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Mobile Money Agents will Ask National IDs to Transact over Shs1m

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Mobile Money Agents will Ask National IDs to Transact over Shs1m

by Rogers Atukunda
April 19, 2024
Mobile Money Agents will Ask National IDs to Transact over Shs1m

National IDs

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Mobile Money agents will, with immediate effect, start demanding a valid Identity Card before a customer transacts more than Shs 1 million on the platform, according to a new directive by the Bank of Uganda.

The Bank of Uganda said it had observed a rise in the usage of mobile money platforms for online fraud and scams.

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“Mobile money systems have occasionally been the target of cybercrime carried out by agents working with criminals,” BoU said in a statement on X.

“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 Shs 1,000,000 or more that are carried out at authorized agent locations and operator centres on digital financial service platforms must be completed after the holder’s identity has been verified.”

The bank said the agents will verify the customer’s identity using a valid national Identity Card (ID) (for Ugandans), passport, refugee ID/attestation letter, or alien ID (for foreigners).

Tags: Bank of UgandaMobile moneynational IDsSoftPowerSoftPower NewsTop Uganda NewsUganda

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