Electronic Funds Transfer (EFT)

EFT is a computerized system for carrying out and processing transactions between financial institutions routed through the Clearing House at Bank of Uganda.

Product Features

  • Geographical coverage is the whole country
  • Account with the bank needed
  • Transaction currencies can be UShs or foreign currency (US$, £ sterling, Euro or KES)
  • Fund transfers between banks from payer’s account to the payee’s account is done electronically

Benefits

  • Low cash handling risks
  • Faster transaction processing compared to normal cheque deposits and clearing
  • Service is low cost
  • Reduces congestion in the banking halls and saves time for the customer.

Requirements

  • Enough funds (credit balance) in local or foreign currency
  • Names and account details of beneficiary/ recipient
  • Name and address of recipient Bank

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