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Bank of Uganda (BoU) has officially approved Afriland First bank Uganda Limited’s request for voluntary closure. The central bank and banking sector regulator in exercise of it’s powers under section 98 (1) of the Financial Institutions Act, 2004 (as amended), on Wednesday 25th May 2022, approved a request from Afriland First Bank Uganda Limited, to apply to the High Court for Voluntary Liquidation. A notice to the public written and signed off by Bank of Uganda’s Deputy Governor, Michael Atingi Ego states that: “Afriland First Bank Uganda Limited’s decision for Voluntary Liquidation was an outcome of a strategic business review…
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Following a license to operate a commercial bank, on September 12th, 2019 Afriland First Bank has set up its offices in Kampala. The offices are located on Buganda Road in the city centre. CEO East Africa understands that a Mr Hamadou Bayo, a Cameroonian and the bank’s former Managing Director in Liberia has been appointed as its first Managing Director. “Our new commercial banking license in Uganda will enable us to offer universal banking services to a various range of clients, be they Individuals, Corporate or Institutions,” reads a statement posted on the group’s website. “Afriland First Bank Uganda will remain…
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Bank of Uganda has awarded licenses to 2 new Commercial banks. The banks, Afriland First bank Uganda Limited and Opportunity Bank Uganda limited have been given licenses to start operations effective September 12th and 13th respectively. This makes the total number of commercial banks in Uganda, 26. Afriland First bank is a new institution in Uganda’s banking sector. The bank was founded in Cameroon in 1987 and is the biggest financial services group in that country. Opportunity Bank started as a Tier 3 Banking institution called Faulu. Back in 2009, the company carried out a rebranding campaign after selling shares…
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