CHEQUE LIMITS: BOU directive takes effect this Saturday
Starting this Saturday, the 15th January 2022, a Bank of Uganda directive to lower the lists on the value of cheque payments takes effect. Businesses seeking to issue cheques will not be allowed to go beyond 10 million shillings down from 20 million and for US Dollars 2,750 down from 5,500 etcetera. This move according to Sam Kiyaga the head of alternate channels, ABSA bank will go a long way to boost electronic and mobile money transactions. Uganda’s mobile money sector has moved about 46 billion dollars and is seen growing at a compounded annual growth rate of 26.6% for the next five years.