Uganda Banking Sector 2024 Archives

Nigerian Banks Fail to Deliver on Their Threat to Shake Up Ugandan Market

CEO East Africa MagazineThe Big StoryMay 18, 2025May 18, 2025

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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Uganda’s Banks in 2024: Profits Surge, Giants Hold Ground, and Mid-Tier Challengers Rise

Muhereza KyamuteteraBusiness & Markets The Big StoryMay 5, 2025May 5, 2025

Uganda’s banking industry closed 2024 on a notably stronger footing, driven by robust asset expansion, a resurgence in profitability, and intensified market competition. For the first time in over a decade, all 22 commercial banks—excluding the newly licensed Salaam Bank—reported a net profit, signaling a broad-based recovery and improved operational resilience. The lone outlier, Salaam Bank, was only licensed in September 2023 and is still in its foundational phase. This performance came despite a trimmed industry roster following three bank downgrades, which reduced the number of fully licensed commercial banks to 23. The remaining institutions capitalised on steady economic recovery,…

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