Uganda - Country Commercial Guide
Trade Financing
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Methods of Payment

 In Uganda, retailers normally receive payment for consumer goods in cash.  Transactions are also conducted through open account, letter of credit, and documentary collections.  Exporters of capital goods or other equipment, machinery, and services normally seek payment through wire transfers.  Some large Ugandan businesses 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 two licensed credit reference bureau service providers that provide information to banks on the credit performance and exposure of borrowers.

Banking Systems

Uganda’s banking sector includes 26 commercial banks, one development bank, and several micro-deposit and credit deposit institutions.  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 about $3,600.  Commercial banks contribute 2% of the previous year’s average deposits to the protection fund.  Uganda’s banking system is dominated by large, well-capitalized multinational banks.  Many more Ugandans use mobile money transactions than have formal bank accounts.  Uganda’s commercial banks also offer “Agency Banking,” which provides services like 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 bring in capital and repatriate profits without restriction.  Uganda has 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

Website:  CITI - Country Presence Uganda


U.S. Embassy “Doing Business in Uganda”

Uganda Investment Authority

Trade Finance Guide available

To access Uganda’s ICS section on financing, visit the U.S. Department of State Investment Climate Statement website.