The Bank of Uganda Lowers Limits on the Value of Cheque Payments to Promote e-payments

Uganda is seeking to shore up electronic and mobile money transactions by moving away from cheque payments for amounts above the equivalent of about $2,800 in local and foreign currency starting Jan. 15. The public is urged to use alternative electronic payments options such as electronic funds transfer and mobile money among others, governor of the Bank of Uganda, Emmanuel Tumusiime-Mutebile said in the Jan.10 notice. For Uganda, new research shows that the value of the country’s mobile money sector of about 27 million registered accounts, has topped $46 billion and is projected to grow at a compounded annual average growth rate of 26.6% over the next five years.

SOURCE: QUARTZ AFRICA