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.