Geriga Christopher Archives – CEO East Africa

EXCLUSIVE: Opportunity Bank to downgrade license to become a Micro-finance Deposit-Taking Institution

Muhereza KyamuteteraBusiness & Markets News & Analysis The Big StoryJanuary 29, 2024January 30, 2024

Hardly 5 years, after being granted a tier-1 commercial banking license, Opportunity Bank is downgrading back to a Tier 2 Microfinance Deposit-taking Institution (MDI), CEO East Africa Magazine can exclusively reveal. This decision has been confirmed to CEO East Africa Magazine, in an email. It follows the Financial Institutions (Revision of Minimum Capital Requirements) Instrument 2022 of November 2022 that requires financial institutions to significantly increase their capital buffers. “Over the last 12 months, Opportunity Bank has comprehensively reviewed its strategic plan, business model, service offerings and target customer market. The outcome of this review shall be a transformed Opportunity…

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What do we know about Opportunity Bank, Uganda’s latest commercial bank, which you probably did not know?

Muhereza KyamuteteraBanking & Financial Services The Big StoryOctober 27, 2019January 29, 2024

Opportunity Bank Uganda Limited (OBUL) on 25th September 2019 was awarded a Commercial Banking license by Bank of Uganda, becoming Uganda’s 26th Commercial Bank. This follows a lengthy vetting process after the bank applied for a license on January 28th, 2019. “Bank of Uganda hereby grants Opportunity Bank Limited approval for a Commercial Bank License (class 1); to transform from a Credit Institution to a Commercial Bank,” wrote Kenneth Egesa, the Acting Executive Director, Supervision at Bank of Uganda. As the 25th bank, OBUL, enters a top-heavy and tightly competitive banking industry, largely dominated by the top 5 commercial banks….

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