMI principles, licensing, comprehensive oversight standards, and reporting, while non-SIPS and PIRPS are subject to proportionate requirements.