Cash withdrawals are changing. Is your business ready?
From 1 January 2027, Bank of Uganda’s over-the-counter cash withdrawal limits will apply to accounts at supervised financial institutions:
• Individuals: UGX 50 million daily; UGX 250 million weekly.
��� Corporate/business accounts: UGX 500 million daily; UGX 2.5 billion weekly.
These caps do not apply to digital payments such as RTGS and Electronic Funds Transfers. Financial institutions may set lower limits based on customer risk profiles, while BoU may approve exceptions for particular transactions or sectors at the institutions’ request.
For cash-dependent businesses, now is the time to review supplier payments, payroll and banking arrangements.
How ready are businesses and their customers for this shift?
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BREAKING: Iran announces a large UAE-owned container ship carrying more than 2,500 containers hit a naval mine, exploded and sank this morning in the US-backed southern Omani corridor of the Strait of Hormuz.
It is the first vessel sunk by a mine in the war.
Initial reports indicate the cargo ship was carrying luxury perfumes and iPhones from Dubai.
The airport in the Saudi capital has been attacked again, officials say. One official said the airport in Riyadh has been evacuated and another said air traffic has stopped. https://t.co/sEI6bPvYFf
Airlines under the Lufthansa Group will suspend flights to Riyadh through October 16 due to current developments in the Middle East, a spokesperson for the German company told Reuters news agency today.
🔴 LIVE updates: https://t.co/ZFOgcUCcPs
BREAKING: First ground-level footage shows massive smoke rising from inside King Khalid International Airport in Riyadh after Yemen’s Houthis reportedly targeted the airport with ballistic missiles, with a Saudi Airlines aircraft appearing to have been destroyed in the incident.
Air traffic at the airport has been suspended, while Air India has temporarily cancelled Riyadh flights and Lufthansa has suspended flights to Saudi Arabia through October 16. Saudi Arabia says debris from intercepted missiles caused significant damage to facilities, according to Reuters.
BREAKING: Saudi Arabia, Turkey and Pakistan activate Mecca Joint Defense Pact due to Houthi attacks, with forces and capabilities set to be deployed to Saudi Arabia.
Tennessee death row inmate Christa Pike has been taken to hospital after her heart was still beating following two lethal injections during her execution, her lawyer says. Full story: https://t.co/uQkxu9Z4wA
BREAKING: Tennessee death row inmate Christa Pike is alive and being treated in hospital after two lethal injections were administered and her execution failed.
Breaking: Kenya has been awarded the right to host the 2029 World Athletics Championships.
Nairobi will become the first African city to stage the senior World Athletics Championships, bringing one of the world’s biggest athletics events to the continent for the first time.