Cabinet approves use of mobile money platform to invest in government securities

Cabinet has approved the use of mobile money platform to invest in government securities. Ugandans will no longer require a bank account to invest in government securities.

This after cabinet on Monday 12th January approved the use of mobile money platform to invest in government papers. This new venture is expected to enhance financial inclusion and promote economic growth in the long run.

According to government spokesperson Ofwono Opondo, this will increase savings and investments amongst citizens and Ugandans in Diaspora who will now have an opportunity to invest and earn good returns while away.

Cabinet also approved the procurement and disposal assets, PPDA bill 2018 which seeks to reduce the lengthy procurement process that have delayed implementation of several government projects. This bill seeks to reduce the lengthy procurement lead time, reduce on the number of key players in the administrative review from the current three to one, harmonize procurement regulations for Kampala City Authority and local government by providing for the minister responsible for KCCA and or the minister responsible for local government in consultation with the Finance Minister to develop specific regulations for selected entities as when deemed necessary.

They also approved the labour disputes ( arbitration and settlement amendment) bill 2018 which seeks to provide for the official seal of the industry court, amend the composition of the industrial court, provide for the powers of the industrial court as well as ensure that the terms and conditions of appointment of the head judge, deputy head judge and other judges of the industrial court are similar to those of the judges of the high court.