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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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United Bank for Africa Uganda (UBA) has been appointed a Primary Dealer Bank by Bank of Uganda with effect from Friday October 1st, 2021. As a Primary Dealer Bank UBA will lend Government money on behalf of the public and in exchange, provide Treasury Bills and Bonds as collateral, in the primary market auction. The bank will be expected to facilitate the buying and selling of Treasury Bills and Bonds to investors, who do not have access to the primary Market. This is referred to as the secondary market. Commenting on the appointment, the UBA Uganda Managing Director /CEO Chioma…
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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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