• Payment Systems

Uganda National Interbank Settlement (UNIS)

High value payment transactions pass through the Uganda National Interbank Settlement (UNIS) System, also known as, the BOU Real Time Gross Settlement (RTGS) System.

 UNIS: This advanced interbank electronic payment system facilitates safe, secure and real-time transmission of high value funds between accounts in different financial institutions. It was implemented in February 2005 and was upgraded from a client/server based model to a web-based model in August 2009. The UNIS System participant base was expanded from Commercial Banks to include Non-Bank Financial Institutions.

The system has improved efficiency in payment systems by mitigating settlement risk and eradicating time lag for settling high value and time critical payments. They include; clearing house balances, interbank transfers, government securities and money market transactions.

Currently there are twenty six (26) registered UNIS System participants. Turnaround time for a transaction is T+0 (instantaneous) with a maximum time lag of two hours. The average daily processing involves 1200 transactions with a value of around 263 billion Uganda Shillings.

To date, about 85% of large value and time critical payment transactions pass through the RTGS system leaving only 15% to pass through the clearing system.


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