Traders Worries are more focused on the flow of goods which may face disruption if the election is not concluded peacefully. However legislators sitting on the parliamentary committee of trade have also warned of serious consequences.

Bulamogi  MP Kenneth Lubogo says the fact that Uganda  use the same route in trade since the new route between Ugandan and Dar-es-salaam  is not complete a lot of business are going to be affected. Including Uganda’s tax base.

 Kilak county MP Gilbert Olanya warns of serious implication which include increasing influx of refugees in the country

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Bulamogi County MP Kenneth Lubogo

The Member of Parliament for Bulamogi County in Kaliro district, Kenneth Lubogo, has called for speedy enactment of the Investment Code Bill 2017 which is still lying in Parliament into law to deal with fake investors taking up small businesses for low income earners.

Lubogo who was the former chairperson of the Trade committee  said that the  bill is urgently needed to address the issues related to fake investors who come to Uganda and do business meant for low income local Ugandans.

The proposed bill has a section which says that no foreign investor will be allowed to invest or participate in the operation of any investment activity in Uganda before registration with the authority.

He said that there should be categorisation where by traders are not taken as investors to stop quack investors from flooding Uganda’s business.

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The new service launched on August 10, 2016 and dubbed MTN MOkash, will be managed in partnership with the Commercial Bank of Africa (CBA) and is the first of its kind in the Country. Neighboring countries Kenya and Tanzania have been utilizing a similar service.

However, some Members of Parliament have expressed concern saying such as scheme will be vulnerable to fraud and make Ugandans lose money in the process if a proper frame to regulate its operations is not put in place.

Bulamogi Member of Parliament, Kenneth Lubogo.

Kenneth Lubogo, Member of Parliament for Bulamogi County in Kamuli district who raised the matter in Parliament wondered whether MTN had received clearance to offer financial services which is a preserve of financial institutions.

He said this is a serious matter that the government needs to look into the new service as it has been launched to the public.

Joseph Ssewungu, Member of Parliament for Kalungu West in Kalungu district, added that there were weaknesses in regulating telecommunication companies leaving them to operate at the expense of the citizens.

Sewungu wondered why MTN gets the audacity to start operating like a financial institution without being questioned.

Onesimus Twinamasiko, Member of Parliament for Bugangaizi East Constituency in Kibaale district said MTN did not seek Parliament’s permission on their new service, adding that the mandate to make money had been misplaced.

He said the Telecommunication companies and financial institutions are making more money than the Bank of Uganda while exploiting citizens.

However, the State Minister for Finance and Planning, Hon. David Bahati said that whereas MTN had no license to offer banking and money lending services, Bank of Uganda had given them authority to operate the platform in partnership with Commercial Bank of Africa.

He added that the Ministry was in the process of procuring an intelligence machine in the next three months to identify any unknown revenues telecommunication companies were making.

The Minister for ICT, Hon. Frank Tumwebaze pledged to present a comprehensive report on the regulatory framework for the telecommunications companies.

He clarified that the money being used in the MTN MOkash service is provided for by a bank called Commercial Bank of Africa and MTN avails a mobile mechanism to transact without having to visit the bank.

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