Bank of Uganda has with immediate effect suspended Licenses of M/S Pivot Payments Limited under Section 13 of The National Payment Systems Act, 2020 a Payment Service Provider and a Payment Systems Operator citing threats to financial stability.
In a statement released today, Michael Atingi-Ego, Deputy Governor said, “In exercise of its powers under section 13 of the National Payment Systems Act, 2020, the Bank of Uganda has effective today February 29, 2024, suspended the licences of M/S Pivot Payments Limited as a Payment Service Provider and a Payment Systems Operator.”
He added that Bank of Uganda through its oversight role has established that M/s Pivot Payments Limited is conducting business in a manner that is detrimental to the best interest of the public and endangers the stability of the financial system.
Atingi-Ego guided, “All existing Pivot Payments Limited wallet holders are requested to report to Pivot Payments Limited premises located at Kololo at Plot 17, Golf Course road, Kampala to verify the wallet balances and Know Your Customer (KYC) information starting today,”
The Deputy Governor, Michael Atingi-Ego, emphasized that the Bank of Uganda should provide oversight and protection of payment systems in Uganda. This commitment is crucial to maintaining the integrity and security of the financial landscape, assuring the public that stringent measures are in place to address any threats or irregularities in the payment systems.
