Uganda
Uganda, a landlocked East African nation with a population of over 48 million, is transitioning from a cash-based economy to a digital finance ecosystem. Agriculture remains the backbone of the economy, with key exports including coffee, gold, fish, tea, tobacco, and cotton, totaling around USD 4.2 billion in 2023, while imports, including machinery, petroleum products, iron and steel, chemicals, and vehicles, reached about USD 9.6 billion. Major trade partners include Kenya, China, India, the UAE, South Sudan, and the European Union.
Historically, cash dominated payments, with the Bank of Uganda estimating that 80% of transactions were cash-based in 2017 and only one in three Ugandans had a bank account. However, reforms under the National Payments Systems Act of 2020 have accelerated the adoption of digital payments. By August 2022, the Bank of Uganda issued 17 licenses to payment system operators, including banks and telecom providers, and reduced cheque limits to encourage electronic transfers.
The surge in mobile money and digital payment platforms was also driven by COVID-19, pushing consumers and businesses toward contactless, secure, and efficient payment methods. Today, Uganda’s growing digital payment ecosystem is enhancing financial inclusion, modernizing commerce, and supporting both domestic and cross-border trade.
Top banks
Uganda’s banking sector is growing rapidly, with a mix of local and international banks providing retail banking, corporate finance, digital banking, and mobile payment services. Leading banks such as Stanbic Bank Uganda, Centenary Bank, Standard Chartered Uganda, and Barclays Bank Uganda play a key role in driving financial inclusion, supporting digital payments, and fostering economic growth.
Bank of Uganda
Bank of Uganda (BoU) is the central bank of Uganda, established under the Bank of Uganda Act, 1966. Its primary mandate is to maintain price stability and a sound financial system, ensuring macroeconomic stability and promoting confidence in Uganda’s banking and financial sector.
ABC Capital Bank
ABC Capital Bank Ltd Uganda is evolving to meet the needs of modern customers by embracing Tier 2 digital banking solutions. The bank offers convenient, secure, and innovative banking services, including digital banking, personalized financial solutions, and affordable banking products. By focusing on customer-centric services, ABC Capital Bank empowers clients to manage their finances efficiently and enjoy a streamlined banking experience across Uganda.
BANK OF AFRICA Group
BANK OF AFRICA Group (BOA Group) is a leading pan-African banking network operating in 18 African countries and France, offering retail, corporate, and investment banking services. With 19 commercial banks, regional holdings, and support subsidiaries, BOA Group, majority-owned by BMCE Bank (Bank of Africa Morocco), employs over 6,500 professionals and recorded a consolidated balance sheet of EUR 10.2 billion in 2022.
Bank of Baroda
Bank of Baroda Uganda, a subsidiary of Bank of Baroda India, provides comprehensive retail, corporate, and international banking services in Uganda. Leveraging the bank’s global presence and financial expertise, it serves individuals, businesses, and institutions, offering loans, savings, trade finance, and digital banking solutions across the country.
Barclays
Barclays UK is a leading UK-based bank with a vision to be a UK-centred leader in global finance. It operates across consumer banking, corporate banking, wealth and private banking, investment banking, and US consumer banking, providing a wide range of financial products, loans, mortgages, savings, and investment services to individuals, businesses, and institutions.
Cairo bank
Cairo Bank Uganda Limited (CBUL), a subsidiary of Banque du Caire (Egypt), specializes in SME banking, corporate banking, and services for educational institutions and NGOs. Rebranded in 2020, CBUL focuses on delivering tailored financial solutions to small and medium enterprises across Uganda, leveraging its parent company’s financial strength and expertise.
BankCentenary
Bank Centenary, Uganda’s leading commercial microfinance bank, serves over 2.5 million customers with an asset base of UGX 6.3 trillion. Focused on financial inclusion, the bank offers retail banking, digital banking, mobile banking, ATMs, agent banking, debit and prepaid card services, and operates through 80 branches and 7,400+ agents across Uganda.
Citibank Uganda Limited
Citibank Uganda Limited (CUL), present in Uganda since 1999, is a leading corporate bank providing innovative financial and banking solutions. Serving over 250 corporate clients across diverse sectors, the bank specializes in corporate banking, treasury services, trade finance, and investment solutions, making it one of Uganda’s largest and most trusted banks.
Top payment methods
Uganda’s payment ecosystem is evolving, blending traditional cash transactions with digital solutions such as mobile money, electronic banking, card payments, and platforms like AfriMoney. Popular services including MTN Mobile Money, Airtel Money, and AfriMoney enable bill payments, retail purchases, peer-to-peer transfers, and trade transactions, driving a cashless economy and promoting financial inclusion.
Airtel Mobile Money is a leading mobile wallet and digital payment solution that enables users to make online and offline payments, pay bills, top up mobile phones, and send or receive money transfers. Wallets can be funded via bank accounts, payment cards, or UPI-linked mobile numbers, providing secure, convenient, and cashless transactions. Airtel Mobile Money supports financial inclusion, mobile banking, and digital payments across Africa.
MTN Mobile Money
MTN Mobile Money is a secure electronic service that enables MTN Mobile Money wallet holders to store funds, send and receive money, make payments and do a number of other transactions simply using their mobile phone. It's fast, simple, convenient and affordable. Ethiopian airlines passengers can use MTN to make their ticket payment from Uganda, Ivory Coast, Ghana, Zambia and Cameron
Afrimoney
Afrimoney is a secure way to transfer, store and manage money in an account linked to your Africell sim card, similar to a digital bank account.With an Afrimoney account you can: • Transfer money (Domestically or internationally)• Pay bills and fees (NAWEC)• Pay for goods and services• Buy Africell services (Airtime, Data, special Afrimoney bundles)• Receive international remittances• Receive your salary
Concluding remarks
Uganda’s payment landscape is rapidly evolving, with mobile money, AfriMoney, and digital banking complementing traditional cash. These electronic payment solutions are driving a cashless economy, enhancing financial inclusion, and supporting secure, convenient transactions across both urban and rural areas.
Cash
Cash is still king: Despite the growth of mobile money services, cash remains the most widely used payment method in Uganda. This is due to a variety of factors, including the relatively low levels of financial literacy and limited access to banking services in rural areas.
Mobile money
Mobile money is on the rise: Mobile money services, such as Airtel Money, MTN Mobile Money, and Africell Money, have become increasingly popular in Uganda. These services allow users to send and receive money, pay bills, and even make online purchases using their mobile phones.
Card payments
Card payments are limited: While some businesses in Uganda accept card payments, such as Visa and Mastercard, this option is not yet widely available, especially outside of major cities.
Electronic funds transfers
Electronic funds transfers are gaining ground: Electronic funds transfers, which allow individuals and businesses to transfer money directly between bank accounts, are becoming more common in Uganda, particularly for larger transactions.
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