Uganda announces next step towards ‘cashless’ society
Central bank says limits on withdrawals are part of strategy to fully ‘digitise’ payments system
The Bank of Uganda says its new withdrawal limits are first step towards creating a cashless financial system, as it directs financial institutions to cap the amounts of physical currency that customers can take out of their accounts.
From January 1, 2027, over-the-counter cash withdrawals for individuals will be limited to 50 million Ugandan shillings ($13,675) each day and 250 million Ugandan shillings over a given week. For corporate entities, the limits will be 500 million Ugandan shillings
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