Overview:
Wilbrod Owor, the UBA executive director, said the two entities will work to promote the adoption of standards that work to foster confidence in and safeguards the integrity of payment systems.
The Uganda Bankers Association (UBA) and the National Payments System Providers Association (NPSPA) have signed an agreement aimed at working together to mitigate electronic fraud and cyber security risks.
Wilbrod Owor, the UBA executive director, said the two entities will work to promote the adoption of standards that work to foster confidence in and safeguards the integrity of payment systems.
These may include development of standards in Anti Money Laundering and Counter Terrorism Financing, technology and security, among others.
Owor explained that they will jointly engage relevant stakeholders on both commercial, fiscal, monetary and regulatory, legislative matters aspects that will contribute to the growth of electronic payments.
The Deputy Governor, Dr. Michael Atingi Ego, who officiated the signing of a memorandum of Understanding last Friday, 30th September 2022, noted that a total of eighteen (18) Non-bank PSPs had been licensed by BOU as payment service providers /payment system operators.
The Deputy Governor further stated that a collaborative approach between the banks and non-bank payment service providers was inevitable to overcoming the barriers posed by cyber security, data privacy and protection and digital fraud.
He commended the leadership of UBA and NSPA for joining efforts which will unlock several collaboration initiatives between the two entities.
Payment system service providers include Micropay Uganda, Mcash Uganda, Interswitch East Africa, Pegasus Technologies and Wave Transfer.
Uganda Bankers’ Association is an umbrella organization for licensed commercial banks supervised by Bank of Uganda.