What does Airtel Uganda’s transfer of Mobile Money data to Airtel Mobile Commerce mean for users and data protection?
On 29th July, 2020 the President of Uganda having assented to the National Payment Systems Act, 2020, it meant that the revolutionary mobile money services and other FinTech services at large would now be regulated. This was followed by regulations operationalizing the National Payment Systems Act.
As a compliance requirement, the big players i.e., MTN Mobile Money Uganda Ltd and Airtel Mobile Commerce Uganda Ltd in the mobile money sector went forward to apply to Bank of Uganda for licenses to offer services as a Payment Service Provider and a payment System operator (Electronic Money Systems) and the same were granted.
In respect of the compliance requirements under the National Payment Systems Act, a payment service provider other than an entity solely established to issue electronic money, a financial institution or microfinance deposit taking institution that intends to issue electronic money is required to establish a subsidiary legal entity for issuing electronic money.
This explains why Airtel Uganda Ltd which is majorly a telecommunications company incorporated and secured a license for its subsidiary Airtel Mobile Commerce Uganda Ltd for purposes of carrying on its Airtel money business that has been previously under Airtel Uganda Ltd.
Despite NGO claiming its landlord had attempted to evict it and was in the process of selling the land before Appeal, Judge opts for formal court process of execution.
A single undocumented management fee can cost a mid-sized group close to UGX 370 million for one year of income, before anyone argues about penalties for understatement.
