Owen Spencer Amanya Archives

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…

This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!

Uganda’s undercapitalised banks in a last-minute scramble to beat June 30th 2023 deadline

Muhereza KyamuteteraBusiness & Markets The Big StoryJune 20, 2023June 20, 2023

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…

This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!

Subtotal	UShs0
Shipping	UShs0
Tax	UShs0
Total	UShs0