Three parliamentary committees are set to conduct a special session with bank of Uganda pushing for regulating the financial services telecommunication mobile money services.
MPS concerns came from the bank of Uganda report that the telecommunication companies do not fully own the mobile money services.
MPS noted that telecommunication mobile money services are being run by banks like stanbic bank and are worried that if a given telecommunication company collapses people may lose their money because of the absence of a law regulating their operations.
MPS complained that if someone dies without anyone knowing his mobile money account his or her money is likely also to get lost since there is no proper information of the next of kin.
MPS while grilling the Director in charge of commercial banking at Bank of uganda Bendict Sekabira , noted that the mobile money on telecommunication mobile money services is not insured posing a high risk on the people money .
The chairperson of the parliamentary committee on commissions ,statutory Authorities and state enterprises telecommunication companies who is the MP for Bugweri county Abdul katuntu said that three committees which include ICT ,FINANCE and COSASE will convene a meeting and deliberate on the matter and have a solution to this problem.