Uganda
The latest statistics from Bank of Uganda (BOU) indicate that growth in electronic payments, comprising mobile money and Real Time Gross Settlement (RTGS) transfers recovered strongly in 2020 and 2021, at 18% and 26% respectively, after sluggish growth in 2018 and 2019, respectively of 12% and 6%. This recovery is due to the impact of restrictions during COVID-19 related lockdowns as well as legal/ regulatory reforms aimed at reducing the dependence on cash in the Ugandan economy. The reforms include the National Payments Systems Act 2020 through which BOU had issued 17 payments system related licences as of 1 August 2022.The central bank has also recently further reduced the upper limits for cheques thereby increasing the scope for electronic payments.
By 2017, the Government of Uganda estimated that 80% of payments were cash-based whereas the World Bank reported that only 33% of Ugandans had access to a bank or other financial institution account.
Cash
Some people do not have Visa cards to enable online payments for some services. Fortunately, some companies like GoodsExpress, Intraline Online, Internship, also accept cash at their offices. If you want to ship a particular item, you pay the cash and they ship the item for you.
Cash on Delivery (COD)
Some online shopping companies in Uganda accept Cash -On -Delivery (COD) but these are very few with most of them operating locally like Jumia and Jumia food. Those that allow you to shop online from global stores and ship to Uganda would not allow Cash On Delivery especially because of the obligations involved in online shipping.
What we have observed though is that many of them especially for those who want to shop online and ship to Uganda can agree to a stipulated deposit in order to have select items shipped and the balance paid when the item arrives or upon delivery.
Mobile Money
Many online shopping companies in Uganda accept mobile money as a form of payment especially because it has a deeper and wider penetration than Credit/Debit Cards powered by VISA and Mastercard. The telecoms have enabled a feature allowing you to pay a merchant/seller or send money directly to an individual/Merchant’s number.
Top banks
Bank of Uganda
Bank of Uganda (BoU) is the Central Bank of the Republic of Uganda. It was established under the Bank of Uganda Act, 1966. The primary purpose of the Bank is to foster price stability and a sound financial system. The Bank's vision is to be a centre of excellency in upholding macroeconomic stability.
ABC Capital Bank
Our existing and new onboard customers will benefit and have value in continuing to Bank with ABC Capital Bank Ltd. In today's fast-paced digital age, banking is evolving to meet the changing needs and preferences of customers. While the transition towards a Tier 2 digital banking will be important for ABC Capital Bank to Focus on delivering the best value to our choosen market niche, it will as well offer a range of benefits that align with the modern consumer's preferences for convenience, affordability, innovation, security, and personalized service. As the banking landscape continues to evolve, embracing digital banking solutions will empower customers to take control of their finances and enjoy a more streamlined banking experience.
BANK OF AFRICA Group
BANK OF AFRICA Group (BOA Group) is currently present in 18 countries: 8 in West Africa (Benin, Burkina Faso, Côte d’Ivoire, Ghana, Mali, Niger, Togo and Senegal), 8 in East Africa and the Indian Ocean region(Burundi, Djibouti, Ethiopia, Kenya, Madagascar, Uganda, Rwanda, Tanzania), 2 in central Africa (Africa the Democratic Republic of Congo and Congo) and France. The BOA Group network of 19 commercial banks, 1 global holding company, 2 regional holding companies, 1 investment company, 2 technical support subsidiaries, 2 processing and IT support companies, and 1 representative office in Addis Ababa. Since 2010, BANK OF AFRICA Group has been majority-owned by BMCE Bank (whose name recently changed to BANK OF AFRICA), the 3rd largest bank in Morocco. BMCE Bank brings strong strategic and operational support to BANK OF AFRICA Group, as well as direct access to international markets in view of its presence in Europe and Asia. Established over 35 years ago in Mali, BOA Group currently has a total of about 6,500 employees. In the year ended 31 December 2022, the Group recorded a consolidated balance sheet of EUR 10.2 billion and consolidated net income of EUR 216.6 million.
Bank of Baroda
It has been a long and eventful journey of more than a century, Bank of Baroda in India The parent Bank has International presence in 94 overseas offices spanning 17 countries. Starting in 1908 from a small building in Baroda to its new hi-rise and hi-tech Baroda Corporate Centre in Mumbai, is a saga of vision, enterprise, financial prudence and corporate governance. It is a story scripted in corporate wisdom and social pride. It is a story crafted in private capital, princely patronage and state ownership. It is a story of ordinary bankers and their extraordinary contribution in the ascent of Bank of Baroda to the formidable heights of corporate glory. It is a story that needs to be shared with all those millions of people - customers, stakeholders, employees & the public at large - who in ample measure, have contributed to the making of an institution.
Barclays
Our vision is to be the UK-centred leader in global finance. We are a diversified bank with comprehensive UK consumer, corporate and wealth and private banking franchises, a leading investment bank and a strong, specialist US consumer bank. Through these five divisions, we are working together for a better financial future for our customers, clients and communities.
Cairo bank
CBUL focuses on serving small and medium businesses (SMEs), educational institutions, non-governmental organizations and corporate entities. In 2020, the bank re-branded and turned its focus on meeting the banking needs of SMEs. Cairo Bank Uganda Limited is a fully owned subsidiary by Banque du Caire (BDC), an Egypt-based financial services conglomerate with total assets in excess of US$12 billion, as of September 2020.
BankCentenary
We are Uganda’s leading Commercial Microfinance Bank serving over 2.5 million customers, with an asset base of UGX 6.3 trillion. Financial inclusion is key for us and we are reaching out through 80 branches, 207 ATMs, over 7,400 Agents, and several other digital channels including CenteMobile banking, CenteOnline banking, CenteVisa debit & prepaid cards, and Mastercard Platinum debit card.
Citibank Uganda Limited
With a presence in Uganda since 1999, Citibank Uganda Limited (CUL) is arguably the most innovative corporate bank in Uganda, a quality that is highly valued by our clients. Our corporate banking business is one of the largest in the country, serving over 250 clients, active in diverse sectors of the economy.
Top payment methods
Airtel’s mobile money is an e-wallet that allows customers to make online and offline payments, pay bills, top up their mobile phones and make and receive money transfers. Customers can load their wallets via payment cards, or bank accounts or connect their mobile numbers to bank accounts via UPI for sending/requesting payments.
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
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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Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
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