The group was appearing before the Parliament's Finance Committee on Wednesday together with other stakeholders including telecommunication companies.

BoU officials say mobile money transactions declined by UGX672bn in the first two weeks of implementing the controversial tax.

They described the tax as "discriminative and likely to affect financial inclusion" in the country.

A recent survey conducted in 93 districts in Uganda by Whitehead Communication indicates a notable decline in mobile money usage.

The report also reveals that mobile money usage significantly reduced from 93% in the last 6 months to 47%.

The same report reveals a significant decline in social media usage after the UGX200 daily came into effect on the same day as mobile money tax.

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