Banks in Uganda are supervised by the Benki Kuu ya Uganda or Bank of Uganda, the central bank of the country. It is a government-owned bank that was established in 1966. Aside from governing the banks in Uganda, it promotes price stability and fosters a sound financial system. It is also responsible for promoting macroeconomic stability.
Moody’s Investors Service affirmed the Government of Uganda’s B2 long-term issuer ratings. The outlook remains stable. B2 rating incorporates Moody’s expectations that Uganda’s track record of macroeconomic stability will be maintained as the negative economic impact of the coronavirus shock gradually dissipates. The stable outlook reflects credit risks being broadly balanced.
For anyone who is considering a banking career in Uganda, this list of top banks in Uganda is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in Uganda Include:
One of the licensed commercial banks in Uganda is Stanbic Bank, which is a majority-owned subsidiary of Stanbic Africa Holdings Limited. The bank offers a comprehensive range of banking products and services, such as savings, loans, investments, debit and credit cards, and mortgages. It operates through a network of 69 branches, 10 customer service points, 658 point of sale terminals, and 175 automated teller machines.
Stanbic Bank was established in 1906 under the name National Bank of India. It became Grindlays Bank until 1991 when Standard Bank bought the Grindlays Bank network in Africa. It was then renamed Stanbic Bank (Uganda) Limited. Its headquarters is in Kampala.
Net income: UGX 241.69 billion (2020)
Total assets: UGX 8.58 trillion (2020)
Development Finance Company of Uganda Bank Limited, or DFCU Bank, is the second largest of the commercial banks in Uganda. DFCU offers several banking products and services, including loans, savings, checking, debit and credit cards, investments, and mortgages, through its network of 63 branches and 100 ATMs throughout the country. Established in 1964, DFCU Bank is based in Kampala.
Net Income: UGX 24.08 billion (2020)
Total assets: UGX: 3.50 trillion (2020)
Centenary Rural Development Bank Ltd is a financial services provider in Uganda that is engaged in commercial banking. The bank offers loans, savings, investments, checking, and debit cards to more than 1.8 million customers through a network of 77 branches and 181 ATMs and employs around 2,792 individuals.
Centenary Bank also plays a role in microfinance, helping rural farmers, small traders, importers, exporters, and manufacturers. The bank was founded in 1983 and was registered as a full-service commercial bank in 1993. Its headquarters is in Kampala.
Net income: UGX 161.23 billion (2020)
Total assets: UGX 4.50 trillion (2020)
Standard Chartered Bank
Standard Chartered Bank Uganda Limited was established in 1912, making it the oldest of the banks in Uganda. It is the first Ugandan bank to introduce the VISA Electron debit card and toll-free phone banking. It is also the first bank to be licensed to trade government securities as the main dealer in Africa, and the first to offer derivative products.
SCB Uganda provides various banking products and services, including debit cards, investments, loans, savings, and checking, through its network of 11 branches and 29 ATMs in the main areas of Uganda. Standard Chartered Bank is based in Kampala.
Net income: UGX 124.67 billion (2019)
Total assets: UGX .15 trillion (2019)
Absa Bank Uganda
Absa Bank Uganda Limited (formerly Barclays Bank) provides a range of banking products and services such as loans, savings, checking, investments, and debit cards to individuals, SMEs, and large corporations. It started its operations in 1927.
Absa Bank acquired the Ugandan business of the Commercial Bank of Africa in 1969. The commercial bank further strengthened its presence in the country by acquiring Nile Bank Uganda Limited in 2007. It is based in Kampala.
Net income: UGX 34 billion (2020)
Total assets: UGX 3.44 trillion (2020)
Bank of Baroda Uganda Limited
Bank of Baroda Uganda Limited or Bank of Baroda Uganda (BBU) is a commercial bank that provides loans, credit cards, savings, and investment services to individuals, SMEs, and large corporations.
Headquartered in Kampala, it is a subsidiary of Bank of Baroda, an international bank that is based in Mumbai, India. Established in 1953, the bank operates through a network of 16 branches and 20 ATMs.
Net income: UGX 83.32 billion (2020)
Total assets: UGX 2.14 trillion (2020)
Citibank started operating in Uganda in 1999, providing a range of banking products and services including loans, savings, investments, transaction accounts, and debit cards. With the establishment of Citibank Uganda, Citigroup’s corporate banking business has become one of the largest in the country. It serves more than 250 clients from various sectors. Its headquarters is in Kampala.
Total assets: UGX 990.0 billion (2019)
One of the fastest-growing banks in Uganda is Equity Bank Uganda Limited. Founded in 2008, the bank operates through a network of 33 branches and 35 ATMs throughout the country and employs over 600 staff.
Headquartered in Kampala, Equity Bank provides a range of banking products and services such as loans, savings, checking, and investments. It is a subsidiary of Equity Group Holdings Limited, a financial services conglomerate that is based in Kenya.
Net income: UGX 38.96 billion (2019)
Total assets: UGX 1.63 trillion (2019)
Housing Finance Bank
Housing Finance Bank is the leading mortgage lender in Uganda, accounting for about 60% of mortgages granted in the country. It also provides other services such as loans, savings, checking, debit cards, and investments.
The company was founded in 1967 as a housing finance company, then it became a licensed commercial bank in 2008. Its headquarters is in Kampala and operates 17 branches and 22 ATMs.
Net income: UGX 22.49 billion (2019)
Total assets: UGX 912.48 billion (2019)
Bank of Africa Uganda Ltd
Bank of Africa Uganda Ltd (BOA-Uganda) is a financial services provider that was founded in 1985 as Sembule Investment Bank. A member of the Bank of Africa Group, the bank present in ten countries in Africa and also operates in France.
BOA-Uganda provides a range of banking products and services such as loans, savings, checking, debit and credit cards, investments, and mortgages to small retail businesses, medium-sized local enterprises, and multinational companies. Headquartered in Kampala, it operates 34 branches and employs 430 staff.