Bank of Uganda Suspends License of Pivot Payments

The Bank of Uganda has revoked the license of M/S Pivot Payments as a Payment Service Provider and a Payment Systems Operator under Section 13 of The National Payment Systems Act, 2020, with immediate effective.

in a statement issued by the central bank and signed by Deputy Governor of the Central Bank, Michael Atingi-Ego, Pivot Payments has been suspended following a comprehensive investigations by the regulator who discovered irregularities in the company’s operations and breached public trust ..

“Bank of Uganda, through its oversight role, has established that M/S Pivot Payments Limited is conducting business in a manner that is detrimental to the best interest of the public and endangers the stability of the financial system,” the statement reads in part .

Bank Of Uganda has now advised Pivot Payment wallet holders (customers) to report to the M/S Pivot Payments Limited premises located at plot 17 Golf Course Road, Mariba Building, 1st Floor Kololo, Next to Azam TV Office to verify their wallet balances and Know their Customer Information as soon as possible.

Established in 2019, its payment solution includes Bulk Payments and Bulk collections from Mobile Money, Cards and Bank accounts. Its retail solution is the Pivotpay wallet which has over 250,000 verified users who can save, spend or send money from their wallet in multiple currencies, safely, securely and conveniently.

The company operates in Uganda, Kenya, Tanzania, Ghana and Nigeria.

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