Kadamas in trouble as BoU suspends operations of Pivot Payments company

Bank of Uganda has suspended operations of Pivot Payments, a company that deals in remittances of money from banks to wallet as well as between the Middle East and Uganda.
In a Thursday communication, the central bank said the decision was taking after finding out that Pivot was “conducting business in a manner that is detrimental to the best interest on the public and endangers the stability of the financial system.”
BoU advised wallet holders at the company to verify their balances.
“In exercise of its powers under section 13 of the National Payment Systems Act, 2020, the Bank of Uganda has effective today February 29, 2024, suspended the licences of M/S Pivot Payments Limited as a Payment Service Provider and a Payment Systems Operator,” BoU noted.
A quick search indicates that Shamirah Kimbugwe was the company’s director as of 2022.
In a 2022 interview, Kimbugwe said: “We were born in Covid. So, we were born out of fire….Covid in a sense shaped our resilience as a company. You have to fight to get a customer. Covid gave us a way to address the digital needs of that particular customer. Most businesses are closing, downscaling…but we have had to strengthen, we are going into other markets. We are expanding. So, Covid has harnessed our business…”
According to Kimbugwe, close to 170,000 people were banking with them with more than 16,000 using the mobile application. The platform has so far handled about $14 million in transactions.
Kimbugwe told the media then that, “Migrant workers from other countries are calling for our services. We are soon opening shop in Kenya, Tanzania and Ghana. Our ambition is to be in 10 markets across Africa by the end of next year.”
Given that they primarily target migrant workers in the Middle East, Kimbugwe said more than 70 per cent of their customers are women, since many are there as domestic workers.
Below is the notice from Bank of Uganda.

Your article helped me a lot, is there any more related content? Thanks!
how can i get generic clomid without prescription where buy cheap clomiphene without prescription can i buy cheap clomid price where can i get clomid without dr prescription clomiphene 50mg for sale where to buy cheap clomid can you get clomiphene prices
Thanks recompense sharing. It’s outstrip quality.
This is the compassionate of writing I truly appreciate.
cheap azithromycin 250mg – purchase ofloxacin pills metronidazole 200mg brand
buy generic motilium 10mg – purchase sumycin pills where to buy cyclobenzaprine without a prescription
buy inderal 10mg pill – clopidogrel 75mg usa buy methotrexate 2.5mg pills
how to get amoxil without a prescription – buy ipratropium 100 mcg pill buy combivent pills for sale
buy zithromax 250mg pills – brand tinidazole 500mg buy nebivolol online
clavulanate brand – https://atbioinfo.com/ purchase ampicillin pills
buy esomeprazole online cheap – https://anexamate.com/ esomeprazole 20mg over the counter
Oh my goodness! an incredible article dude. Thank you Nonetheless I am experiencing subject with ur rss . Don’t know why Unable to subscribe to it. Is there anyone getting an identical rss problem? Anyone who is aware of kindly respond. Thnkx
https://www.smortergiremal.com/
warfarin for sale online – anticoagulant hyzaar uk