The Bank of Uganda (BOU) is opening up the inner workings of its currency operations in a bold move to strengthen public trust and equip businesses for a transforming economy.
In Episode 9 of the BOU Connects Podcast, aired on August 7, 2025, Christine Bernadette Alupo, Director of Currency at BOU, gave an in-depth breakdown of how Uganda’s notes and coins are managed to ensure reliability, security, and economic stability.
Titled “The Currency Mandate: Managing Uganda’s Notes and Coins,” the episode serves as a blueprint for businesses and individuals navigating a hybrid economy—where physical cash remains king, even as digital payment systems surge.
Christine Alupo, who has spent 25 years at the central bank in roles ranging from communications to board affairs, now leads a Currency Department of nearly 200 people spread across 10 regional centers.
She shared that her leadership approach—centered on people, adaptability, and values—has guided the department through both success and controversy, including the 2019 scandal involving unauthorized currency printing that threatened public confidence.
The podcast episode signals a deliberate effort by BOU to reestablish that trust by explaining how it balances tradition with technological advancement.
One key highlight was BOU’s “clean money policy,” an initiative focused on currency hygiene and durability.
Alupo explained that poor cash handling practices—such as gluing notes into decorative bouquets for gifts or storing them in unsafe places where they are destroyed by termites—drastically shorten the lifespan of currency.
She noted that banknotes are designed to last 24 to 36 months, but misuse can reduce that to just weeks, leading to increased replacement costs.
“We all pay the price when money is misused,” she said, urging citizens and businesses to handle money with care and turn to safer alternatives like bank deposits and mobile money to reduce physical wear.
She emphasized that this matters, especially in a cash-reliant economy, with Uganda’s 2024 cash transaction volumes hitting UGX 1.6 trillion according to BOU data.
Alupo also addressed counterfeit threats, emphasizing that BOU has consistently maintained a low counterfeit rate per million notes over the past 15 years.
She detailed a range of security features—such as watermarks, color-shifting threads, and raised ink—that make Uganda’s currency secure and globally respected.
She pointed to inclusive design elements like Roman numerals for the visually impaired and the international recognition of Uganda’s 50,000 shilling note, which was awarded Banknote of the Year in 2010.
These achievements, she said, reflect not just technical excellence but national pride and a commitment to protecting financial integrity.
“Cash remains the dominant retail method,” Alupo stressed, even as digital alternatives grow.
She explained that while digital payments—especially mobile money—are expanding rapidly, cash usage still increases at a steady 7–10% annually, highlighting the coexistence rather than competition between the two systems.
She acknowledged that rural areas still face digital infrastructure gaps, making cash indispensable for daily transactions in many parts of the country.
Distribution logistics were another point of focus
Alupo explained that BOU’s 10 regional centers—from Kampala to smaller towns like Kabale and Lira—are strategically aligned with seasonal and regional demands.
She noted that higher denomination notes are often distributed in areas like Masaka during the coffee season to support larger transactions.
This responsiveness, she said, ensures that both businesses and communities have access to the right mix of denominations when and where they’re needed.
Alupo also hinted at innovations on the horizon.
Without giving away technical details that could aid counterfeiters, she said BOU is exploring more durable materials, including polymer banknotes—already gaining popularity globally for their longer lifespan.
She tied this to BOU’s broader modernization strategy, including a push for a national payment switch that will promote interoperability among digital payment platforms, reduce cash dependence, and improve efficiency.
She emphasized that businesses should embrace this dual-track system—adapting to digital growth while maintaining respect and readiness for cash handling.
She pointed to the massive growth in mobile money, with transactions reaching UGX 4 trillion in 2024, as a sign of opportunities for companies to innovate in payment methods without sidelining cash infrastructure in underserved regions.
The episode also gave listeners a glimpse into Alupo’s personal leadership journey.
Set to become the next president of the Rotary Club of Saudi, she reflected on the balance between a demanding professional role and community service.
Her advice to young professionals was simple but powerful: “Self-awareness, lifelong learning, and integrity.”
She attributed her ability to communicate complex public-facing issues to her past experience in communications, underlining the importance of cross-functional skills in institutional leadership.
Frank Mugabi, BOU’s Senior Communications Officer, echoed the bank’s mission to bring science, security, and community together by improving how currency stories are told and understood.
He said efforts like the podcast are designed to bridge gaps between technical operations and public awareness, especially for businesses that rely on secure, predictable cash systems.
For Uganda’s business sector, the message is clear: Partnering with BOU’s initiatives on clean money, security, and digital transition is not just about compliance—it’s a strategy to cut costs, reduce risks, and build resilience.
As Uganda’s economy heads toward a projected 6% growth in 2025, according to IMF forecasts, the fusion of digital innovation and strong cash infrastructure provides a foundation for sustainable expansion.
To hear more from Christine Alupo and uncover the full currency strategy shaping Uganda’s financial future, watch the full episode on the Bank of Uganda’s YouTube channel—because in money, as in business, informed decisions start with understanding.
