UGX88.1 billion Remains Unclaimed at BoU in Dormant Mobile Money Accounts UGX 88.1 billion from closed mobile money and e-money accounts now sits at Bank of Uganda. Providers moved UGX 10.8 billion there in FY2024/25; UGX 560.8 million was refunded. Wallets go dormant after nine months, then close. Owners have seven years to claim before cash shifts to the Consolidated Fund.

At least UGX 88.1 billion remains unclaimed in closed mobile money and other e-money accounts, a Bank of Uganda report shows.

The money, which is currently held Bank of Uganda (BoU), has been accumulating for over four years since the central bank took over the regulation of mobile money and e-money service providers.

Details contained in the Bank of Uganda 2024/25 Integrated Annual Report indicate that during the 12 months to June 30, 2025, mobile money and e-money providers transferred UGX 10.8 billion in closed-account balances to the central bank for safekeeping.

However, the report notes that by the reporting time, at least UGX 560.8 million had been claimed and refunded to claimants, leaving UGX 88.1 billion as unclaimed.

Declaring an e-money account dormant?

Under the National Payment Systems Act, an e-money account becomes dormant if it has no registered transactions for nine consecutive months.

Before that nine-month mark is reached, the issuer must give the customer at least one month’s notice that the account will be suspended unless a transaction is made.

If no activity occurs, the issuer blocks the account and notifies the customer within five working days with instructions on how to reactivate it.

If the account is not reactivated within six months after blocking, the issuer must close it.

What happens to the money after closure?

Once an e-money account is closed for dormancy, the trustees transfer the balance, together with identifying data, to the Bank of Uganda.

The central bank must refund any unclaimed balance to the account holder (or a legal representative if the holder has died) upon request within seven years of the transfer.

But if the money remains unclaimed after the seven-year window, it is transferred to the Consolidated Fund.

The scale of digital finance

Uganda’s e-money infrastructure continues to deepen. As of June 30, 2025, 18 entities were licensed as e-money issuers, supported by a nationwide agent network that topped one million, up by  27%.

This growth has helped to drive greater access to digital financial services across urban and rural communities.

BoU’s custody of UGX 88.1 billion from closed e-money accounts is a legal safeguard, not a loss of customer value.

The funds remain available for reclamation by rightful owners, while the sector’s trust balances indicate a system designed to honor withdrawals and redemptions promptly.

The latest figures underscore both the scale of unclaimed funds and the consumer protections built into the law.

Money from dormant accounts can be redeemed from BoU, with proof of entitlement, and only forfeited to the Consolidated Fund if it remains unclaimed beyond seven years.

Consumers with old or inactive mobile money wallets and families of deceased account holders can still recover funds by following the statutory claims process through their provider and BoU.