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Banking Guide
Accounts And Deposits
This is a basic type of bank account that allows you to deposit money, keep it safe, and withdraw funds, all while earning interest.
You must be 18 years and above to open a savings account. If you are below 18 years of age, ask your guardian to help you open a Tots 2 Teenz account.
At BOA we offer savings accounts for all age groups and for a wide variety of customer saving needs. We have:
- Tots 2 Teenz - for babies, toddlers and teenagers aged 0-18 years
- Young mullah - for students aged 18-26 years
- Classic savings - for regular savers
- Ambition savings, Gold plus, and Reward savings - target setting accounts for individuals that seek to save for a given goal.
To help you decide which account is best for you, please visit our “Compare” option to get started.
Interest begins to accrue on the day the account is processed, not the day the application is submitted. The interest due to you will be processed at the interest rate that was effective on the day that the application was submitted.
Applying for a savings account is easy. You can now open a personal account online in less than 10 minutes.
Visit the personal banking page to get started or simply visit the nearest BOA branch with your national ID, passport photo and the required account opening fees.
Customers can access banking services through an ATM, Mobile Wallet, internet banking, and agent banking.
- Opening balance - the amount of money paid by a customer to begin operating an account.
- Minimum balance - minimum amount that a customer must have in an account to receive account benefits such as interest.
- Penalty below minimum balance - a charge incurred by a customer for debiting their account below the minimum balance.
- Monthly account management fee - a charge imposed by the Bank in exchange for keeping your account open. The fees are deducted from the customer’s balance at the beginning or end of every month.
This is an account from which money may be withdrawn without notice, typically an active account catering for frequent deposits and withdrawals by cheque.
At BOA we offer current accounts that match a wide variety of customer needs. We have
- Remunerated current account - A business or personal current account giving you access to your money while earning interest
- Embassy staff account - A multi foreign currency current account for Embassy staff wishing to transact in foreign currency.
- Single fee business account - A transactional business current account with an affordable single fee in the month giving you freedom to transact.
- Embassy/NGO account - A multi-currency current account for Embassies/NGOs
- School fees collection account - An account tailored for education institutions as collection account while earning interest on balances
- Investment club remunerated current account - A group current account that enables investment clubs to make the most of their collective savings to do bigger things.
- To help you decide which account is best for you, please visit our “Compare” option to get started.
The benefits differ across our multiple current accounts which you can find when you visit “Compare”. Some of the benefits you can expect to enjoy from our products include
- Free 1st cheque book
- Free cash withdrawal over the counter
- No monthly fees
- Free salary processing
Applying for a current account is easy. You can now open a personal account online in less than 10 minutes.
Visit the personal banking page to get started or simply visit the nearest BOA branch with your national ID, passport photo and the required account opening fees.
Customers can access banking services through an ATM, Mobile Wallet, internet banking, and agent banking.
The following entities are eligible to enroll for a current account
- Individuals above the age of 18 years
- Businesses registered in Uganda
- Opening balance - the amount of money paid by a customer to begin operating an account.
- Penalty below minimum balance - a charge incurred by a customer for debiting their account below the minimum balance.
- Monthly account management fee - a charge imposed by the Bank in exchange for keeping your account open. The fees are deducted from the customer’s balance at the beginning or end of every month.
An account statement is a printed or electronic record of the balance in a bank account and the amounts that are deposited into or withdrawn from it issued periodically or upon request of the account holder.
You can access an account statement via BOA Mobile wallet, Internet banking, or at any BOA branch. We encourage you to save the cost of printing statements in hard copy and instead view or download your statements from the BANK OF AFRICA Mobile or Online Banking channels anytime.
Your account statement can provide all your account-related information for up to the past 10 years.
Yes. The internet banking and in-branch statements are the same.
Yes. You can save a copy of your statement to your personal computer or phone.
A cheque, or check, is a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the drawer, has a transaction banking account where their money is held.
In line with the enhanced cheque process announced by Bank of Uganda (BoU), the duration of clearing cheques has reduced from four to two days. The beneficiaries of cheques will therefore receive their funds more rapidly.
Write the full name of the payee as per payee's bank records on the 'Pay' line. Sign against the signatory section with your official signature used at account opening. If any amendments are required, cancel with a horizontal line and sign your full signature beside it.
When a cheque is issued with insufficient funds in the account, you run the risk that the cheque may not be honored. For a cheque that is dishonored due to insufficient funds, our service team will endeavor to reach you before unpaying the cheque. Consequently, the bank will impose a penalty charge on your account.
A standing order is an automated method of making payments, where a person or business instructs their bank to pay another person or business a fixed amount of money at regular (fixed) intervals.
- You save time having to process single transactions every month or according to your frequency. Set your order once and let us handle the process there after.
- It is easy and quick for the payer to set up. You can set up standing orders on the Mobile Wallet or Internet Banking service.
- It is useful for making recurring payments between individuals and businesses.
- Helps businesses to collect regular payments on time, once set up.
Standing orders can be used to make a variety of payments. Common examples include:
- Paying bills with fixed amounts such as rent and salary.
- Paying business expenses and overheads.
- Paying for subscriptions such as DStv, gym membership, newsletters, software.
- Visit any BOA branch and fill in a standing order request form.
- Attach a withdraw slip or cheque for authorization to debit your account.
- It is easy and quick for the payer to set up. You can set up standing orders on the Mobile Wallet or Internet Banking service.
See our tariff guide for the current standing order pricing under general services.
Digital Banking
- Access to your account(s) directly on your mobile phone.
- An easy and hassle-free way to carry around your cash.
- Ability to check your balance, view statements, pay bills, and transfer money between accounts.
- Access to complementary services such as forex rates, and payment instructions.
- In order to access the service, simply dial *246# or download the App on the App store Google Play.
- Just after your registration, you will receive a One Time Password (OTP) through SMS on your registered number. See your next steps below.
If you are accessing the Mobile Wallet through the Mobile Wallet USSD *246# code, follow the process below.
- Dial *246# and enter OTP
- Change your PIN to your preferred new PIN.
- Success! You are ready to transact
If you are accessing the Mobile Wallet through the Mobile Wallet Application, follow the process below.
- Click your BOA Mobile Wallet app to log on
- Enter your base number (first 6 digits of your account number e.g Your full account number is 012345678900, meaning your base number is “123456” excluding the zero. If not clear, for any assistance call 0800 100 140 for help
- After entering your user ID, enter OTP received by SMS.
- After entering your user ID, enter OTP received by SMS.
- Change your PIN to your preferred new PIN
- Success! You are ready to transact
- Manage your account (Check balance, get a statement and much more).
- Send money (To MTN or Airtel Mobile Money or to another BOA account).
- Get money (From our BOA ATMs without a card, from your MTN mobile money to your account or from a BOA agent).
- Pay bills (UMEME, National Water, School fees, DSTV, GoTV)
- Select “My account” and click “Send”.
- Select “Request statement” and click “Send”
- Select “Statement duration - Last 30 days” and click “Send”
- Select “Savings” or your preferred account and click “Send”
- Enter MPIN and click “Send”
- Success! Your statement has been
- Sent to your registered email
- Select “Send money” and click “Send”.
- Select “MTN or Airtel money” and click “Send”
- Select “Savings” or your preferred account and click “Send”
- Enter phone number and click “Send”
- Enter amount and click “Send”
- Enter MPIN to send. Confirm amount and names of recipient before sending.
- Success!
- Select “Send money” and click “Send”
- Select “Send to other BOA account” and click “Send”
- Select “Savings” or your preferred account and click “Send”
- Enter account number and click “Send”
- Enter amount and click “Send”
- Enter MPIN to send. Confirm amount and names of recipient before sending.
- Success!
Follow the link here to download your digital Mobile Wallet user guide to your phone or computer.
A VISA debit card is an internationally accepted VISA ATM / Debit Card that is linked to your BANK OF AFRICA savings or current account. The card allows you to purchase items online, draw money at over 3 million VISA-enabled ATMs worldwide.
- Access to cash withdrawal services at any of our 32 ATMs countrywide.
- Cash withdrawal services at any VISA enabled ATM countrywide and through out the world.
- Enhanced security courtesy of pin and chip technology.
- An easy and hassle-free way to carry around your cash.
You can get your BOA VISA debit card by visiting any nearby BOA branch and registering for the service. In case you are a new customer, you will first need to open an account with us and only then will you be able to enjoy the service. Open an account online today to get one.
A new card will cost you UGX 15,000. The validity period of the card is 2 years from the date of issue.
Your card is not pre-approved for online transactions to protect your account. You are required to request for this service at any BOA branch near you.
Yes, for a card replacement, you will be charged only UGX 15,000
Yes, for a card replacement, you will be charged only UGX 15,000
Yes. The card has a weekly transaction limit of UGX 10 Million. However you can revise your
It will take up to a maximum of 5 working days to get your BOA VISA debit card.
If your card is stolen, please reach us through any of the channels below for assistance in closing your debit card.
- You can contact us on 0800 100400/ 0414 302111/ 0414 302001
- Visit any nearby BOA branch.
- Contact us on our social media platforms (Facebook, Twitter and WhatsApp-0717 800508)
You can also block your card on our BOA Mobile wallet by following the prompts below
- Log into your mobile wallet.
- Select “My account”.
- Select “Block ATM Card”.
- Enter your source account number.
- Select the card number.
- Submit
In case you need a replacement, please visit the nearest BOA branch with your national ID to order another card.
Internet banking is a service that allows a user (individual or company) to conduct financial transactions via the internet. Internet banking is also known as online banking or web banking.
- View your bank account details, account balance, and download statements for free.
- Conveniently transact using your phone, PC, tablet while avoiding bank queues.
- 24-hour access to your account.
- Transfer money between accounts.
- Make local and international transfers.
- Secure access to your money courtesy of our comprehensive security features such as a log-in ID and password, one-time PIN (OTP) and HTTPS enabled site.
You will need the following
- A savings or current account with BOA.
- Access to the internet.
- A computer, smartphone, tablet or similar internet enabled device.
Registration is absolutely free of charge.
- Account management – check balance, get a statement and more
- Inter-bank, intra-bank and international funds transfers.
- Bill payments - NSSF, URA, UMEME, NWSC.
- Bank to wallet - MTN and Airtel mobile money.
Visit the Internet Banking page to discover more.
The internet banking service can be accessed by clicking here
Agent banking is an extension of banking services where transactions are carried out through an agent appointed by the financial institution. An agent can be a pharmacy, petrol station, supermarket, among other retail and wholesale enterprises in your neighborhood.
An agent will have the Agent Banking Company (ABC) handshake logo (with black and green colors) available at the agent premises.
- Cash withdraw
- Cash deposit
- Bill payment- NWSC, School fees and UMEME transactions
- Cardless withdraw from your BOA account using the BOA Mobile Wallet
- You will need the account name and number for cash deposits.
- You will need a Mobile Wallet generated PIN to perform withdrawals. Click here to register for the Mobile Wallet
- For utility bill payments, you will need the utility service unique identifier such as a meter number for UMEME and NWSC.
- Cash withdraw - UGX 3,000.
- Cash deposit - Free.
- Bill payment - Free.
- Cardless withdraw - Free.
- Our tariff / pricing guide is subject to change annually. Please visit our tariff page for the current pricing.
Yes. There are limits for agent banking transactions.
- Deposits- Up to UGX 5 Million per transaction
- Withdrawals- Up to UGX 2 Million per transaction and UGX 8 Million per day.
Once a transaction has been completed, you will get an SMS notifying you that the transaction has been successful. The agent will also issue you a receipt capturing the transaction details such as the transaction name and amount, depositor’s name, and transaction code.
- Share your feedback online through our contact us page
- You can contact us on 0800 100400/ 0414 302111/ 0414 302001
- Visit any nearby BOA branch.
- Contact us on our social media platforms (Facebook, Twitter and WhatsApp-0717 800508)
Credit
A home loan also known as a mortgage is a legal agreement in which the house you buy is used as a security by the Bank for the repayment of the funds you borrow. You must repay the loan amount plus interest
The requirements include
- Completed loan application form (provided by the bank)
Valuation report of property to be financed - Approved building plans (for home construction applications)
- Sale agreement of property to be financed
- Copy of bills of quantities for construction or renovation
- Copy of financial card
- Copy of employment contract, appointment, and confirmation letters
- Employer letter of undertaking
- 3 months’ salary account bank statement
- Employees authority to offset loan (for those borrowed in other banks)
- Completed loan application form (provided by the bank). You may also apply online within the personal banking page
- Valuation report of property to be financed
- Approved building plans (for home construction applications)
- Sale agreement of property to be financed
- Copy of bills of quantities for construction or renovation
- Copy of financial card
- Copy of trading license
- 6 months account bank statement
- Verifiable source of income
Yes. We require you to channel your salary and allowances with BOA.
DSR refers to your debt service ratio. This is the percentage of your monthly net income (after tax and other deductions) which we would allow you to use to service your mortgage facility. Typically, this does not exceed 60% of your net monthly salary.
Yes, you can.
The maximum home loan amount we offer is UGX 1 billion with up to 25 years repayment period.
Yes. You will be required to contribute at least 20% of the property value you seek finance for.
The property you are acquiring acts as the security.
Every home loan application is different. While it may be hard to estimate how long your specific home loan process will take, we process facilities within at least two weeks for fully supplied documents. Some of the factors that affect the timeline include the type and terms of the home loan you are requesting, the types of documentation required in order to secure the loan and the amount of time it takes to provide us with the requested documents.
The requirements include
- Completed loan application form (provided by the bank). You can also apply for a salary loan online by clicking here.
- Copy of financial card
- Copy of employment contract, appointment and confirmation letters
- Employer letter of undertaking
- 3 months salary account bank statement
- Employees authority to offset loan (for those borrowed in other banks)
No. This facility is only for salaried employees in the public and private sector.
Yes. We require you to channel your salary and allowances with BOA.
Yes. This can be done 6 months from the date you took the initial loan. However, if you get a pay rise, you can also apply for a top up immediately. A good repayment history is also required, and we can work with you on this.
DSR refers to your debt service ratio. This is the percentage of your monthly net income (after tax and other deductions) which we would allow you to use to service your salary loan facility. Typically, this does not exceed 60% of your net monthly salary.
Yes, you can.
The maximum salary loan amount we offer is UGX 150 million with up to 5 years repayment period.
No. The salary loan is unsecured and all you need is to channel your salary through BOA.
Transfers And Payments
An electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.
- A filled in EFT transfer form (digital or hard copy) bearing the name and address of your recipient’s bank
- Your recipient’s name and address
- Your recipient’s account number
- Clearly state the payment purpose (purpose and invoice number if purchasing goods)
- A BANK OF AFRICA current or savings account (for both sending and receiving)
- Funds on the account, sufficient for the amount to be transferred (for sending) and pay the EFT fee
- See our tariff here for more on our transfers
EFTs take up to 2 working days to reflect on the beneficiary’s account.
Real Time Gross Settlement (RTGS) refers to a funds transfer system that allows for the instantaneous transfer of money between financial institutions.
RTGS transactions take up to 10 minutes to reflect on the beneficiary’s account.
To complete an RTGS transaction, you will need to provide the following specific information.
- A filled in RTGS transfer form (digital or hard copy) bearing the name and address of your recipient’s bank;
- Your recipient’s name and address;
- Your recipient’s account number.
- Clearly state the payment purpose (purpose and invoice number if purchasing goods)
- A BANK OF AFRICA current or savings account (for both sending and receiving)
- Funds on the account, sufficient for the amount to be transferred (for sending) and pay the RTGS fee.
- See our tariff here for more on our transfers
Yes, you can send money to MTN and AIRTEL Mobile money registered customers.
- Your mobile phone if you are depositing or withdrawing
- Your recipient's phone details if you are making bulk deposits
- Ensure you are registered on either MTN/AIRTEL mobile money service
- However, we recommend you sign up for the BOA Mobile Wallet and Internet Banking channels to send money without having to line up. Register today.
Also known as a Telegraphic Transfer (TT), SWIFT payments are a method of making an international money transfer sent by the SWIFT international payment network. It stands for Society for Worldwide Interbank Financial Telecommunication and is the largest financial messaging systems in world.
A SWIFT code (swift number) is an international bank code that identifies banks all over the world and is also known as a Bank Identifier Code (BIC). BIC stands for Bank Identifier Code and is used when transferring money between bank account to bank account.
A BIC code (BIC number) is a unique address that identifies financial institutions involved in cross-border payments.
AFRIUGKA
- Money can be sent or received both locally and internationally
- Send to over 200 nations and 9,000 banks world wide
- Easy transfer of large sums of funds. No restrictions
- Receive directly to your BOA account.
- Enjoy multiple currency payments options
- Choice – Sender or receiver can pay charges
- SWIFT payments usually take 2–5 working days to reflect
To complete a SWIFT international transfer, you’ll need to provide the following specific information.
- The name and address of your recipient’s bank.
- Your recipient’s name and address
- Your recipient’s account number or IBAN (International Bank Account Number - common in many countries across the world). This information is available upon request from the bank.
- The recipient’s bank’s BIC/SWIFT code. You can just ask the recipient bank for the information.
- Enter the amount and choose the currency you want for the recipient bank to receive.
- Clearly state the payment purpose (purpose and invoice number if purchasing goods)
- Pay the international transfer fee. See our tariff here for more on our transfers
To receive a SWIFT international transfer, you will need to provide the following specific information to the person sending you funds.
- The name and address of your Bank. See BANK OF AFRICA contact details below in the footer section of this page
- Your account number and the BANK OF AFRICA SWIFT code
- Pay the incoming international transfer fee (this is usually deducted automatically from your account). See our tariff here for more on our transfers
Yes
At any BOA branch location.
- Money transfers sent to Uganda must include a test question.
- The maximum principal send amount is 10,000 US dollars or local equivalent per person, per transaction, per day.
- The receiver must be 18 years old to collect money.
- Pay without ID will not be implemented.
- Acceptable forms of identification for transactions
- Uganda national ID
- Uganda passport
- Uganda driver's license
- Foreign passport with visa/entry stamp
- Makerere university card (upon verification by the Bank)
- Individual credit financial Card (upon verification by the Bank)
- Asylum seeker letter
- Plastic refugee card + letter of eligibility with reference number
- Plastic refugee card + family attestation letter (family head only receiver/sender)
Yes
At any BOA branch location.
- Money transfers sent to Uganda must include a test question.
- Maximum principal Send amount is 10,000 US dollars or local equivalent per person, per transaction, per day.
- Find a MoneyGram agent location near you
- For all sends please provide; your I.D. where applicable, your recipient's full name matching their I.D. and their location the amount you wish to send, plus fees
- Save your receipt and share the 8-digit reference number with your recipient for pick-up. Funds sent to a bank account will be sent directly into the account.
- The receiver must be 18 years old to collect money.
- Pay without ID will not be implemented.
- Acceptable forms of identification for transactions
- Uganda national ID
- Uganda passport
- Uganda driver's license
- Foreign passport with visa/entry stamp
- Makerere university card (upon verification by the Bank)
- Individual credit financial card (upon verification by the Bank)
- Asylum seeker letter
- Plastic refugee card + letter of eligibility with reference number
- Plastic refugee card + family attestation letter (family head only receiver/sender)
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