The Bank of Uganda has lowered the limits on the value for cheques payment to promote e-payments.
Effective January 15th, 2022, cheques for amounts that are above the new limits will not be honuored.
The new limits do not apply to over-the-counter withdrawals, nor do they apply to cheques payments that are made within the same bank, that is where the cheques issued and the recipient hold accounts with the same commercial bank.
The public is urged to use alternative electronic payment options, such as the real-time gross settlement system(RTGS), Electronic Fund Transfer(EFT), and mobile money among others.
See the new limits below;
|Current limit||New limit|
|UGX 20million||UGX 10million|
|USD 5,500||USD 2,750|
|Euro 4,500||Euro 2,250|
|GBP 4,400||GBP 2,200|
|KES 600,000||KES 300,00|