Wednesday, November 18 2009
Most Ministries and Government projects are connected to the internet while some are not, but with Bank of Uganda automating its banking process after the launch of the Oracle Flexcube banking software, it will not be easy to pay for as long you are not connected to the internet.
The launch of the software at Imperial Royale Hotel on 18.Nov.2009 had over 200 participants from Ministries, Projects and other government stake holders. The move is aimed at reducing fraud as much as possible.
By mid next year, all transactions with Bank of Uganda will be cleared through internet banking or online banking. This will quietly phase out the cheque system which most developed economies have long stopped using.
Cheques are still in use but with a sealing of up to 20Mn. This is the case for commercial banks as well. A cheque with a figure above 20 million will not be honoured. Internet banking will ease operations for all those involved in terms of service delivery, feedback on the status of the transactions, timely reconciliations and best of all the convenience that comes with working within you environs.
This comes at the time when the country is getting better connectivity courtesy of the underground fibre cables which are designed to give fast internet at a supposedly cheap rate.
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