Abdul Katuntu, the Bugweri county Member of parliament has petitioned the commercial court challenging the legality of the mobile money service offered by various telecom companies.
In the suit, Katuntu contends that the mobile money service providers are operating outside the license issued to them by Uganda Communications Commission-UCC.
He also argues that the electronic money transfer service offered by telecom companies is not regulated like other financial institutions just like the case is with banks and forex bureaus.
Katuntu jointly sues Bank of Uganda as regulator of financial institutions and Uganda Communications Commission.
Through his lawyers of Muwema Mugerwa advocates, Katuntu wants court to order for an audit of all the money received by telecom companies. He also wants companies to refund all the money they have generated through various promotions.
Justice Christopher Madrama is yet to fix a date for hearing the suit.
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