The ‘Electronic Know You Customer’ (eKYC) platform allows the banks to access the data bank at the National Identification Regulatory Authority (NIRA), as a way of verifying the authenticity of the data presented by the customer.
According to a survey by the Financial Sector Deepening Uganda, there are many Ugandans who have refused to embrace digital or non-physical contact transactions, unsure of the safety of their money.
The traders told MPs that they are facing increasing rent arrears, bank loans, limited government support, new tax policy amendments during lockdowns among others.
