Grappling with the Regulation of Financial Innovations in Uganda: A Case Study of Mobile Money Services

Publication Type:

Journal Article


J. Muhindo


Makerere Law Journal, Volume 1, p.37-49 (2013)


ATM technology, Mobile Money Services, Muhindo James, Regulation of Financial Innovations


<p class="rtejustify">The finance sector in Uganda, just like the case is across the globe, has been characterized by a number of innovations especially as a result of the computer era.&nbsp;&nbsp;&nbsp;These include; the ATM technology, mobile banking and e-banking which influenced the telecommunication networks to also think outside the box and embrace the opportunity of the liberalization of the economy.&nbsp;</p>

<p class="rtejustify">Due to the proliferation of cell phones in the country’s urban and rural areas, the Mobile Network Operators (MNOs) started offering mobile money service to Ugandans. Within three years, more people have subscribed to the mobile money services than to commercial banks especially due to the informal nature of their operations. The million dollar question is whether the system is well regulated as to protect the MMS scribers from fraud and other related risks and dangers.</p>

<p class="rtejustify">This paper seeks to examine the extent to which the concerned institutions i.e. Bank of Uganda (BOU) and Uganda Communications Commission (UCC) have put in place measures or sought government intervention in the bid to regulate the MMS.<br />