The Bank of Uganda has suspended the licences of M/S Pivot Payments Limited as a Payment Service Provider and a Payment Systems Operator.
“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,” said BoU Deputy Governor, Michael Atingi-Ego on Thursday.
In his statement, he advised all existing wallet holders of the company to report to its premises at Plot 17, Golf Course Road, Kololo, Kampala, to verify the wallet balances and Know Your Customer (KYC) information starting from Thursday February 29th.
“Bank of Uganda assures the public that it will continue to provide oversight and protection of payment systems in Uganda,” he promised.
Following the announcement by the regulator, the company apologised to the customers and assured them that the issues outstanding would be resolved soon.
“We wish to apologise to our esteemed clients, partners and the general public…Please be assured that management is committed to resolving this issue,” they said in a statement, promising that they will soon be back. “Therefore, we are working with the regulator and relevant stakeholders to have the licenses reinstated and normalise business operations as soon as possible,” said the company.
