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Despite transitioning from a Tier I Commercial Bank to a Tier II Credit Institution in 2024, Opportunity Bank Uganda Limited has proven resilient, maintaining profitability, growing its loan book, and deepening its social and environmental impact across Uganda. The change in license status followed a sharp increase in capitalisation requirements imposed by the Bank of Uganda (BoU). In 2022, BoU raised the minimum capital for commercial banks from UGX 25 billion to UGX 150 billion, a six-fold increment. Facing the new thresholds, Opportunity Bank, alongside ABC Capital Bank Uganda and Guaranty Trust Bank Uganda, elected to downgrade to Tier II…
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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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Pamela Abonyo has joined Opportunity Bank as the new Marketing Manager for. She formerly worked for NIC Holdings Ltd as the Head Corporate Communications. Pamela has over 15 years in Marketing and Communications, having started her lustrous career as an Account manager at Moyo Africa/Phat! working with brands such as Barclays (now Absa), Pepsi, Fanta, Zamani and the Rockefeller Foundation. She then moved to Rwanda to work with CreaXion Ogilvy, were she worked with various brands such as DSTV, Rwandatel, RwandAir, Primus and Mutzig. While in Rwanda she joined the financial sector working for SONARWA a leading insurance company and…
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Opportunity Bank has appointed microfinance and financial inclusion expert, Robert Ongodia as its new Managing Director for Uganda, to replace Tineyi Mawocha. Mr. Mawocha, remains the Regional Director, Africa, a role he has playing concurrently since July 2019. Phillip Karugaba, the bank’s Board Chairman confirmed the appointment to CEO East Africa Magazine. “Yes, Robert Ongodia is our new Managing Director. Tineyi Mawocha, his predecessor, has been elevated to a regional position based in Kampala,” he said. Ongodia has been the Senior Director, Global Investments for Accion Global Investments, a global non-profit committed to creating a financially inclusive world with key investments…
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Effective September 13th, Opportunity Bank Uganda Limited (OBUL) – previously a tier 2 credit institution, started operating as a fully-fledged commercial bank, licensed by Bank of Uganda- the industry regulator. Although newly licensed as the 26th commercial bank, Opportunity Bank won’t have to start from scratch, thanks to its 24-year presence in the market. The bank hits the ground running, with a country-wide network consisting of 20 branches and 2 service centres- 68% of the branches are in rural towns serving the bottom of the market. Going by 2018 results of the financial services sector, OBUL also enters the big…
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The total assets of Uganda’s financial services industry reached UGX.45.81 trillion, or 44.3 percent of Uganda’s GDP, as at end December 2018. The banking sector, dominated 69% of these assets, followed by Pension Funds at 22%, then Funds under Management (6%) and lastly the insurance sector at 3%, according to Bank of Uganda’s Financial Stability Report, June 2019. According to the report, as at end June 2019, the banking sector, continued to flourish with commercial banks accounting for 95.2 percent (UGX30.3 trillion) of the banking sector’s total assets of UGX.31.8 trillion. This was followed by the Microfinance Deposit-taking Institutions (MDIs)…
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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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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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