Uganda: Airtel Completes Airtel Money Business Transfer

Kampala, Uganda — Airtel Uganda has announced the separation of Airtel Money from its Telecom Business. Technically, the Airtel Money Business has been transferred to Airtel's affiliate, Airtel Mobile Commerce Uganda Limited ("AMC Uganda").

The business separation complies with a new law - the National Payment Systems (NPS) Act, 2020 - passed on 4th September 2020, and the NPS Regulations gazetted on 5th March, 2021.

"Nothing changes from a customer perspective. Going forward, our affiliate company, Airtel Mobile Commerce Uganda Ltd, will provide Airtel Money Services to the registered Subscribers of Airtel Uganda Ltd, on the same terms and conditions. The new company is regulated and supervised by Bank of Uganda," Manoj Murali, the Managing Director of Airtel Uganda, said while announcing the business separation.

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Pursuant to Section 9 of the National Payment Systems (NPS) Act, 2020, the Bank of Uganda, on 24th May, 2021, announced the issuance of two licences to Airtel Mobile Commerce Uganda Limited.

First, a Payment Service Provider (Class A) Licence, Number PSP 01/21, which authorizes AMC Uganda to provide Electronic (Airtel) Money Services.

Second, a Payment Systems Operator Licence - (Electronic Money Systems), Number PSO 01/21, which authorizes AMC Uganda to operate a Payment (Airtel Money) Platform

As a result, Airtel Mobile Commerce will now conduct all Airtel Money Services in Uganda in partnership with and through the licensed telecommunications network of Airtel Uganda.

On the other hand, Airtel Uganda the Smartphone Network with the widest 4G coverage in Uganda, will focus on the operation of telecommunication infrastructure and the provision of telecommunications services to its network subscribers and licensed operators.

As a result of the separation, the Airtel Money Accounts and related information will be migrated or shared with the new company, with the same level of safety and protection, and in compliance with the privacy and data protection laws of Uganda and the directives of Bank of Uganda and Uganda Communications Commission.

" The customer deposits are safe, secure and kept in reputable commercial banks with the same level of protection as other bank accounts. AMC Uganda and the Commercial Banks holding the customers' funds are licensed, regulated and supervised by the Bank of Uganda," Manoj, noted.

Customers will continue to access the Airtel Money Service via short code *185# or *165# or My Airtel App, as well as our touch points and support system including; Airtel Money Agents, Service Centers and Airtel Outlets.

More From: Independent (Kampala)

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