Section 5 of the National Payment Systems Act, 2020 provides for categories of payment systems in Uganda namely;- payment systems operated by the central bank which include; the Real Time Gross Settlement System, the Automated Clearing House, the Central Securities Depository for Government debt securities and the cross border payment systems ...
15 Sep 2020 BY Donald Nyakairu AND Tracy Kakongi Key features of Uganda’s National Payment Systems Act. The National Payment Systems Act, 2020 (“NPS Act”) was passed by parliament on 29 May 2020 and gazetted on 4 September 2020. The NPS Act was prompted by an increase in the use of digital and electronic financial services by private entities in Uganda offering various electronic payment ...
The National Payment Systems Act, 2020 followed the National Payment Systems policy which was approved by the Cabinet of Uganda in December 2017. The policy put in place the framework around which the Payment System Law was enacted. The National Payment Systems (“NPS”) Act was passed by Parliament in May 2020, and assented to by the ...
The National Payment System Department in Bank of Uganda oversees the national payment system with the objective of ensuring overall effectiveness and integrity of the payment systems in the country. Related Pages . CBDC Consultations; Uganda National E-Payments Strategy 2021-2026.
PwC Webinar on National Payment Systems Act 2020 Proprietary and confidential. Do not distribute. • Before NPSA, regulation of payment systems was mainly focused on financial institutions and hardly the non-financial institutions providing payment systems in the financial sector. • In 2013, the Bank of Uganda issued the Bank of Uganda (Mobile Money)
With the National Payments System Act 2020 in place in Uganda, there is no turning back. The Act classifies payment systems into systems operated by the Central Bank, payment services provided by ...
The National Payment Systems Act, 2020 (“NPS Act”) was passed by parliament on 29 May 2020 and gazetted on 4 September 2020. The NPS Act was prompted by an increase in the use of digital and ...
The National Payment Systems Policy for Uganda was approved by Cabinet on the 22nd December 2017. The Policy aims to promote the safety and efficiency of payment systems in Uganda, with a view to fostering financial sector stability and economic growth. The National Payment System (NPS) consists of the institutions, instruments,
Uganda National Payment Systems Act, 2020 Act 15 of 2020 Legislation as at 4 September 2020 There may have been updates since this file was created. PDF created on 24 February 2025 at 14:19. Collection last checked f or updates: 31 December 2000. View online About this collection
The National Financial Inclusion Strategy (NFIS II) aims to have 75% of Ugandans accessing formal financial services by 2028, but this goal cannot be achieved through payments alone. To drive real impact, DFS must extend into areas such as credit, savings, investment, and insurance—areas critical for economic empowerment and long-term ...
Kasaija said this target is critical for building a resilient financial sector and also driving Uganda's broader economic growth. According to the latest Finscope Survey 2023, overall financial inclusion has reached 81% with more Ugandans having access to financial accounts, use of digital payment systems and credit to support their livelihoods ...
The National Payment Systems Act, 2020 establishes a comprehensive legal framework for regulating payment systems in Uganda. It designates the Bank of Uganda as the regulator and provides oversight powers over payment service providers, systems, and instruments. The Act categorizes different types of payment systems and requires licenses for operating them. It aims to promote safety ...
Uganda National E-Payments Strategy 2021-2026. Payment Systems in Uganda; Real Time Gross Settlement System (RTGS ) Automated Clearing House ; ... A national payment system is one of the principal components of a country’s monetary and financial system and is, therefore, crucial to a country’s economic development, since almost all economic ...
A review of the payment system legal and regulatory framework in Uganda currently shows that there are several pieces of legislation that are relevant to the regulation of payment systems and they include: the Bank of Uganda Act; the Financial Institutions Act (2016); the Electronic Transactions Act (2011) which governs the use, security ...
The Bank’s mandate is enshrined in the National Payment Systems Act, 2020. The Act came into force in September 2020 while the implementing Regulations ... Applicants for a licence under the NPS Act 2020 are only required to pay a non-refundable fee of Uganda Shillings Three Million. The fees are payable to the following account details.
