Uganda: Bank of Uganda Caps Cash Withdrawals in Push for Digital Payments

Uganda: Bank of Uganda Caps Cash Withdrawals in Push for Digital Payments

The Bank of Uganda (BoU) has announced new limits on over-the-counter cash withdrawals, capping daily withdrawals at Shs50 million for individual account holders and Shs250 million for corporate accounts beginning January 1, 2027.

Bank of Uganda Sets Cash Withdrawal Limits to Accelerate Shift to Digital Payments

KAMPALA — The Bank of Uganda (BoU) has announced new limits on over-the-counter cash withdrawals from commercial banks and other supervised financial institutions, a move aimed at accelerating Uganda’s transition towards a digital payments economy. The new policy, which takes effect on January 1, 2027, will cap cash withdrawals at Shs50 million per day for individual account holders and Shs500 million per day for corporate accounts. In a stateme…

Uganda Tightens Cash Withdrawal Rules As Digital Payments Surpass $100 Billion In Push Toward Cashless Economy

Uganda has moved to significantly restrict cash withdrawals and cheque usage as the country accelerates its transition toward a cashless financial system, following a surge in digital transactions now valued at more than $100.3 billion (UGX366 trillion) annually. The latest policy direction marks one of the strongest regulatory shifts yet in Uganda’s financial sector, as authorities intensify efforts to reduce reliance on physical cash and stren…

Uganda Puts The Squeeze On Cash While Taxes On Digital Alternatives Bite

Uganda’s central bank is tightening the screws on cash, imposing new withdrawal and cheque limits in its strongest push yet toward a cashless economy, even as the government’s own digital transaction taxes threaten to undermine adoption. The Bank of Uganda, in a circular issued last week, set daily over‑the‑counter cash withdrawal caps of UGX 50 M (USD 13.7 K) for individuals and UGX 500 M (USD 137 K) for businesses. Weekly limits are set at UGX…