TELECOM SECTOR: Regulator warns on unfair competition
Telecoms running mobile money services are set to have their powers clipped over unfair competitive practices in the payments sub-sector.
Bank of Uganda and Uganda Communications Commission in a renewed Memorandum of Understanding noted that telecoms which run separate mobile money services were using their financial edge for unfair competitive practices against small financial technology companies operating within the same space.
Now, mobile money transactions increased by 38 per cent from Shs 113 trillion in June 2021 to Shs 156 trillion in June 2022. Similarly, transaction volume increased by 22 per cent from 4 billion to 4.8 billion transactions over the same period.
