Due to the increased number of unlicensed digital lending apps where man unsuspecting Ugandans have been scammed and lost money in billions of shillings, \u00a0Bank of Uganda has directed the digital lenders to carry out due diligence through holding valid licenses and obtain confirmations from Uganda Microfinance Regulatory Authority.<\/p>\n\n\n\n
In the letter, the Director National Payment Systems at Bank of Uganda Mackay Aomu noted that section 6 of the anti-money laundering act 2013 as amended and the regulation 18 of the anti-money laundering regulation 2015 require an accountable person to undertake customer due diligence measures \u00a0before establishing any business relationship.<\/p>\n\n\n\n
Editor:msserwanga@gmail.com<\/strong><\/p>\n\n\n\n \u00a0Bank of Uganda directed the digital lenders to carry out due diligence through holding valid licenses and obtain confirmations from Uganda Microfinance Regulatory Authority.<\/span> <\/p> Cyber Security expert Jerome Okot explains how digital money lenders beat security to access and capture sensitive financial information from vulnerable Ugandans.<\/p> <\/p> Okot says users should refrain from opening malicious apps and stressed the need to reduce the use of unregulated apps accompanied with provision of multiple access to your financial information.<\/p> <\/p> \u201cNot every money lending app that you come across is regulated, make due diligence before you give in your personal information and access a genuine credit\u201d Okot said<\/p><\/p>\n","protected":false},"excerpt":{"rendered":" Due to the increased number of unlicensed digital lending apps where man unsuspecting Ugandans have been scammed and lost money<\/p>\n","protected":false},"author":1,"featured_media":12144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[65],"tags":[],"class_list":["post-12143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2024\/06\/R.jpg","jetpack-related-posts":[{"id":13971,"url":"https:\/\/prowebinhost.com\/anzu\/tayebwa-asks-eu-to-delist-uganda-from-anti-money-laundering-grey-list\/","url_meta":{"origin":12143,"position":0},"title":"Tayebwa Asks EU to Delist Uganda from Anti-Money Laundering Grey List","author":"UgandaUpdate","date":"March 4, 2025","format":false,"excerpt":"Deputy Speaker of Parliament Thomas Tayebwa has urged the European Union Parliament to expedite the process of removing Uganda from its anti-money laundering and terrorism financing grey list. Uganda has been on the list since 2016. Tayebwa made the request while meeting the Deputy President of the European Union Parliament,\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/03\/taye6.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/03\/taye6.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/03\/taye6.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/03\/taye6.jpg 2x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/03\/taye6.jpg 3x"},"classes":[]},{"id":3339,"url":"https:\/\/prowebinhost.com\/anzu\/will-bou-supervising-mobile-money-stop-the-cruel-2-loss-by-users\/","url_meta":{"origin":12143,"position":1},"title":"Will BoU Supervising Mobile Money Stop the Cruel 2% Loss by Users?","author":"UgandaUpdate","date":"May 25, 2021","format":false,"excerpt":"BY OUR SPECIAL CORRESPONDENT The Bank of Uganda has taken the bold, necessary step to take over supervision of the mobile money operations in the country. Accordingly, BoU has issued operating licenses to MTN and Airtel under the National Payment Systems Act 2020. The move was indeed overdue, possibly an\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/prowebinhost.com\/anzu\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/05\/Mutebile-.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/05\/Mutebile-.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/05\/Mutebile-.jpg 1.5x"},"classes":[]},{"id":2540,"url":"https:\/\/prowebinhost.com\/anzu\/human-rights-lawyer-nicholas-opiyo-released-on-15m-bail\/","url_meta":{"origin":12143,"position":2},"title":"HUMAN RIGHTS LAWYER NICHOLAS OPIYO RELEASED ON 15M BAIL","author":"UgandaUpdate","date":"December 30, 2020","format":false,"excerpt":"Human Rights advocate Nicholas Opiyo has been released onUGshs.15M bail by the High Court of Uganda. The court presided over by Lady Justice , Jane Okuo Kajuga, released Opiyo from Luzira prison where he was detained after being charged with money laundering contrary to sections 3 ( c ), 116\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2020\/12\/opio.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2020\/12\/opio.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2020\/12\/opio.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2020\/12\/opio.jpg 2x"},"classes":[]},{"id":16166,"url":"https:\/\/prowebinhost.com\/anzu\/mobile-money-transaction-value-grows-five-times-more-than-ugandas-commercial-bank-assets-bou-data-shows\/","url_meta":{"origin":12143,"position":3},"title":"Mobile Money transaction value grows five times more than Uganda’s commercial bank assets- BoU data shows","author":"UgandaUpdate","date":"December 18, 2025","format":false,"excerpt":"The annual value of mobile money transactions in Uganda is now approximately five times greater than the entire commercial banking sector\u2019s balance sheet, underscoring a fundamental shift in the nation\u2019s financial ecosystem, according to new data from the Bank of Uganda. Mobile money transactions soared to 253.7 trillion shillings in\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/12\/Screenshot_20221109-163514.webp","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/12\/Screenshot_20221109-163514.webp 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/12\/Screenshot_20221109-163514.webp 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/12\/Screenshot_20221109-163514.webp 2x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2025\/12\/Screenshot_20221109-163514.webp 3x"},"classes":[]},{"id":16426,"url":"https:\/\/prowebinhost.com\/anzu\/billionaires-africa-ranks-the-10-richest-investors-on-the-uganda-securities-exchange-in-2026\/","url_meta":{"origin":12143,"position":4},"title":"Billionaires.Africa ranks the 10 richest investors on the Uganda Securities Exchange in 2026","author":"UgandaUpdate","date":"February 8, 2026","format":false,"excerpt":"A 34% rally has lifted Uganda\u2019s Securities Exchange\u2014still a market where a few liquid stocks and a small circle of investors drive most of the action. Uganda\u2019s Securities Exchange may be small by global standards, but it consistently tells a familiar story: a few liquid counters drive most trading, and\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/02\/IMG_9436.webp","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/02\/IMG_9436.webp 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/02\/IMG_9436.webp 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/02\/IMG_9436.webp 2x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2026\/02\/IMG_9436.webp 3x"},"classes":[]},{"id":4391,"url":"https:\/\/prowebinhost.com\/anzu\/mtn-leads-in-mobile-money-transactions-that-have-hit-a-record-of-shs-113-trillion\/","url_meta":{"origin":12143,"position":5},"title":"MTN LEADS IN MOBILE MONEY TRANSACTIONS THAT HAVE HIT A RECORD OF SHS.113 TRILLION","author":"UgandaUpdate","date":"October 26, 2021","format":false,"excerpt":"Telecom giants MTN has led all the way as mobile money transactions\u00a0hit a record Shs113.38 Trillion according to figures released by Bank of Uganda for the Financial Year 2020\/21.The Central Bank Governor Prof. Emmanuel Tumusiime-Mutebile said that in accordance with \u00a0National Payment Systems Act 2020, each of the companies involved\u2026","rel":"","context":"In "Business"","block_context":{"text":"Business","link":"https:\/\/prowebinhost.com\/anzu\/category\/business\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2021\/10\/MTN-Mobile-Money.jpg","width":350,"height":200},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/pc0aOV-39R","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/12143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/comments?post=12143"}],"version-history":[{"count":1,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/12143\/revisions"}],"predecessor-version":[{"id":12145,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/posts\/12143\/revisions\/12145"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/media\/12144"}],"wp:attachment":[{"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/media?parent=12143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/categories?post=12143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prowebinhost.com\/anzu\/wp-json\/wp\/v2\/tags?post=12143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}