Telecom company Airtel Uganda has announced completion of separation of Airtel Money from its telecom business.
The development technically means that the Airtel Money Business has been transferred to Airtel’s affiliate, Airtel Mobile Commerce Uganda Limited (AMC).
The business separation is in accordance with the National Payment Systems (NPS) Act, 2020, which requires telecom companies to split as standalone businesses; mobile money and telecom operations.
The new law was passed on 4th September 2020, and the NPS Regulations gazetted on 5th March, 2021.
Pursuant to Section 9 of the Act, the Bank of Uganda, on 24th May, 2021, announced the issuance of the following Licences to Airtel Mobile Commerce Uganda Limited.
Commenting on the new development, Airtel Uganda’s Managing Director, Manoj Murali said Airtel Mobile Commerce will now conduct all Airtel Money Services in Uganda in partnership with and through the licensed telecommunications network of Airtel Uganda.
“Nothing changes from a customer perspective. Going forward, our affiliate company, Airtel Mobile Commerce Uganda Ltd, will provide Airtel Money Services to the registered Subscribers of Airtel Uganda Ltd, on the same terms and conditions. The new company is regulated and supervised by Bank of Uganda,’’ Manoj Murali, managing director Airtel Uganda, said.
Manoj assured that customer deposits are safe, secure, and kept in reputable commercial banks with the same level of protection as other bank accounts.
“Airtel Mobile Commerce Uganda Limited and the Commercial Banks holding the customers’ funds are licensed, regulated and supervised by the Bank of Uganda,’’ he said
Moving forward, the Airtel Money Accounts and related information will be migrated or shared with the new company, with the same level of safety and protection, and in compliance with the privacy and data protection laws of Uganda and the directives of Bank of Uganda and Uganda Communications Commission.