Quest for cashless economy: Uganda reviews cheque payments and cash withdrawals

The Bank of Uganda (BoU) will lower the maximum interbank cheque payment value from Ush10 million ($2,750) to Ush5 million ($1,275) and cap over-the-counter cash withdrawal limits for individual and corporate customers starting January 1, 2027. Individual withdrawals will be capped at Ush50 million ($13,197) per day and Ush500 million ($131,970) per week, while corporate withdrawals at Ush250 million ($65,985) per day and Ush2.5 billion ($659,850) per week. The policy aims to reduce physical currency circulation and promote electronic payments.