Airtel Uganda has announced the separation of Airtel Money from its telecom business in the country, transferring the money business to Airtel’s affiliate, Airtel Mobile Commerce Uganda Limited (“AMC Uganda”).
This step was to be in line with the Bank of Uganda’s requirement to separate Airtel Money from mainstream Telecommunications Services. It is noteworthy that customer deposits are safe and transaction charges remain at the same affordable rate.
The business separation complies with a new law – the National Payment Systems (NPS) Act, 2020 – passed on 4th September 2020, and the NPS Regulations gazetted on 5th March 2021.
Pursuant to Section 9 of the Act, the Bank of Uganda, on 24th May 2021, announced the issuance of the following Licences to Airtel Mobile Commerce Uganda Limited:
- A Payment Service Provider (Class A) Licence, Number PSP 01/21, which authorizes AMC Uganda to provide Electronic (Airtel) Money Services;
- A Payment Systems Operator Licence – (Electronic Money Systems), Number PSO 01/21, which authorizes AMC Uganda to operate a Payment (Airtel Money) Platform
This interprets that Airtel Mobile Commerce will now conduct all Airtel Money Services in Uganda in partnership with and through the licensed telecommunications network of Airtel Uganda.
On the other hand, Airtel Uganda will focus on the operation of telecommunication infrastructure and the provision of telecommunications services to its network subscribers and licensed operators.
“Nothing changes from a customer perspective. Going forward, our affiliate company, Airtel Mobile Commerce Uganda Ltd, will provide Airtel Money Services to the registered Subscribers of Airtel Uganda Ltd, on the same terms and conditions.
The new company is regulated and supervised by the Bank of Uganda,” Mr Manoj Murali, the Managing Director of Airtel Uganda, said while announcing the business separation.
As a result of the separation, the Airtel Money Accounts and related information will be migrated or shared with the new company, with the same level of safety and protection, and in compliance with the privacy and data protection laws of Uganda and the directives of Bank of Uganda and Uganda Communications Commission.
Customers will continue to access the Airtel Money Service via shortcode *185# or *165# or My Airtel App, as well as our touchpoints and support system including; Airtel Money Agents, Service Centers and Airtel Outlets.
