Real Time Gross Settlement System (RTGS )

The National Payment System Department in Bank of Uganda oversees the national payment system with the objective of ensuring overall effectiveness and integrity of the payment systems in the country.

High value and time critical payment transactions are processed by the Uganda National Interbank Settlement (UNIS) System.

UNIS is an advanced interbank electronic payment system which facilitates safe, secure and real-time transmission of high value funds between accounts in different financial institutions. It was implemented in February 2005 and has undergone several upgrades to meet the ever changing payments systems requirements. The UNIS System participation is open to Banks and non-banks. Currently there are twenty seven (27) registered UNIS System participants.

The system has improved efficiency in payment systems by mitigating settlement risk and eradicating time lag for settling high value and time critical payments. They include; clearing house positions, interbank transfers, government securities and money market transactions. Turnaround time for a transaction is instantaneous.

RTGS also supports that East African Payment Systems (EAPS) and the Regional Payments and Settlement Systems (REPSS) The EAPS facilitate transactions across the East African Community (EAC) and allows transfer of value in the various EAC currencies. REPSS supports the transfer of value across the Common Market for the East and Southern Africa (COMESA). The settlement is currently done in United States Dollars and the Euro.