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Payment systems refer to the rules, procedures, and mechanisms for transferring money between two or more financial institutions and their customers.
Importance of payment systems in Uganda
A national payment system is one of the principal components of a country’s monetary and financial system and is, therefore, crucial to a country’s economic development, since almost all economic transactions involve some form of payment.
The orderly and efficient functioning of the Payment Systems contributes to the financial and economic stability, provides a platform for monetary policy activities by providing effective and efficient transmission of monetary value and ensuring efficient and cost effective discharge of claims and liabilities arising out of economic transactions, and hence are partners in economic growth.
Payment and settlement systems thus play a crucial role in a market economy, and central banks have always had a close interest in them as part of their responsibilities for monetary and financial stability. In light of this, Bank of Uganda provides a wide range of payment services to authorized financial institutions and the Uganda Government to facilitate the circulation of money in the economy.
Consequently, an efficient payment system enhances the smooth and fast flow of funds for payment of goods and services.
Today, the emphasis is on electronic transactions with higher velocity.
Evolution of Payment Systems in Uganda
Payment Systems Landscape in Uganda
- Central Bank Rate (CBR)
|February 2019||April 2019|
|February 2019||March 2019|
|Food Crops & Related Items||-4.4||-9.9|
- Exchange Rates
- April 25, 2019
- Financial News Report
|April 03, 2019||April 10, 2019|
|T/Bills (91 days)||9.85||9.60|
|T/Bills (182 days)||10.94||10.85|
|T/Bills (364 days)||12.45||11.45|
|T/Bonds (2 years)||14.00||14.00|
|T/Bonds (3 years)||15.15||15.15|
|T/Bonds (5 years)||15.44||15.44|
|T/Bonds (10 years)||15.75||15.75|
|T/Bonds (15 years)||17.00||17.00|
- Commercial Bank Rates
|January 2019||February 2019|
|Time Deposit Rate||10.91||09.91|