Bank of Uganda (BoU) has granted three licences to Interswitch Uganda, which formalise the companies’ operations in Uganda in line with the new National Payment Systems (NPS) Act, 2020.

The three licences from BoU are; Payments System Operator, Payment Service Operator, and Issuer of a Payment Instrument.

The NPS Act, 2020, regulates operators of payment systems, payments service providers, issuers of payments instruments, and issuers of electronic money.

“It is with great pleasure that we announce the acquisition of our licences from BoU. We are grateful for all the support that our key stakeholders have rendered,” Interswitch announced on Wednesday.

Interswitch is an integrated payments and transaction processing company which operates shared e-payment platforms for financial and non-financial institutions.

Under the National Payment Systems Act, 2020, BoU recently issues licences to Airtel Uganda and MTN Uganda to operate mobile money independent from their telecom services.

In addition, M/s Wave Transfer Limited received the Bank of Uganda’s approval to operate under the Regulatory Sandbox Framework, pursuant to Section 16 of the National Payment Systems Act, 2020 and Regulation 5 of the National Payment Systems (Sandbox) Regulations, 2021.