The Bank of Uganda has directed Mobile Money Agents to start demanding Valid Identity Cards before a customer transacts more than Shs1million on the platform.

According to Bank of Uganda, the directive is in response to a rise in the usage of mobile money platforms for online fraud and scams.

“Mobile money systems have occasionally been the target of cybercrime carried out by agents working with criminals,” Bank of Uganda said today, 19th April, 2024.

Therefore, in compliance with Section 55(1)b of the National Payments Systems Act, 2020 and Regulation 7 (h) of the National Payment Systems (Agents) Regulations, 2021, all financial transactions involving Shs1,000,000 or more that are carried out at authorized agent locations and operator centers on digital financial service platforms must be completed after the holder’s identity has been verified using a valid national ID (for Ugandans), passport, refugee ID/attestation letter, or alien ID (for foreigners).

Source: East News