Uganda Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in uganda, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Trade Financing
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Methods of Payment

Transactions are also conducted through open accounts, letters of credit, and documentary collections. Exporters of capital goods or other equipment, machinery, and services normally seek payment through wire transfers. Ugandan businesses increasingly accept credit card payments. Ugandans may attempt to pay by third party check, but U.S. investors are advised to avoid this payment method due to fraud concerns. Uganda does not have a credit rating agency; however, there are three licensed credit reference bureau service providers that provide information to banks on the credit performance and exposure of borrowers. For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

Banking Systems

Uganda’s banking sector includes 23 commercial banks, one development bank, and several micro-deposit and credit deposit institutions. Uganda’s banking system is dominated by large, well-capitalized multinational banks. Most of Uganda’s largest commercial banks are foreign owned. There is a fully independent deposit protection fund, with each bank account insured to a maximum of approximately USD 3,600. Commercial banks annually contribute 2% of the previous year’s average deposits to the protection fund. Many more Ugandans use mobile money transactions than have formal bank accounts. Uganda’s commercial banks also offer “agency banking,” which provides services similar to the mobile money system, with bank customers making deposits and withdrawals at an agent outside the bank’s premises. 

Foreign Exchange Controls

There are no foreign exchange controls affecting legitimate trade. Businesses can invest capital and repatriate profits without restriction. Uganda has multiple forex bureaus for currency exchange.

U.S. Banks and Local Correspondent Banks: 

Citibank Uganda Limited

4 Ternan Avenue

Nakasero, Kampala, Uganda

Citibank operations in Uganda are exclusively commercial

 

For additional information, visit the U.S. Department of State Investment Climate Statements.

Resources

U.S. Embassy “Doing Business in Uganda” 

Uganda Investment Authority 

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

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As a beta product, the Chatbot is currently being tested and its responses may occasionally produce inaccurate or incomplete information. The Chatbot is trained to decline out of scope or inappropriate requests. The Chatbot’s knowledge is limited to the public information on the Export Solutions web pages of Trade.gov, which covers a wide range of topics on exporting. While it cannot provide responses specific to a company’s product or a specific foreign market, its reference pages will guide you to other relevant government resources and market research. Always double-check the Chatbot’s responses using the provided references or by visiting the Export Solutions web pages on Trade.gov. Do not use its responses as legal or professional advice. Inaccurate advice from the Chatbot would not be a defense to violating any export rules or regulations.

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