Kadamas in trouble as BoU suspends operations of Pivot Payments company
Bank of Uganda has suspended operations of Pivot Payments, a company that deals in remittances of money from banks to wallet as well as between the Middle East and Uganda. In a Thursday communication, the central bank said the decision was taking after finding out that Pivot was "conducting business in a manner that is detrimental to the best interest on the public and endangers the stability of the financial system." BoU advised wallet holders at the company to verify their balances. "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," BoU noted. A quick search indicates that Shamirah Kimbugwe was the company's director as of […]