• Latest
Cabinet Approves Proposal to Use Mobile Money Platform for Govt Securities

Cabinet Approves Proposal to Use Mobile Money Platform for Govt Securities

7 years ago
NEMA Intensifies Enforcement Against Noise Pollution in Kampala Metropolitan Area

NEMA Intensifies Enforcement Against Noise Pollution in Kampala Metropolitan Area

10 hours ago
Museveni Meets U.S. Researchers on Cancer and Diabetes Treatments

Museveni Meets U.S. Researchers on Cancer and Diabetes Treatments

10 hours ago
Museveni Urges NRM Delegates to Fight Corruption, Build Money Economy

Museveni Urges NRM Delegates to Fight Corruption, Build Money Economy

10 hours ago
CHAN 2024: Cranes Exit with Pride After Narrow Loss to Senegal

CHAN 2024: Cranes Exit with Pride After Narrow Loss to Senegal

23 hours ago
Uganda Waragi, Stanbic Bank Win Prestigious AMC Awards in Accra

Uganda Waragi, Stanbic Bank Win Prestigious AMC Awards in Accra

23 hours ago
SFC Flags off Teams for CDF Cup Tournament

SFC Flags off Teams for CDF Cup Tournament

23 hours ago
SoftPower News
Tuesday, August 26, 2025
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
SoftPower News
No Result
View All Result
Home News

Cabinet Approves Proposal to Use Mobile Money Platform for Govt Securities

by Our Reporter
February 12, 2019
Cabinet Approves Proposal to Use Mobile Money Platform for Govt Securities

Government spokesperson, Ofwono Opondo briefing reporters at the Uganda Media Centre on Tuesday.

2
VIEWS

Government has approved the proposal to use Mobile Money as a platform for investing in government securities.

The proposal was given a green light during a Cabinet meeting held on Monday at the Office of the President.

Related Stories

NEMA Intensifies Enforcement Against Noise Pollution in Kampala Metropolitan Area

Museveni Meets U.S. Researchers on Cancer and Diabetes Treatments

Museveni Urges NRM Delegates to Fight Corruption, Build Money Economy

A government security is a bond or other type of debt obligation that is issued by a government with a promise of repayment upon the security’s maturity date. Government securities are usually considered low-risk investments because they are backed by the taxing power of a government.

Government spokesperson, Ofwono Opondo who briefed reporters on Cabinet resolutions on Tuesday said the proposal will increase savings and investment amongst Ugandans thus effectively enhancing financial inclusion and economic growth.

He also said that this move will enhance the distribution capacity of government securities with the ability to reach out to individual retail investor especially those in rural areas, as well as reduce the cost of domestic debt.

“It will also widen the scope of investors which then reduces the dependence on a few players such as commercial banks, offshore players and institutional investors that tend to bid highly in the auctions given that government has limited choice,” Opondo said.

To the retail investors, said Opondo, the new product will enhance savings and investment and will provide the opportunity for local people to save and earn some income.

Government also believes access to its securities will become more easier since retail investors will not have to physically deliver bids to their banks which are sometimes a long distance away.

“It is an opportunity to enhance private sector credit as government securities are the highest form of collateral for loans,” the government spokesperson further told the press.

The Ugandan diaspora, especially the investors will also have an opportunity to save and earn a good return while developing their country, government adds.

Mobile money has drastically become the highest medium of financial transactions in Uganda over the recent past, with 22 million subscribers registered for Mobile Money in 2017. The platform has become instrumental in bringing Ugandans into the formal banking sector.

In 2017, estimates by Bank of Uganda (BoU) placed mobile money transactions at Shs 54 trillion up from Shs 44 trillion in 2016.

During Monday’s sitting, Cabinet also proposed amendments in the Labour Disputes (Arbitration and Settlement) Bill.

The Bill seeks to provide for the official seal of the Industrial Court, to amend the composition of the court, to provide for the powers of the court as well as ensuring that the terms and conditions of appointment of the Head Judge, Deputy Head Judge and other Judges of the Industrial Court are similar to those of the Judges of the High Court.

It will also provide for appointment of Registrar, Deputy Registrar, and Assistant Registrar.

Opondo also said Cabinet approved the Procurement and Disposal of Public Assets (PPDA), Bill, 2018.

The Bill will reduce; the lengthy Procurement lead time, the number of key players in the Administrative Review from the current three to one tier, as well harmonize procurement regulations for KCCA and local governments.

Tags: Cabinetdiasporafinancial inclusiongovernment securitiesinvestmentMobile moneyNewsOfwono OpondosavingSoft Power NewsUganda

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


The reCAPTCHA verification period has expired. Please reload the page.

Recent Stories

NEMA Intensifies Enforcement Against Noise Pollution in Kampala Metropolitan Area

Museveni Meets U.S. Researchers on Cancer and Diabetes Treatments

Museveni Urges NRM Delegates to Fight Corruption, Build Money Economy

CHAN 2024: Cranes Exit with Pride After Narrow Loss to Senegal

Uganda Waragi, Stanbic Bank Win Prestigious AMC Awards in Accra

SFC Flags off Teams for CDF Cup Tournament

Stanbic Bank Ad
SoftPower News Logo

SoftPower News is a subsidiary of SoftPower Communications LLC, a Ugandan digital media group. Keep posted of the latest from Uganda and East Africa.
Plot 4B Malcolm X, Kololo
P.O Box 1497, Kampala - Uganda
Tel: +256-392-001-701
Email: info@softpower.ug

This news site is licenced by Uganda Communications Commission (UCC)

ADVERTISEMENT
Stanbic Remittance Ad
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
  • Regional
  • Defence & Security
  • Sport
  • Entertainment
  • More

© SoftPower News

error: Content is protected
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women

© SoftPower News