Thursday, June 4th, 2020
The National Payments Systems Act which has been passed by the Parliament of Uganda if assented to will require Operators of electronic accounts such as Mobile Money Accounts to declare accounts dormant after only nine (9) months of no activity. After a further six (6) month period of dormancy, the Operators will send the funds on the account to Bank of Uganda.
Once the funds are sent to the Central Bank, account holders or their representatives have up to seven (7) years to claim this money or it will be consumed and sent to the Consolidated fund.
This generally means that if you travel out of the country for over nine (9) months, your Mobile money account could be rendered dormant and all your funds sent to the Central Bank.
So caution to you all, if this act is passed, you’ll need to keep your account active at least every 6-9months.
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