Top Banks in Uganda
Overview of Uganda's leading financial institutions
Overview of Uganda's leading financial institutions
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 gives Uganda a stable outlook and maintains the B2 long-term issuer ratings. The long-term foreign currency bond rating remains unchanged at Ba3. The same holds true for the country’s deposit ceilings at B3.
For anyone who is considering a banking career in Uganda, this list is a helpful guide on where to start. To learn more, see our list of financial institutions.
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.
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 to Stanbic Bank (Uganda) Limited. Its headquarters is in Kampala.
Revenue: UGX 636.04 billion (2017)
Net income: UGX 200.47 billion (2017)
Total assets: UGX 5.4 trillion (2017)
Development Finance Company of Uganda Bank Limited, or DFCU Bank, is the second largest commercial bank in Uganda. DFCU offers several banking products and services, including loans, savings, checking, debit and credit cards, investments and mortgages through its network of 68 branches and 100 ATMs throughout the country. Established in 1964, DFCU Bank is based in Kampala.
Revenue: UGX 519.88 billion (2017)
Net Income: UGX 127.64 billion (2017)
Total assets: UGX: 3.03 trillion (2017)
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 1.4 million customers through a network of 69 branches and 172 ATMs. It also plays a role in microfinance, helping rural farmers, small traders, importers, exporters, and manufacturers. Centenary Banks was founded in 1983 and was registered as a full-service commercial bank in 1993. Its headquarters is in Kampala.
Revenue: 417.04 billion (2016)
Net income: UGX 109.91 billion (2016)
Total assets: UGX 2.32 trillion (2016)
Standard Charted Bank Uganda Limited was established in 1912, making it the oldest bank to operate in the country. It is the first bank in Uganda 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 main areas of Uganda. Standard Chartered Bank is based in Kampala.
Revenue: UGX:112 billion (2016)
Net income: —
Total assets: UGX:2.944 trillion (2016)
Barclays Bank of Uganda Limited 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. It then 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. Its headquarters is in Kampala.
Revenue: UGX 304.45 billion (2017)
Net income: UGX 72 billion (2017)
Total assets: UGX 2.48 trillion (2017)
Bank of Baroda Uganda Limited or Bank of Baroda Uganda (BBU) is a commercial bank that provides loans, credit cards, savings, and investments 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. It was established in 1953.
Revenue: UGX 151.67 billion (2016)
Net income: UGX 49.25 billion (2016)
Total assets: UGX 1.48 trillion (2016)
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 951.1 billion (USD 257.4 million) (2016)
One of the fastest-growing banks in Uganda is Equity Bank Uganda Limited. Founded in 2008, it operates through a network of 33 branches and 35 ATMs throughout the country. It 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.
In 2010, Equity Bank was given the Employer of the Year Award by the Uganda Investment Authority. In 2015, it was considered one of the top Ten Banks in Uganda in terms of income and deposits. Equity Bank is based in Kampala.
Revenue: UGX 50.32 billion (2017)
Net income: UGX 15.22 billion (2017)
Total assets: UGX 379.75 billion (2017)
Housing Finance Bank is the leading mortgage lender in Uganda, accounting for about 60 percent of mortgages. It also provides other services such as loans, savings, checking, debit cards and investments. It was founded in 1967 as a housing finance company, then became a licensed commercial bank in 2008. Its headquarters is in Kampala.
Revenue: UGX 18 billion (2016)
Net income: —
Total assets: UGX 680.2 billion (2016)
Bank of Africa – Uganda Ltd (BOA-Uganda) is a financial services provider that was founded in 1984 as Sembule Investment Bank. It is a member of Bank of Africa Group that has a presence in 10 countries in Africa and in France. It 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. Its headquarters is in Kampala.
Revenue: UGX 70.99 billion (2016)
Net income: UGX 12.14 billion (2016)
Total assets: UGX 66.56 billion (2016)
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This has been a guide to the top banks in Uganda. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: