In a quest to achieve the mission of developing and maintaining efficient, reliable and secure payment systems for Uganda, the Payments and Settlements Department of Bank of Uganda is currently engaged in operating and improving, Bank of Uganda is this week rolling out its newly upgraded Electronic Clearing System that will see a 12 hour clearance of inter bank cheques.
While speaking at a system integration dialogue targeting government agencies, Bank of Uganda’s Director for IT Richard Muyeebo, said the new system will enable data sharing and broaden access and usage by the public.
Some of the direct beneficiaries of system convergence is the National Social Security Fund NSSF.
The National Information and Technology Authority of Uganda NITA U, is vowing to ensure ministries, departments and agencies of govt alongside the private sector shape up on their operations and deliver better around online services.
Currently, amounts written on cheques are limited to a maximum value of UGX 20 Million per transaction for physical exchange of instruments by commercial banks in the clearing house. The clearing house clears and settles cheque transactions on a daily basis.
Effective 1st July 2009, BoU and commercial banks implemented a local clearing of items denominated in foreign currency. Consequently, local clearing of cheques and EFTs were also capped to the equivalent of UGX 20 Million.
At present there are 23 financial institutions participating in the Bank of Uganda Clearing House with an average clearing cycle of three working days.