bank of uganda keynote address read by mr. elliot mwebya, acting deputy governor, bank of uganda, to the national payment systems bill stakeholder consultative workshop golf course hotel october 1, 2018 the ps / st, mofped, officials from the eac secretariat, representatives from the mofped, other government agencies, supervised financial institutions [ sfis ], the mobile network operators ( mnos ) and payment system providers ( psps ), the chief executive ’ s and representatives from the partner regulatory authorities ( ucc, cma, use, ira, umra to mention but a few ), the ed uganda bankers association, all stakeholders present in your respective capacities, ladies and gentlemen. it is a great pleasure to welcome you all to this very important stakeholder consultation event on the long awaited national payment systems law. as we have explained in the past, both the bank of uganda act 2000 and the financial institution act 2004 have limitations on the regulation and supervision of payment systems in uganda. section 4 of the bank of uganda act which stipulates the mandate of bank of uganda is silent on the regulation and supervision of payment systems. similarly the provisions in the financial institutions act 2004 pose limitations on the regulation and supervision of payment systems since the act applies to deposit - taking institutions only. recognizing the benefits accruing from the recent technological developments in the financial sector, and being mindful of the need not to stifle innovations, bank of uganda put in place interim oversight measures to promote the development of payment systems in uganda. these measures were benched - marked with the regional central banks and included : the issuance of no objection letters to some commercial banks to partner with the telecommunication companies to provide mobile money services since 2009. issuance of mobile money guidelines in 2013. setting up of a technical working group constituted by technical staff from bank of uganda and the uganda communications commission. signing of the memorandum of understanding between the two regulatory authorities ( bou and ucc ), in 2016 to clarify the respective roles and responsibilities. however, we have now made a significant progress towards the development of the legal framework for the regulation of payment systems in uganda. cabinet in december 2017 approved the policy and principles for national payment systems bill which covers ; the regulation of payment systems, payment service providers and payment instruments. following approval by cabinet, the ministry of finance planning and economic development requested the office of the attorney general to draft the bill. before us today is the first draft of the nps bill

emmanuel tumusiime - mutebile : banking issues in uganda speech by prof. emmanuel tumusiime - mutebile, governor, bank of uganda, on the occasion of eid - el - fitri celebrations at bou western gardens, kampala, 25 september 2009. * * * your eminence the mufti of uganda distinguished guests ladies and gentlemen asalaam aleikum, eid el - fitr, al - mubarak. it gives me great pleasure to welcome you to this annual auspicious occasion when we at the bank mark the end of the holy month of ramadthan and the celebration of eid el fitr. let me take this opportunity to congratulate your eminence and all muslims in uganda for having been steadfast in observing the fast throughout the holy month of ramadthan. to the bank muslim staff who observed the fast, i highly commend you and urge you to maintain this noble act of worship. the virtues of fasting should be upheld throughout your daily life both at work and elsewhere. the bank of uganda as a public institution upholds the freedom of worship for every member of staff. it is our conviction that religion plays a great role in enhancing morality in the society leading to ethical conduct, discipline in the work place and invaluably contribute to better outcomes. our commitment is demonstrated by the bank values which each staff is required to uphold. this blends very well with the requirements of fasting in the holy month of ramadthan. fasting brings a reminder to all of us to go back to god, to do the right things and shun evil. let me take this opportunity to address you on the health of the uganda's financial sector. first of all there was a baseless rumour in the red pepper of september 14, 2009 that a “ top bank faces closure over gadaffi cash ” that the workers of " an islamic founded bank " were about to become jobless and that the top management faced arrest because the bank was being used as a conduit for money " to some officials at mengo " from foreign sources. let me reiterate the statement in the press release i issued on september 15, 2009 – “ i assure everyone that no bank in uganda is under any threat of closure whatsoever ”. the general public should continue to ignore these completely baseless allegations. all banks and other supervised financial institutions are well managed, well capitalized