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Uganda’s agent banking industry has entered a new phase with latest data from Bank of Uganda painting a picture of a sector in full bloom. As of June 2025, the…
Payments through cheques in Uganda’s financial eco-system continues to decline as Bank of Uganda (BoU) intensifies efforts to promote digital and electronic payments. Latest data from the central bank shows that both volume and value of cheque transactions have dropped, reflecting a steady shift toward electronic funds transfers and mobile-based banking solutions. BoU data indicates that cheque transaction values fell by 3.6%, from UGX 4.8 trillion in the year to June 2024 to UGX 4.62 trillion in the same period in 2025. Similarly, the volume of cheques declined by 3.9%, from 1.05 million to 1.01 million transactions over the same…
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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…
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dfcu Bank has revamped its *USSD 240# platform, making banking easier, faster, and more inclusive for Ugandans. With no need for smartphones, internet, or airtime, customers can check balances, transfer…
As digital transformation accelerates across financial services, simplicity and accessibility remain the cornerstones of truly inclusive innovation. dfcu Bank’s newly enhanced *240# USSD platform is one such innovation—bringing banking to every corner of Uganda without the need for a smartphone or internet connection. To understand what’s behind this strategic upgrade and what it means for the future of financial inclusion, Business Insight sat down with Isaac Bigirwa, Head of Cards and Payments at dfcu Bank. Q: Let’s start with the basics—what is 240#, and why is it a big deal for dfcu?Isaac Bigirwa:*240# is dfcu Bank’s USSD-based mobile banking platform….
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Northern Uganda’s economic landscape, driven largely by agriculture, has presented unique challenges and opportunities for financial inclusion. dfcu Bank has taken strategic steps to adapt its services and empower communities, with a special focus on women, youth, and rural populations. In this interview, Nancy Ocitti Acayo, dfcu’s Northern Regional Manager, discusses the bank’s efforts, challenges, and achievements in its quest to drive economic empowerment in the region. How has dfcu Bank adapted its services to meet the needs of residents in Northern Uganda? Agriculture is at the heart of Northern Uganda’s economy, so we’ve tailored products like agricultural loans with…
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Who is Stone Atwine? A guy who asks “why?” Haha, my friends have described me like this many times. I’ve been around for some time. I’ve worked in financial technology for 9 years in Africa. Some people may know Yetu Credit Finance – a microfinance company in Bugolobi and useremit.com – a p2p remittance platform. I am a co-founder of those 2 businesses. I am a Ugandan entrepreneur living in Paris and Kampala. Tell us about Eversend – what is it about? For Africans and Africans in the diaspora that experience inconvenient and expensive financial services and hidden fees, Eversend…
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