By CHIMPREPORTS
The Bank of Uganda has suspended the license of M/S Pivot Payments Limited for operating in a manner that is detrimental to the best interest of the public and endangers the stability of the financial sector.
The suspension was in line with Section 13 of the National Payment Systems Act, 2020.
Pivot Payments Limited has been working as a Payment Service Provider and a Payment Systems Operator.
In a statement issued on Thursday, the Central Bank asked customers of Pivot Payments Limited, all existing M/s Pivot Payments Limited wallet holders are to report to the service provider to verify the wallet balances starting February 29, 2024.
“Bank of Uganda assures the public that it will continue to provide oversight and protection of payment systems in Uganda,” said Dr. Michael Atingi-Ego, the Deputy Governor, Bank of Uganda.
Last month, the Bank of Uganda (BoU) placed EFC Uganda Limited, a microfinance deposit-taking institution, under liquidation, revoked its license and ordered it to wind up their operations, after EFC failed to meet minimum capital requirements and for what it called “poor corporate governance.”
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