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Uganda takes another step on e-payments path: five things you should know

Uganda takes another step on e-payments path: five things you should know

LONG periods of limited physical contact under COVID-19 lockdowns triggered new interest in alternative payment methods beyond existing options. The Bank of Uganda is among institutions that have taken steps to promote a shift towards a cashless economy. It recently ordered commercial banks to reduce by 50% the maximum amount customers can transact by cheque – from an upper limit of US$5,500 to US$2,750 – starting January 15. This move reflects a slow-rolling process across East Africa towards electronic payments. Mercy Muendo has studied information technology and law. We asked her to unpack five key points in the Bank of…
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Uganda’s public debt surges in coronavirus crisis, central bank says

Uganda’s public debt surges in coronavirus crisis, central bank says

ELIAS BIRYABAREMA UGANDA’S public debt surged 20.5% in the 12 months to June as the east African country soaked up new credit to help deal with the economic impact of COVID-19, the central bank said on Tuesday. The new loans mostly came from international lenders including the World Bank and the International Monetary Fund (IMF). As of the end of June, Uganda's public debt was 56.5 trillion shillings ($15.33 billion), the Bank of Uganda (BoU) said in a report. About two thirds of the debt is held by external creditors, and the public debt is now 40.8% of GDP. The…
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