Know Your Customer Requirements for Digital Financial Services

The United Nations Capital Development Fund’s (UNCDF) Mobile Money for the Poor (MM4P) program contracted BFA to conduct a Study on KYC Requirements for Digital Financial Services in Uganda. The key objectives of the study were to:

  • Clarify the Know Your Customer (KYC) requirements for opening and operating different digital financial services (DFS) accounts, including accounts for individuals, informal merchants and traders, formal businesses, and non-citizens such as refugees;
  • Understand how financial service providers are interpreting and implementing KYC requirements for the aforementioned accounts today;
  • Assess the impact of the interpretation and implementation of KYC requirements on DFS adoption; and
  • Offer recommendations for addressing KYC challenges to foster DFS growth and uptake.