With immediate effect, the Bank of Uganda has decided to revoke M/S Pivot Payments’ license as a payment Service Provider and a Payment Systems Operator under Section 13 of The National Payment Systems Act, 2020.
In the document signed by Deputy Governor of the Central Bank, Michael Atingi-Ego, the suspension is the result of a comprehensive examination carried out by the regulatory authorities, which uncovered irregularities in M/S Pivot Payments’ operations that go against the rules established by the Bank of Uganda.
“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 the Deputy Governor.
He also cautioned all existing M/S Pivot Payment wallet holders to report to the M/S Pivot Payments Limited premises located at plot 17 Golf Course Road, Mariba Building, 1st Floor Kololo, Next to Azam TV Office to verify their wallet balances and Know their Customer Information as soon as possible.
Meanwhile, Pivot Payments limited has been a Pan African Payments Services Provider / Operator that provides payment solutions to individuals and businesses.
It was established in 2019, it’s payments solution includes: Bulk Payments and Bulk collections from Mobile Money, Cards and Bank accounts. It’s retail solution has been the Pivotpay wallet that has over 250,000 verified users who can save, spend or send money from their wallet in multiple currencies, safely, securely and conveniently.
It has been present in several markets including Uganda, Kenya, Tanzania, Ghana and Nigeria. It has been solving financial problems across 7 countries.
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