According to a statement from the bank signed by Governor Emmanuel Mutebile, the new rates will take effect on January 15 2022.
The new rates will, however, not apply to over the counter cheque withdraws or cheque payments made within the same bank.
Uganda’s Central Bank has announced that it will lower cheque value limits for all transactions by cheque in the country ostensibly to encourage e-payments.
According to a statement from the bank signed by Governor Emmanuel Mutebile, the new rates will take effect on January 15, 2022.
“The public is urged to use alternative electronic payment options, such as the real time Gross Settlement System (RTGS), Electronic Funds Transfer (EFT) and mobile money among others. Banka of Uganda and the supervised financial institutions will continue to sensitise the public on the alternative payments options,” the statement read.