One Must Produce Original ID for Transactions over Shs1 Million- BOU Orders MM Agents
As of April 19, 2024, any transaction involving sums of one million shillings or more, whether it be withdrawals or deposits, requires customers to verify their identity with a valid identification card. This move comes as part of the Bank of Uganda's efforts to mitigate risks associated with large transactions and ensure accountability within the mobile money ecosystem.
In a bid to enhance security and combat financial crimes, the Bank of Uganda has rolled out new directives affecting mobile money transactions nationwide.
https://twitter.com/GovUganda/status/1781267702159483256
Effective immediately, mobile money agents are mandated to request a valid national ID from customers conducting transactions exceeding one million shillings.
As of April 19, 2024, any transaction involving sums of one million shillings or more, whether it be withdrawals or deposits, requires customers to verify their identity with a valid identification card. This move comes as part of the Bank of Uganda's efforts to mitigate risks associated with large transactions and ensure accountability within the mobile money ecosystem.
The implementation of these measures underscores the importance of regulatory oversight in the rapidly evolving digital financial landscape. By requiring identification for high-value transactions, the Bank of Uganda aims to safeguard the integrity of mobile money transactions and protect consumers from potential fraud or illicit activities.
Mobile money agents across the country are now tasked with enforcing these regulations diligently, emphasizing the need for strict adherence to the new requirements. This development signifies a proactive approach by regulatory authorities to address emerging challenges and uphold the trust and reliability of mobile money services in Uganda.
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