Uganda: New Technology to Help Central Bank Regulate Digital Financial Innovation

23 September 2019

A new application programme expected to go live in December will enhance the monitory performance of regulators in the digital and financial space.

Speaking during the launch of the Digital Frontiers Institute, a digital financial certification organisation in Kampala, Mr Twinemanzi Tumubweine, the Bank of Uganda executive director supervision, said the new programme will eliminate regulatory gaps taken advantage of by players in financial technology.

"We noticed that when you want to bring the banks and mobile network operators to book as the Central Bank, they say we are licensed by Uganda Communications Commission (UCC)," he said, adding: "When UCC attempts, they say look here, we are providing a financial service. They are taking advantage of a lacuna in the law."

Mr Tumubweine also said the programme will shield banks from illicit financial flows and cyber threats that they are exposed to.

The move seeks to find a middle ground between the different players in the financial sector in a bid to support financial transformation.

"What we want to drive in the digital financial space is collaboration. Can we look at the experiences from other countries, If Zambia has sandboxes, can we also understand how they have made it work in their country," Ms Sarah Corley, community and professional development manager, said.

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