MEFMI conducts an In-country Workshop on Payment Systems Oversight for the Bank of Uganda 

Central Banks have conventionally influenced payment and settlement systems largely by being entities that provide a multiplicity of payment services to other banks. By their nature, central banks provide a safe settlement asset and generally operate systems which allow for the transfer of that settlement asset. Only recently, has the oversight function become more formal and systematic. Although the recognition of the oversight role has been slow, especially within countries in the MEFMI region, the development and nature of oversight has been rapid and the function is now generally acknowledged as a core responsibility of central banks.

The Bank of Uganda (BOU) recently re-organised the structure of the National Payment Systems Department (NPSD) and a new role of Payment System Oversight was created. The main mandate of the NPSD is to ensure safety and efficiency of the National Payment Systems.

While the Bank operates and supports some of the payment systems like the Real Time Gross Settlement (RTGS), the Automated Clearing House (ACH) and the Central Securities Depository (CSD), other payment systems are operated by private payment service providers. Recognising the need to enhance the capacity of the officers in their oversight roles, the BOU request MEFMI to organise an in-country training on PS oversight. The training was held from the 27-31 May 2019 at the BOU premises in Kampala, Uganda.

The course was designed to develop practical skills for overseeing and managing payment systems and equip participants with essential abilities for designing and implementing PS oversight benchmarks.

MEFMI will continue to support BOU in developing its staff skills in the regulation, supervision and oversight of Payment systems. The institute will also continue to build capacity in the adoption and implementation of the Principles for Financial Market Infrastructures (PFMIs). Collaboration with other regional bodies like the SADC and EAC will be critical in building capacity especially in the areas of cross-border payment systems and cooperative oversight.