Bank of Uganda Halves Cheque Limits, Caps Cash Withdrawals From Jan. 1, 2027
Updated
Updated · pulse.ug · Jun 3
Bank of Uganda Halves Cheque Limits, Caps Cash Withdrawals From Jan. 1, 2027
2 articles · Updated · pulse.ug · Jun 3
Summary
Shs5 million will become Uganda’s new maximum interbank cheque value on Jan. 1, 2027, down from Shs10 million, as the central bank tightens paper-based transactions.
Dollar, euro, pound and Kenyan shilling cheque limits will also be halved, while over-the-counter cash withdrawals will be capped for the first time.
Individual customers will face limits of Shs50 million a day and Shs250 million a week; corporate and business accounts will be capped at Shs500 million daily and Shs2.5 billion weekly.
Bank of Uganda said the measures support its e-payments strategy and national digitalisation agenda by pushing users toward mobile money, electronic funds transfers and other cashless channels.
The delayed start date gives banks time to clear existing instruments before the rules take effect and broadens Uganda’s shift toward a cash-lite financial system.
As Uganda caps cash withdrawals, will high mobile money taxes undermine its own 'cash-lite' ambitions?
Will new cash limits curb corruption or just push large transactions further into the shadows?
Uganda’s 2027 Banking Limits: Accelerating Digital Payments, Financial Inclusion, and Anti-Corruption Reform
Overview
Starting January 1, 2027, Uganda will introduce strict limits on cheque values and over-the-counter cash withdrawals as part of new banking restrictions. These measures are designed to accelerate the country’s shift towards a digital-first economy by encouraging the use of electronic payment methods. The ongoing expansion of digital transactions in Uganda supports this transition, with cheque limits for currencies like the pound sterling and Kenyan shilling being halved. By reducing reliance on cash and traditional paper-based payments, Uganda aims to modernize its financial system and promote greater efficiency and transparency.