Uganda developing law governing mobile money
Friday, February 14, 2014
THE government through the Uganda Law Reform Commission (ULRC) is developing a law that will govern how mobile money and internet banking transactions are conducted in the country.
Mobile Money is money that is exchanged electronically through mobile phones. It also refers to the service to mobile phone subscribers that enables them to deposit cash and receive e-value into a virtual account, and to perform financial transactions.
Meanwhile, internet banking is a system that allows individuals to perform banking activities, via the internet. Such form of banking enables customers to perform routine transactions, such as account transfer, balance inquiries, bill payments, maintaining standing orders, downloading online account statements among others.