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Setback to telcos in Uganda as Islamic banking wins in new law

MTN mobile money transfer outlets in Kampala. A new law has applied the brakes to the telecommunications firms’ offensive against the Ugandan banking industry. PHOTO | MORGAN MBABAZI

A new law has applied the brakes to the telecommunications firms’ offensive against the Ugandan banking industry.

However, the law has created new financing and investment opportunities for local businesses and entrepreneurs interested in Islamic banking products, bancassurance and agency banking channels.

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