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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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Uganda’s central bank, the Bank of Uganda (BoU), has appointed Collin Babirukamu as its new Executive Director of Information Technology. This move is set to bolster the central bank’s digital transformation efforts. His appointment, alongside Ann Margaret Kaggwa Kasule as Executive Director of legal Services, adds fresher perspectives to the central bank’s top leadership. Babirukamu, who has been serving as Director of E-Government Services at the National Information Technology Authority (NITA-U), will assume his new role at BoU after completing his notice period with his current employer. His selection follows a rigorous interview process conducted by the BoU Board…
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The Office of the Prime Minister has this morning unveiled a citizen fundraising platform aimed at assisting the government of Uganda in mobilising resources and funds from its citizenry and well-wishers to boost the coronavirus fight in the country. Developed by the National Information Technology Uganda (NITA-U), the application utilizes the national electronic payment gateway to collect funds/donations from individual donors. The online system enables anyone with donations from as little as UGX 1,000 to make a contribution at their convenience (using a mobile phone or website). Prospective donors can visit https://covid.pay.go.ug/, to make donations from their mobile phone…
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