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Mobile money law has loopholes, Ugandans complain

26 February 2015, 15:54 Godfrey Olukya

Kampala - The Governor of bank of Uganda, Emmanuel Mutebire has admitted that there are loopholes in mobile money regulations, following complaints by members of the public.

Appearing before parliamentary committee of parliament on ICT chaired by Vincent Bagire to explain how Bank of Uganda regulates mobile money services, Mutebire said there is need for the law to be clarified and strengthened to back the reguratory role performed by of bank of Uganda.

He said, ''Bank of Uganda has the powers to supervise the mobile money services. However, the duty to supervise its agents lies with the mobile money operators to make sure they conduct the business in accordance with mobile money guidelines.''

Members of the committee, who included Barnabas Tinkasimire, Noar Byamukama, Miriam Nalubega among others, said they were concerned that many people are losing money to mobile money because there is no sufficient law to regulate the industry.

MP Barnabas Tinkasimire who is a member on the committee said, ''The ministry of finance should to come with a law that will empower Bank of Uganda and Uganda communication commission to help bridge the gaps in mobile money services. Many Ugandans are losing their money because of the inefficiency of the service.''

The chairperson of the committee, Vincent Bagire said that the ministry of finance should set up a trust fund where all the money that is not claimed within two years can be deposited, adding that it is not fair for telephone operators to withhold monies that are not theirs.

Tinakasimire said that there are some instances where clients send money to unregistered mobile money users with secret codes  but sometimes both the sender and receiver forget the code in which case the money goes to the operator who ends up retaining the money, which is not fair and therefore need for trust bank to solve it.

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