According to a report by the Bank of Uganda, digital banking transactions in Uganda experienced significant growth in 2025, with total transaction values rising by 28% to Shs 366 trillion, up from Shs 285.9 trillion in 2024. This growth is attributed to the expansion of mobile money services and an increase in wholesale payments. The report highlights the increasing adoption of digital financial services in the country.
The Bank of Uganda's report also shows that electronic money transaction volumes increased by 17.3% from 7.8 billion to 9.1 billion transactions. Mobile banking transaction volumes rose by 20.9% to 33.7 million, while transaction values surged by 39.4% to Shs 15 trillion. Active mobile banking users grew by 6.5% to reach 2.1 million users. These statistics indicate a significant shift towards digital banking in Uganda.
However, traditional internet banking experienced a contraction during the period, with transaction volumes falling from 9.7 million to 7.84 million and values declining by 3.4% to Shs 113.9 trillion. The Bank of Uganda attributes this decline to growing user caution over cyber threats. Despite this, digital banking continues to grow, driven by the increasing adoption of mobile money services.
The growth in digital banking is also reflected in the country's financial inclusion rates. According to the Financial Sector Deepening Uganda and the FinScope Uganda 2023 survey, overall financial inclusion rose from 77% in 2018 to 81%. Mobile money services have played a significant role in this growth, with approximately 64% of adults using these services. Savings groups, such as SACCOs and Village Savings and Loan Associations, have also contributed to the increase in financial inclusion.
The Bank of Uganda's National Financial Inclusion Strategy 2023–2028 aims to increase formal financial inclusion to 75% by 2028 and reduce the financial exclusion rate to 25%. Recent FinScope data shows that 81% of Ugandan adults access formal or informal financial services, with 68% to 68.2% using formal financial services. However, traditional bank account ownership remains lower, with roughly 11% to 13% of adults using traditional banking services directly.
Centenary Bank Managing Director Godfrey Bwekwaso recently highlighted the growing trend of digital access to financial services in Uganda. He noted that at Centenary Bank, 90% of transactions are done digitally, leaving only 10% at the counter. This indicates a significant shift towards digital banking in the country. Airtel Money Managing Director Jaspheat Aritho also emphasized the importance of borrowers understanding loan terms and conditions to avoid challenges during repayment.
The growth in digital banking transactions is expected to continue, driven by the increasing adoption of mobile money services and the expansion of financial inclusion initiatives. Key initiatives, such as the National Financial Inclusion Strategy, aim to increase access to formal financial services and reduce financial exclusion.
Key points
- Digital banking transactions in Uganda increased by 28% to Shs 366 trillion in 2025.
- Mobile banking transaction volumes rose by 20.9% to 33.7 million in 2025.
- Financial inclusion in Uganda rose from 77% in 2018 to 81% in 2023.
