Business
BOU to shut down RTGS services for four days
“This upgrade forms part of the BOU’s ongoing efforts to strengthen the efficiency, reliability, resilience and interoperability of Uganda’s national payments infrastructure in line with international standards,” BOU said in a notice.
Bank of Uganda
By: Ali Twaha, Journalist @New Vision
KAMPALA - The Bank of Uganda (BOU) has announced that its Real Time Gross Settlement (RTGS) and Automated Clearing House (ACH) systems will be unavailable from November 5 until November 9 to allow for a planned upgrade of the systems.
RTGS is the system banks use to transfer large sums of money between accounts immediately. ACH is the system that processes groups of smaller payments, such as salaries, utility bills and other regular transfers.
“This upgrade forms part of the BOU’s ongoing efforts to strengthen the efficiency, reliability, resilience and interoperability of Uganda’s national payments infrastructure in line with international standards,” BOU said in a notice.
“It also supports implementation of the East African Community (EAC) Cross Border Payment System Masterplan, approved by the Governors of the EAC Central Banks, which aims to facilitate seamless, secure and efficient payment flows across EAC Partner States.”
During the closure, banks, government offices, businesses, and individuals will not be able to make or receive payments through RTGS or ACH. The central bank has advised anyone with urgent payments to complete them before the shutdown begins.
“It also supports implementation of the East African Community (EAC) Cross Border Payment System Masterplan, approved by the Governors of the EAC Central Banks, which aims to facilitate seamless, secure and efficient payment flows across EAC Partner States.”
During the closure, banks, government offices, businesses, and individuals will not be able to make or receive payments through RTGS or ACH. The central bank has advised anyone with urgent payments to complete them before the shutdown begins.