BOU Licenses MCash as a PSO and PSP

MCash Uganda Ltd

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Bank of Uganda (BOU) announces MCash Uganda Ltd as a licensed Payment System Operator and Payment Service Provider.

What does this mean for you?

MCash is committed to delivering trusted services to you our customers. Under the two BOU Licences, all operations within MCash are regulated under the National Payment Systems Act (NPSA).

This commitment mitigates client risk, because any financial contract with MCash would be governed under BOU guidelines.

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The National Payment Systems Act was enacted in 2020 by Parliament to regulate payment systems and payments service providers in order to;

1. Provide for the safety and efficiency of payment systems
2. Provide for the functions of the central bank in relation to payment systems
3. Prescribe rules governing oversight and protection of payment systems
4. Provide for financial collateral arrangements
5. Regulate issuance of electronic money
6. Provide for the oversight of payment instruments

Click here to read more about the National Payment Systems Act, 2020.

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