Bill to regulate mobile money ready, says government
Government has finalised drafting the long awaited bill dubbed the National Payment System Bill 2019 that seeks to regulate the operations of mobile money transactions in the country and other financial transactions on internet.
According to the minister of state for Economic Planning, David Bahati, cabinet will debate the bill next week before its tabled in Parliament.
Keep Reading
Bahati's revealtion came after Elijah Okupa, the Kasilo county legislator asked when government will table the long awaited bill that is supposed to regulate the mobile money transactions in the Country.
He said telecom companies were operating mobile money transactions without a law to regulate the system, which posed a risk to their customers.
In response, Bahati said government has drafted the bill and it will soon be debated in Parliament.
Parliament also passed the Tax Procedure Code Amendment Bill 2019 that will give government mandate to write off all the monies ought to URA by the companies where government committed itself.
The bill will also allow government pay any whistle blower 5% of the value of the money recovered out of his or her action to report any corrupt or suspicious transactions or people who will be swindling money from government.
