Uganda restores interbank payments after four days
By the AFREEQUE newsroom, based on Eagle Online
Illustrative image · Anna Shvets · Pexels · Licence PexelsThe Bank of Uganda restored the national interbank settlement and automated clearing systems on 9 November after a four-day technical interruption. Services resumed at 9 a.m. after an upgrade intended to strengthen the efficiency, reliability and security of transactions, according to the Ugandan central bank.
The Bank of Uganda (BoU) restored on Monday at 9 a.m. the two national interbank payment systems, RTGS and ACH, after a four-day interruption intended to allow a technical upgrade. The central bank announced that operations had resumed normally after the completion of this modernisation.
The suspension had begun on Thursday 5 November at 5 p.m. and had affected interbank transfers, cheque clearing, electronic funds transfers and other operations processed by these systems. The RTGS notably ensures the immediate settlement of high-value transactions between financial institutions, while the ACH processes bulk electronic payments, salary transfers, direct debits and cheques.
The upgrade is part of the master plan for the cross-border payments system of the East African Community (EAC), which aims to make transfers between member countries faster, cheaper and more secure. The Bank of Uganda also indicates that the operation was intended to strengthen the reliability, resilience and interoperability of national payment infrastructures.
