Telecom giants MTN has led all the way as mobile money transactions hit a record Shs113.38 Trillion according to figures released by Bank of Uganda for the Financial Year 2020/21.
The Central Bank Governor Prof. Emmanuel Tumusiime-Mutebile said that in accordance with National Payment Systems Act 2020, each of the companies involved in mobile money business received a Payment Systems Operator (large funds transfer) license and a Payment Service Provider.
The Central Bank report shows that the value of Mobile Money transactions increased by 42.26 percent to Shs113.38Trn (in 2020/21) from Shs79.7 trillion, while the volume of transactions increased by Shs730M to Shs3.89Bn. The improved performance was a result of the increased usage of the mobile money digital platform during the global -novel
COVID19 pandemic .
Bank of Uganda also revealed that the number of active mobile money users increased to 21.18 million during the year under review up from 17.5 million in 2019/2020.
This was the first time Bank of Uganda has a legal instrument upon which it is regulating mobile money to ensure equity and transparency since MTN Uganda Limited and Airtel Uganda Limited were licenced to operate mobile money services more than 10 years ago.