Regulatory Alerts2021-02-26
Added · Updated
The National Payment Systems Agents Regulations
Issued by Uganda's Minister of Finance in consultation with the central bank, these regulations establish a comprehensive framework for payment service licensees to appoint and operate agents. Licensees must obtain central bank approval by submitting applications detailing due diligence, technology specifications, risk assessments, and anti-money laundering procedures before deploying agents. The rules mandate strict licensee responsibilities, including mandatory agent training, consumer protection compliance, non-exclusive agency agreements, and monthly operational reporting subject to daily civil penalties for defaults.