mobile money accounts. – once approval is obtained, mobile money is treated as a financial institutions business regulated under the fia. in 2013, the bou issued mobile money guidelines which stipulate the approval process for the mobile money services, as well as the roles and responsibilities of all parties involved. they address interoperability, system standards, competition, aml / cft, and supervision. they also stipulate the safeguards to protect customers among which are : bis central bankers ’ speeches – transactions must be real time and only carried out when the mobile money system is up and running, and must be authenticated by customers ’ pin numbers. the customer must receive confirmation of execution of the transactions. in case of sending mobile money, the sender must be able to verify the recipient ’ s name before completing the transaction. – the customer obtains a copy of terms and conditions of the service at the time of registration and must be given a minimum of thirty days ’ notice before any changes. – an agent must clearly display the identity and a dedicated telephone contact of the mobile money operator, the unique identification number of the agent, charges, notice that no charges are levied at the agent location, and a notice that the agent does not carry out transactions on behalf of customers – complaints handling and consumer recourse mechanisms. mobile money supervision bou has the powers to supervise the mobile money services. however, the mobile money operator has the duty to supervise its agents to ensure that agents conduct the business in accordance with the mobile money guidelines. periodic reports regarding the performance of the mobile money services are submitted to the bou. the bou developed a compliance matrix to assess the level of compliance and is developing supervision procedures for the mobile money services. collaboration with ucc the mobile money platforms ride on mobile networks and this called for regulatory collaboration with the telecom regulator, the uganda communications commission ( ucc ). first of all ucc has to allow telecos to provide mobile money as a value added service. secondly, ucc is responsible for ensuring network availability ( network system uptime ), which is necessary for mobile money services to run. ucc has also to ensure that there is no unfair competition, i. e. that telecos do not lock out, nor unfairly charge other mobile money service providers who wish to use their networks. as is standard practice, regulators enter into memorandum of understanding ( mous ) to mainly exchange regulatory information and also provide for other regulatory issues in

14. 06. 2021 what will be the impact of climate transition on monetary policy? central banking summer meetings pablo hernandez de cos governor ladies and gentlemen, let me start by thanking the organisers for the invitation to speak at these central banking summer meetings. climate change could be a defining issue for our generation. it is therefore natural that climate change has come to the fore of the concerns of policy - makers. and we, financial regulators, supervisors and central bankers, have our share of responsibility too in the joint global effort to tackle climate change. not surprisingly, climate change is one of the key topics in the ongoing review of the ecb's monetary policy strategy or on the work programme of the basel committee. today i will focus, first, on how climate change affect ( a ) the financial sector, ( b ) inflation and ( c ) the natural interest rate. second, i will tackle the issue of what regulators, supervisors and central banks can do to address climate change, within our mandates. climate risks and the financial sector the financial sector is highly exposed to risks associated with climate change by funding other sectors including those exposed to extreme weather events or those that will be affected by the transition to a more sustainable economy. the impact of climate change on the financial sector can, therefore, be relevant for financial stability. and it can also be relevant from our monetary policy perspective, since the transmission of our monetary policy actions to economic activity and inflation operates mainly through the financial system. indeed, a sound financial sector is a prerequisite for a smooth transmission of monetary policy measures to the financing conditions faced by economic agents and, ultimately, to economic activity and inflation. in particular, climate change poses two types of risks for the financial sector : physical risks and transition risks. physical risks are those that would materialise as permanent alterations of the climate, if we do not act to prevent global warming. natural disasters would then become more frequent and their economic damage probably greater. in fact, there is evidence that such risks are already materialising to some extent : according to the fsb1, global economic losses associated with weather - related catastrophes have doubled since the 1990s, up to usd1. 6 trillion over the last ten years. the financial sector is exposed to these physical risks through several channels. physical risks are of course relevant for the valuation of real estate assets, the main collateral for bank loans. physical risks also matter when assessing the ability to pay of borrowers in sectors that could be particularly affected