BT Payments Uganda Services Limited, the Ugandan subsidiary of AZA Finance, formerly BitPesa, has secured the first ever money remittance license in Uganda for a non-cash online money transfer platform by the Central Bank of Uganda (BoU).
BT Payments Services unique value proposition of customers being able to send money in their own currency to recipients in different countries at no additional cost in a relatively short period, and via a relatively simple interface, was presented before BoU.
KATS Advocates, the firm that advised AZA Finance on the process of securing regulatory approval to carry out what is essentially electronic money remittance in Uganda, was able to secure this first ever cashless money remittance license in the country.
“In a major first, the Bank of Uganda breathed life into the 2006-era financial regulations to license BT Payments Services Limited, a digital money remittance services firm providing services exclusively over the Internet, through interaction with other secure money transmission media and services.
This progressive and tech savvy spirit reared its head in the consideration of BT Payments Services Limited with the regulator, demonstrating forward thinking and innovative regulatory reasoning. The Bank of Uganda placed emphasis on the key aspects of regulatory oversight, monitoring, and most importantly customer protection to ensure that the product offered by BT Payments Services Limited was a fundamentally sound one and on establishing that it was, proceeded to license the company.
We commend the Central Bank for its foresight and progressive attitude in the licensing of BT Payments Services and congratulate BT Payments Services Limited on this momentous milestone.”