Bank of Uganda to modernise settlement infrastructure with ISO 20022-compliant platform - Trade Treasury Payments

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Bank of Uganda to modernise settlement infrastructure with ISO 20022-compliant platform

The Bank of Uganda (BoU) has selected CMA Small Systems, a fintech, to deliver a full-scale upgrade of its real-time gross settlement (RTGS) system. This upgrade will allow the central bank to modernise national payments infrastructure to align with international standards.

The upgrade will see the replacement of the Bank of Uganda’s existing RTGS platform with CMA’s RTS/X solution, which is already in use by dozens of central banks globally. The Bank of Uganda currently uses CMA’s DEPO/X platform for securities depository and registry services.

The central bank’s system upgrade comes ahead of the global migration to ISO 20022 messaging standards and will help to ensure that Uganda’s payment systems remain interoperable with global financial networks and facilitate cross-border integration within the East African Community.

Faysal Bibani, Regional Director for Africa at CMA Small Systems, said, “Through the deployment of RTS/X, Bank of Uganda will be equipped to support advanced liquidity management, extend RTGS access to non-bank financial institutions, and integrate with regional platforms such as the East African Payment System (EAPS).”

In addition to ISO 20022 compliance, the platform supports multi-currency settlement, cross-border payment capabilities, and real-time operational resilience. Uganda’s current RTGS system processed UGX 808.7 trillion (approximately $220 billion) in the year to June 2024 across seven currencies.

CMA will oversee the complete implementation lifecycle. Headquartered in Stockholm, CMA has delivered over 500 financial infrastructure projects globally with a client base that included 55 central banks and 1,500 commercial banks. 

The BoU upgrade follows Uganda’s ascent to fourth place in the 2024 Absa Africa Financial Markets Index—surpassing regional peers such as Kenya and Tanzania. 

Modernising RTGS capabilities is seen as a foundational pillar for continued financial innovation and deeper financial inclusion – key priorities in BoU’s medium-term strategy.