Business

New, Easy Third Party Payment Platform Launched

By Admin

The insurance regulatory authority of Uganda has today launched a new and easy third party payment platform dubbed, Motor third party insurance payment made easy.

The new digital payment mode will insurance clients use their mobile phones through the mobile money systems to pay for motor third party at places and time of their convenience.

Speaking at the launch of the platform today in Kampala, the CEO insurance regulatory authority, Hon. Lubega Kadunabi said, the new system which started functioning on 1st July 2020 is intended to reduce on claims, payment period for both parties.

Motor third party clients will only need to go to their respective mobile money platforms and follow the prompts for payments.

With only 500,000 vehicles in Uganda under insurance out of 1.2 million, this has caused immense tax losses to the govt over the years.

Now the head of traffic in Kampala metropolitan, Norman Musinga is cautioning all vehicle owners with fake insurance or third party to expeditiously replace them with legal ones before they are caught up by the law.

Musinga further attributes the high level of fraud in motor third party to less technology used in issuance of such a vital document.

 

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