List of licensed Commercial Banks, Microfinance and credit institutions in Uganda. Before Uganda‘s independence in 1962, the main banks in Uganda were Barclays (UK based); Grindlays (also UK), Standard Bank (South Africa based) and the Bank of Baroda from India. The currency was issued by the East African Currency Board, a London-based body. In 1966, the Bank of Uganda (BoU), which controlled the issue of currency and managed foreign exchange reserves, became the central bank and national banking regulator. The government ownedUganda Commercial Bank and the Uganda Development Bank were launched in the 1960s. The Uganda Development bank was a state-owned development finance institution, which channeled loans from international sources into Ugandan enterprises and administered most of the development loans made to Uganda.
In the 1960s, other commercial banks included local operations of the Bank of Baroda, Barclays Bank, the Bank of India, Grindlays Bank, Standard Chartered Bank, and the Uganda Cooperative Bank. The Uganda government took majority shares in all commercial banks in 1969 as part of President Obote’s “Move to the Left” policy, this was increased to 100% control when European and Asian business owners were expelled in 1972-75 under President Amin.
During the 1970s and early 1980s, the number of commercial bank branches and services contracted significantly. Whereas Uganda had 290 commercial bank branches in 1970, by 1987 there were only 84, of which 58 branches were operated by government-owned banks. This number began to increase slowly the following year, and in 1989 the gradual increase in banking activity signaled growing confidence in Uganda’s economic recovery
This is a list of commercial banks in Uganda
ABC Bank Uganda Limited
Absa Bank Uganda Limited
Afriland First Bank Uganda Limited
Bank of Africa Uganda Limited
Bank of Baroda Uganda Limited
Bank of India Uganda Limited
Cairo Bank Uganda
Diamond Trust Bank
Equity Bank Uganda Limited
Exim Bank (Uganda)
Finance Trust Bank
Guaranty Trust Bank
Housing Finance Bank
KCB Bank Uganda Limited
NCBA Bank Uganda
Opportunity Bank Uganda Limited
Stanbic Bank Uganda Limited
Standard Chartered Uganda
United Bank for Africa
List of licensed credit institutions in Uganda
This is a “list of licensed credit institution in Uganda”.
Mercantile Credit Bank
Opportunity Bank Uganda
Top Finance Bank Uganda Limite
List of microfinance deposit-taking institutions in Uganda
This is a list of regulated “Microfinance Deposit-taking Institutions” in Uganda.
FINCA Uganda Limited
Pride Microfinance Limited
UGAFODE Microfinance Limited
EFC Uganda Limited
YAKO Microfinance Limited
Here is a list of all the swiftcodes for banks in Uganda
Bank or Institution
ABC CAPITAL BANK LIMITED
BANK OF AFRICA-UGANDA LTD.
BANK OF BARODA (UGANDA) LIMITED
BANK OF INDIA (UGANDA) LTD
BANK OF UGANDA
BANK OF UGANDA (LETTERS OF CREDIT PROCESSING)
BARCLAYS BANK OF UGANDA LTD.
CAIRO INTERNATIONAL BANK LTD
CENTENARY RURAL DEVELOPMENT BANK LIMITED
CITIBANK UGANDA LIMITED
CITIBANK UGANDA LIMITED (TRADE SERVICES DEPT)
COMMERCIAL BANK OF AFRICA UGANDA LIMITED
DFCU BANK LIMITED
DIAMOND TRUST BANK UGANDA LIMITED
EAST AFRICAN DEVELOPMENT BANK
EQUITY BANK UGANDA LTD
EXIM BANK (UGANDA) LIMITED
FINANCE TRUST BANK LTD
GUARANTY TRUST BANK (UGANDA) LTD
HOUSING FINANCE BANK LTD
KCB BANK UGANDA LIMITED
NC BANK UGANDA LIMITED
ORIENT BANK LIMITED
POSTBANK UGANDA LIMITED
STANBIC BANK UGANDA LIMITED
STANDARD CHARTERED BANK UGANDA LIMITED
STANDARD CHARTERED (SECURITIES SERVICES UNIT)
TOP FINANCE BANK LIMITED
TROPICAL BANK LTD
UGANDA SECURITIES EXCHANGE LTD
UNITED BANK FOR AFRICA (UGANDA) LTD
Classification of financial institutions
Tier I financial Institutions
This class includes commercial banks that are authorized to hold checking, savings, and time deposit accounts for individuals and institutions in local and international currencies. Commercial banks are also authorized to buy and sell foreign exchange, issue letters of credit, and make loans to depositors and non-depositors.
Tier II financial institutions
This class includes credit and finance companies. They are not authorized to establish checking accounts or trade in foreign currency. They are authorized to accept customer deposits and to establish savings accounts. They are also authorized to make loans backed with collateral or without collateral to savings and non-savings customers.[
The licensed credit institutions as of June 2020 were:
This class includes microfinance institutions that are allowed to accept deposits from customers but only in the form of savings accounts. Members of this class of institutions are known as Microfinance Deposit-taking Institutions or MDIs. MDIs are not authorized to offer checking accounts or to trade in foreign currency.
These institutions are not regulated by the BoU. They are not authorized to accept deposits from the public. They may, however, offer loans backed with collateral or without collateral to the public. In 2008, it was estimated that there were over 1,000 such institutions in the country.
As of March 2016, there were 246 licensed foreign exchange bureaus in the country.
The Uganda Deposit Protection Fund became operational in 1997. It is funded by premiums charged to every licensed deposit-taking financial institution in the country. Each account is protected up to UGX:10 million. The Depositor Insurance Law was enacted by Parliament and states that all depositors must be paid within 90 days of a bank failure and that the failing institution must be sold by the auctioning of its assets within six months of its seizure by the central bank. If the central bank determines that the failed institution will fetch a better economic return, if sold as a whole, then it will re-open under new ownership and management, provided the new owners and managers meet the approval of the BoU.
In 2008, the Bank of Uganda registered Compuscan CRB Ltd, a subsidiary of Compuscan, as the first credit reference bureau in the county. In addition to its traditional credit bureau services, Compuscan CRB introduced and maintained the biometric identity smart card system used in the Ugandan financial industry.
With improved credit risk assessment afforded by the credit bureau, new products, including medium and long-term financing like car loans and mortgages, have been introduced by most Ugandan commercial banks. As of April 2014, interest rates that were formerly in the 20 to 30 percent range had dropped to as low as 10 percent for the best customers at some banks.
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