Section 47: Electronic money issuance and circulation

(1) A payment service provider licensed as an electronic money issuer shall- (a) issue electronic money only after an equivalent amount of cash is deposited in the trust account or a special account opened in accordance with sections 49 and 51 respectively; (b) submit in electronic form to the financial institution holding the trust account, the customer information indicating- (i) the names of the customer whose funds are in the trust account; (ii) balances of the electronic money account; (iii) any other information as the Bank of Uganda may prescribe; and (c) comply with such requirements, as the Bank of Uganda shall prescribe by regulations. (2) A customer may redeem electronic money value or purchase electronic money through an agent of an electronic money issuer. (3) The Bank of Uganda shall make regulations to govern the issuance of electronic money and in particular, the regulations shall provide for- (a) liquidity requirements; (b) fair competition; (c) customer due diligence and handling of consumers; (d) the transaction limits; and (e) compliance with the Anti-Money Laundering Act or any other law.