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In a 2007 pre-opening interview with the CEO East Africa Magazine, Manz Denga, the then United Bank for Africa (UBA) Managing Director, spoke strongly about his bank’s ambitions in Uganda. “Ugandan banking halls are characterised by long queues. I will crash those queues. I will reduce interest rates, improve customer services and be conveniently located and available,” he declared. At the time, Denga was full of confidence and fire, determined to bring Nigeria’s banking revolution to East Africa. His bank, UBA, was entering Uganda as a greenfield operation and wanted to redefine customer experience in a sector then dominated by…
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Guaranty Trust Bank (Uganda) Limited has reported its first loss in over five years, highlighting the difficult transition it is facing after downgrading to a Tier II Credit Institution in 2024. The bank posted a net loss after tax of UGX 3.25 billion for the year ended December 31, 2024, reversing a net profit of UGX 1.64 billion recorded in 2023. The downgrade followed a sharp increase in minimum capital requirements imposed by the Bank of Uganda (BoU) in 2022, raising the threshold for commercial banks from UGX 25 billion to UGX 150 billion. Facing the steep capital demands, Guaranty…
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With only a few days left to the June 30th 2023 compliance deadline for banks that failed to raise UGX120 billion in both share capital and core capital by December 31st 2022, a number of the affected banks are in last-minute mad dashes to raise the capital needed or else face a raft of regulatory sanctions that could include closure. According to a tabulation by CEO East Africa Magazine, as of December 2022, out of the 25 banks, as per published financial results, at least 10 banks didn’t meet the thresholds on share capital while 11 did not meet the…
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