2018 which has been circulated to the various stakeholders, many of whom have submitted their comments. it is therefore a good opportunity for us to go through the draft bill, to clarify on the comments received and to receive additional inputs from the stakeholders. we hope that the draft bill will be submitted to the minister this month ( october 2018 ). in addition, in february 2018 cabinet approved amendments to the bou act ; to empower bank of uganda to regulate and oversee the payment systems. the draft bank of uganda amendment bill is being reviewed by a select technical team. the passing of the two ( 2 ) draft bills will greatly enhance the bou supervisory oversight on the national payment systems. while most of the payment systems in uganda are provided by the central bank, the market has recently experienced an upsurge of systems operated by the private sector with powers to control access and set prices. examples of systems operated by private providers include : points of sale ( pos ) for debit and credit cards, automated teller machines ( atms ), the switch and mobile payment systems. the mobile money services have especially experienced an exponential growth. at the regional level, the east african payments system ( eaps ) has been implemented to facilitate cross - border payments within the east african community ( eac ) region. under the common market for east and southern africa ( comesa ), the regional payments and settlement system ( repss ) has also been implemented to facilitate regional payments. although the legal issues were partly addressed by the above mentioned measures implemented by the central bank, a comprehensive nps law to provide an oversight framework for payment services providers, operators and instruments is urgently required. the payment systems are a vital part of the economic and financial infrastructure. the law is therefore intended to provide an overall framework for ensuring safety and efficiency of the payment systems. the nps law will provide for the licensing, regulation, and oversight of payment systems by specifying : the licensing criteria and procedure. the regulatory power of the bou concerning the imposition of norms and standards, rules and regulations on operators of payment systems, and the bou ’ s power to call for information, to conduct on - site examinations, and take enforcement actions. the administrative sanctions in case of violations of the law, regulations or orders from the central bank. we believe that your contributions will help in the finalisation of this long awaited bill. specifically, i would like to thank the following ministries and government institutions for the efforts put in the drafting process ;

areas where also the gcf and other international financing institutions can have an important positive impact. i am encouraged by what i have learnt about the gcf activities since i left in 2014, and share the strong plea that all countries scale up their support for the gcf. what is the role of central banks and financial regulators as regards climate change issues? the network for greening the financial system, ngfs, is a recognition of the need for global collective leadership and co - ordinated action to effectively mitigate and adapt to climate change. central banks and financial supervisors take part, and my central bank is a member. we are in particular aiming to improve our understanding of how climate - related risks may impact the financial system and the wider economy. many questions have yet to be answered, but we are working to map the implications of climate change to better safeguard the financial system against these risks. climate - related risks are unlikely to be sufficiently reflected in financial balance sheets and asset prices. this is the case for both physical and transitional risks. physical risks relate to for example droughts or flooding, while transitional risks arise from policy changes and technological advances which may inter alia shift the prices of assets, leaving some stranded. by nature, the impact of transition risks will increase, the more abrupt the transition to a low - carbon economy takes place. the longer we delay, and we are very late by now, the more abrupt these changes will have to be. the more abrupt change, the more pronounced the potential effect on the financial system. risks should be addressed prudently from a financial stability perspective. neither green nor brown investments and loans should receive special treatment which would undermine the credibility of risk weights. rather, we should ensure that exposure to actual risks from climate change and the necessary climate - friendly economic restructuring is correctly accounted for. this would also send a strong signal to those who seek finance for their activities. in conclusion, none of us – neither in the public nor private sector – can afford to overlook the risks associated with climate change as well as the need for immediate and effective policies and action. the financial sector can supplement fiscal and energy policies to fight climate change. but be careful that those who set fiscal and energy policies do not come to think that financial institutions, central banks and supervisors can substitute for their efforts. we all have to push and pull in the same direction. thank you for your attention. i am looking forward to engaging with all of you at this conference.