List of licensed Commercial Banks, Microfinance and credit institutions in Uganda

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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.

The East African Development Bank (EADB), established in 1967, was jointly owned by Uganda, Kenya, and Tanzania.

It was also concerned with development finance. It survived the breakup of the East African Community in 1977 and received a new charter in 1980.

In the 1960s, other commercial banks included local operations of the Bank of BarodaBarclays Bank, the Bank of IndiaGrindlays BankStandard 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

  1. ABC Bank Uganda Limited
  2. Absa Bank Uganda Limited
  3. Afriland First Bank Uganda Limited
  4. Bank of Africa Uganda Limited
  5. Bank of Baroda Uganda Limited
  6. Bank of India Uganda Limited
  7. Cairo Bank Uganda
  8. Centenary Bank
  9. Citibank Uganda
  10. DFCU Bank
  11. Diamond Trust Bank
  12. Ecobank Uganda
  13. Equity Bank Uganda Limited
  14. Exim Bank (Uganda)
  15. Finance Trust Bank
  16. Guaranty Trust Bank
  17. Housing Finance Bank
  18. KCB Bank Uganda Limited
  19. NCBA Bank Uganda
  20. Opportunity Bank Uganda Limited
  21. Orient Bank
  22. Stanbic Bank Uganda Limited
  23. Standard Chartered Uganda
  24. Tropical Bank
  25. United Bank for Africa

List of licensed credit institutions in Uganda

This is a “list of licensed credit institution in Uganda”.

  1. Mercantile Credit Bank
  2. PostBank Uganda
  3. Opportunity Bank Uganda
  4. 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.

  1. FINCA Uganda Limited
  2. Pride Microfinance Limited
  3. UGAFODE Microfinance Limited
  4. EFC Uganda Limited
  5. YAKO Microfinance Limited

Here is a list of all the swiftcodes for banks in Uganda

Bank or InstitutionCitySwiftCode
1ABC CAPITAL BANK LIMITEDKAMPALAABCFUGKA
2BANK OF AFRICA-UGANDA LTD.KAMPALAAFRIUGKA
3BANK OF BARODA (UGANDA) LIMITEDKAMPALABARBUGKA
4BANK OF INDIA (UGANDA) LTDKAMPALABKIDUGKA
5BANK OF UGANDAKAMPALAUGBAUGKA
6BANK OF UGANDA (LETTERS OF CREDIT PROCESSING)KAMPALAUGBAUGKABKG
7BARCLAYS BANK OF UGANDA LTD.KAMPALABARCUGKX
8CAIRO INTERNATIONAL BANK LTDKAMPALACAIEUGKA
9CENTENARY RURAL DEVELOPMENT BANK LIMITEDKAMPALACERBUGKA
10CITIBANK UGANDA LIMITEDKAMPALACITIUGKA
11CITIBANK UGANDA LIMITED (TRADE SERVICES DEPT)KAMPALACITIUGKATRD
12COMMERCIAL BANK OF AFRICA UGANDA LIMITEDKAMPALACBAFUGKA
13DFCU BANK LIMITEDKAMPALADFCUUGKA
14DIAMOND TRUST BANK UGANDA LIMITEDKAMPALADTKEUGKA
15EAST AFRICAN DEVELOPMENT BANKKAMPALAAFDEUGKA
16ECOBANK UGANDAKAMPALAECOCUGKA
17EQUITY BANK UGANDA LTDKAMPALAEQBLUGKA
18EXIM BANK (UGANDA) LIMITEDKAMPALAEXTNUGKA
19FINANCE TRUST BANK LTDKAMPALAFTBLUGKA
20GUARANTY TRUST BANK (UGANDA) LTDKAMPALAGTBIUGKA
21HOUSING FINANCE BANK LTDKAMPALAHFINUGKA
22KCB BANK UGANDA LIMITEDKAMPALAKCBLUGKA
23NC BANK UGANDA LIMITEDKAMPALANINCUGKA
24ORIENT BANK LIMITEDKAMPALAORINUGKA
25POSTBANK UGANDA LIMITEDKAMPALAUGPBUGKA
26STANBIC BANK UGANDA LIMITEDKAMPALASBICUGKX
27STANDARD CHARTERED BANK UGANDA LIMITEDKAMPALASCBLUGKA
28STANDARD CHARTERED (SECURITIES SERVICES UNIT)KAMPALASCBLUGKASSU
29TOP FINANCE BANK LIMITEDKAMPALATOPFUGKA
30TROPICAL BANK LTDKAMPALATROAUGKA
31UGANDA SECURITIES EXCHANGE LTDKAMPALAUSCDUGKA
32UNITED BANK FOR AFRICA (UGANDA) LTDKAMPALAUNAFUGKA

Classification of financial institutions

Tier I financial Institutions

This class includes commercial banks that are authorized to hold checkingsavings, 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:

  1. Mercantile Credit Bank Limited – A wholly owned subsidiary of General Machinery Limited.
  2. PostBank Uganda Limited – Wholly owned by the Ugandan government.
  3. Top Finance Bank Uganda Limited.
  4. BRAC Uganda Bank Limited (subsidiary of BRAC International).
  5. Yako Bank Uganda Limited.

Tier III financial institutions

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.[29]

The MDIs in the country as of 30 June 2020 were:

  1. FINCA Uganda Limited
  2. Pride Microfinance Limited
  3. UGAFODE Microfinance Limited
  4. EFC Uganda Limited

Tier IV institutions

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.

  1. Letshego Microfinance Uganda
  2. Asaak Financial Services Limited
  3. Hofokam Limited

Development banks

Investment banks and stock brokerage firms

Main article: List of investment banks in Uganda

Investment banks and stock brokerage firms in Uganda are regulated by the Capital Markets Authority and the various stock exchanges in the country.

Insurance companies

There were 18 insurance companies in Uganda in January 2015.

Foreign exchange bureaus

As of March 2016, there were 246 licensed foreign exchange bureaus in the country.

Deposit insurance

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.[42] 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.

Credit bureaux

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.

In 2015, Ugandan regulators licensed an additional credit bureau, Metropol Credit Reference Bureau Limited.

Based out of Nairobi, Kenya, Metropol has operations in Kenya, Rwanda, Tanzania, and Uganda

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