Uganda’s payment systems witnessed a dramatic shift towards digital channels in FY 2024/25, with significant growth in transaction values and volumes across mobile money, agent banking, and electronic funds transfers, the Bank of Uganda (BoU) report reveals.
The value of transactions processed through the Uganda National Interbank Settlement System (UNISS) grew by 18.2% to UGX 955.6 trillion, while volumes increased by 21.8% to 2.5 million transactions. In a clear sign of digital adoption, cheque usage continued its decline, with values falling by 3.6% to UGX 4.62 trillion and volumes decreasing by 3.9% to 1.01 million transactions. Conversely, Electronic Funds Transfers (EFTs) recorded an 8.7% increment in value to UGX 64.6 trillion.
The Agent Banking Platform registered explosive growth, with transaction values skyrocketing by 76.1% to UGX 29.4 trillion and volumes increasing by 50.5% to 12.5 million. The number of agents on the shared network grew by 49.1% to 22,793, though the active agent ratio dipped to 48%, indicating a rapid expansion phase.
The most transformative growth was in the electronic money sector. Transaction values for e-money transfers surged by 28.6% to UGX 328.3 trillion, while volumes grew by 20.6% to 8.4 billion. The use of e-money for financial services (excluding airtime) notably increased by 28.6% to UGX 319.6 trillion. Digital credit also expanded dramatically, with the volume of loan disbursements nearly tripling and the value more than doubling to UGX 3.5 trillion.
To support this digital revolution, the BoU advanced key modernization projects. It successfully launched a third clearing session on the Automated Clearing House (ACH) in February 2025, improving settlement efficiency. The critical Real-Time Gross Settlement (RTGS) Replacement and ISO 20022 Migration Projects are on course for a November 2025 go-live, which will align Uganda with international messaging standards and improve interoperability.
The BoU also continued its exploratory work on a Central Bank Digital Currency (CBDC), concluding stakeholder consultations and publishing a comprehensive report. The next step is a feasibility study to assess the technical, legal, and economic viability of issuing a digital Shilling in Uganda.
