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

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…