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Digital payment systems gain strength in Uganda: Central bank

Mobile money service providers. File

Kampala, Uganda | THE INDEPENDENT | The use of digital payment systems in Uganda has grown considerably both for mobile money service providers and banks for the year that ended in June, a new report by the central bank said Friday.

The demand for digital payment services was mainly driven by a favorable policy environment, evolving consumer behavior, and recovery in economic activity, said the latest Quarterly Financial Stability Review, issued by the Bank of Uganda (BOU).

The value of internet and mobile banking fund transfers rose significantly by 98.9 percent and 164.5 percent respectively in the year to June, compared to the previous year, BOU said, adding that the value of mobile money transactions rose considerably by 37.6 percent.

“The BOU continues to implement regulatory and supervisory measures to foster safe operation and usage of digital financial channels, which is key to deepening financial inclusion,” the report said.

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Xinhua

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