By David Mwanje
In a revealing Episode 9 of the Bank of Uganda (BOU) Connects Podcast, aired on August 7, 2025, Director of Currency Christine Bernadette Alupo peeled back the curtain on the intricate world of managing Uganda’s notes and coins. Titled “The Currency Mandate: Managing Uganda’s Notes and Coins,” the episode offers a masterclass in currency innovation, security, and public engagement delivering a compelling narrative for businesses navigating economic transformation in a cash-heavy, digital-evolving market.
Alupo, a 25-year veteran of BOU with a diverse career spanning currency operations, communications, and board affairs, leads a team of nearly 200 across 10 regional centers. Her leadership philosophy people first, adaptability, and values driven has steered the Currency Department through challenges, including the 2019 unauthorized printing scandal that shook public trust. This podcast marks a strategic move to rebuild confidence, showcasing how BOU balances tradition with modernity.
A standout revelation is the “clean money policy,” a hygiene and durability initiative launched to ensure cash remains fit for use. Alupo highlighted how mishandling such as gluing notes into floral bouquets for gifting or storing cash where it’s eaten by termites cuts their lifespan from 24-36 months to mere weeks, driving up replacement costs. “We all pay the price when money is misused,” she warned, urging businesses and individuals to use banks and digital platforms like mobile money to preserve cash integrity. This resonates with Uganda’s cash transaction volume, estimated at UGX 1.6 trillion in 2024 per BOU data, underscoring the economic stakes.
Security is another cornerstone. Alupo detailed features like watermarks, color shifting threads, and raised ink, designed to combat counterfeits a persistent threat with a parts-per-million rate kept low over 15 years.
The inclusivity of Roman numerals for the visually impaired and the 2010 series’ global acclaim (e.g., the 50,000 shilling note winning Banknote of the Year) reflect BOU’s commitment to trust and national pride. For businesses, this signals a robust framework to safeguard transactions, especially as counterfeit losses cost African economies $500 million annually, per a 2023 African Development Bank report.
Distribution, too, is a logistical triumph. From Kampala to rural hubs like Lira and Kabale, BOU’s 10 centers supply a denomination mix tailored to seasonal demands e.g., higher notes for coffee season in Masaka. This responsiveness ensures cash reaches hard to access areas, complementing a growing digital payments sector.
Alupo noted a 7-10% annual increase in cash circulation alongside exponential mobile money growth, painting a picture of complementarity rather than substitution. “Cash remains the dominant retail method,” she said, citing constraints like limited digital access for rural populations.
Looking ahead, innovation is on the horizon. While Alupo avoided specifics to thwart counterfeiters, she hinted at exploring sustainable materials like polymer banknotes, a trend gaining traction globally for durability. This aligns with BOU’s push for a national payment switch to boost interoperability, potentially reducing cash reliance. For businesses, this dual track approach offers opportunities adapting to digital shifts while leveraging cash’s enduring role in a growing economy projected to expand 6% in 2025, per IMF forecasts.
The episode also humanized Alupo, balancing her demanding role with her upcoming presidency of the Rotary Club of Saudi. Her advice to young professionals self awareness, lifelong learning, and integrity mirrors a leadership style that could inspire corporate leaders. Her past roles, especially in communications, equipped her to handle currency’s public-facing demands, a lesson in cross-functional agility for organizations.
For Ugandan businesses, the takeaway is clear: partner with BOU’s clean money and security initiatives to optimize cash use, reducing costs and risks. As digital payments rise mobile money transactions hit UGX 4 trillion in 2024 firms can innovate payment acceptance while supporting cash infrastructure in underserved areas.
Alupo’s vision of a complementary financial ecosystem positions Uganda as a case study for emerging markets, blending heritage with forward-thinking strategy.
Watch the full episode on BOU’s YouTube channel to unlock these insights because in currency, as in business, knowledge is power.
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