BoU Report: Cash Still Rules, but Digital Payments Are Catching Up Uganda’s economy still runs on cash, but digital payments are quietly transforming how money moves.

Despite the steady rise of mobile money, fintechs, and online banking, cash continues to dominate Uganda’s payment landscape.  Bank of Uganda (BoU), in its latest currency and payment systems report, reveals that while digital channels are growing steadily, the Ugandan economy remains deeply reliant on physical currency for most day-to-day transactions. However, behind the continued dominance of cash lies a quiet but important shift; digital payments are steadily gaining traction, reflecting changing consumer habits, improved technology, and growing financial inclusion. Cash circulation keeps rising During the 2024/25 financial year, total currency in circulation increased by 9%,, from UGX 8.21 trillion…