Banks in Uganda

Uganda has a formal banking system regulated mainly under the Financial Institutions Act 2004, the BoU Act 2000 and the National Payment Systems Act 2020. BoU licenses and supervises commercial banks, credit institutions, MDIs, relevant large Savings and Credit Cooperative Organisations (SACCOs), payment service providers and payment system operators. The Ministry of Finance, Planning and Economic Development sets part of the broader legal policy framework. Islamic banking operates under separate 2018 regulations, so product structures and terms can differ from conventional accounts. Common account types include demand or current accounts, savings accounts, fixed or time deposits and foreign-currency deposits. Commercial banks may also provide overdrafts, loans, foreign-exchange services and guarantees, but the conditions depend on the institution and product. A personal account generally requires a National ID, Alien ID or NIN. Business accounts usually require additional registration, tax, address, beneficial-owner and transaction-purpose information, with exact requirements varying by institution. Know Your Customer (KYC) and anti-money-laundering checks can delay or prevent access when the information is incomplete or cannot be verified. The Deposit Protection Fund (DPF) protects eligible savings, current, fixed and foreign-currency deposits up to a maximum of UGX 10 million per depositor per contributing institution. A foreign-currency deposit is converted into Uganda shillings at the BoU rate used when the institution is closed. Amounts above the protected limit depend on recovery through the liquidation process. Deposit protection does not automatically cover money held with an unlicensed provider, and mobile money is not automatically an insured bank deposit. Check both the BoU licence and DPF membership before depositing substantial funds. Payments can use bank transfers, electronic funds transfers, cheques, debit or credit cards, point-of-sale terminals, mobile money and domestic or cross-border remittances. The Uganda National Interbank Settlement System (UNISS) is the core real-time gross settlement system for high-value interbank payments. The Automated Clearing House (ACH) handles clearing for cheques and electronic funds transfers. Cross-border remittance services can require additional BoU approval or licensing. Fees, transaction limits, settlement times and exchange rates vary by institution, channel and product. Agent banking extends a bank's services beyond its branches. The bank remains responsible for the agent's authorised services. Transactions should occur in real time and use two-factor authentication, and the receipt should show the institution, agent identifier and unique transaction reference. Agents must display their authorised services, applicable charges and complaints contact. They cannot independently conduct banking business, distribute debit or credit cards or PIN mailers, handle cheque deposits or encashment, or provide foreign exchange under the agent-banking rules. A direct customer fee at the agent location is not permitted under the reviewed rules. Use only the official bank or payment-provider application, website and contact channels. Never disclose a PIN, one-time password or password, and verify the beneficiary before approving a transfer. After a lost card, suspicious message, SIM compromise or unauthorised transaction, contact the issuer or provider immediately, request a block where relevant, and keep the receipt, transaction reference, date and amount. BoU consumer-protection rules require fair and transparent conduct, data protection and complaint handling. A Key Facts Document (KFD) should set out fees, interest, risks, key terms and customer obligations; compare it with the institution's current published charges and rates. Start a complaint through the bank's documented branch, website or other official channel. If the institution does not resolve it, submit the matter to BoU's financial consumer complaints channel with the account or transaction reference, supporting records and the institution's previous response. There is no single national response period for every banking complaint, so timing depends on the institution and case. A BoU notice dated 3 June 2026 announces over-the-counter cash caps from 1 January 2027 and excludes digital transfers, but a later BoU FAQ contains different figures. Confirm the latest official notice before planning large cash transactions; lower risk-based caps and exceptional waivers may also apply.