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BoU Suspends Licence Of Top Payment Service Provider For ‘Endangering The Stability Of The Financial System’

The Bank of Uganda (BoU) has in exercise of its powers under section 13 of the National Payment Systems Act, 2020, effective today February 29, 2024, suspended the licences of M/S Pivot Payments Limited as a Payment Service Provider and a Payment Systems Operator.

In a statement signed off by BoU Deputy Governor, Michael Atingi-Ego, the Bank of Uganda says through its oversight role it has established that M/S Pivot Payments Limited is conducting business in a manner that is detrimental to the best interest of the public and endangers the stability of the financial system.

“All M/S Pivot Payments Limited wallet holders are requested to report to M/S Pivot Payments Limited premises located at Plot 17, Golf Course road-Kololo, Kampala, Uganda to verify the wallet balances and Know Your Customer (KYC) information starting from today February 29, 2024,” BoU’s statement reads in part.

Taddewo William Senyonyi
https://www.facebook.com/senyonyi.taddewo
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

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