As the elections draw inches closer, the members of parliament have set yet another special demand to telecommunications companies seeking a special transactions hike from the incumbent shs 7m to 20m.
The MPs yesterday interfaced with delegations from the two leading telecom companies of Airtel and MTN in a special parliamentary finance committee to discuss the anticipated National Payment Systems Bill, 2019 a system that will regulate and monitor mobile financial transactions.
The committee chairman, Henry Musasizi commended the telecoms giants for fairly distributing the mobile money platform across the entire country to even the most remote parts of the country. The committee findings estimate 26.4 million Ugandans subscribe to the mobile money as compared to the 13 million bank accounts shared by the commercial banks in the country.
Musasizi however argue out that the MPs are the biggest clients of mobile money given their instant transactions with their electorates. He in a special way inquired if mitigation can be considered on that basis and extend their limit to at least shs 20 million. Most of the MPs welcomed the idea saying it will ease their relations with their. constituents.
Dennis Abigaba Kakonge, the Airtel legal officer said it would be granted if the MPs formally applied for special consideration to get that transaction limit. About the same matter, MTN CEO, Wim Vanhelleputte shared their position as he stressed that reviewing the limits is not standard practice but it is only available for clients for, ‘enhanced Know Your Customer (KYC)’. He explained that under that arrangement, the company asses the possible client exposure to uncertainties like money laundering and terrorist financing.