Uganda’s Central bank, the Bank of Uganda (BoU) has issued commercial banking licenses to two financial institutions, bringing the total number of commercial banks in Uganda to 26.
According to a statement released this morning, BoU granted the Commercial Banking (Class 1) License Certificates to Afriland First Bank Uganda Limited effective September 12, 2019, and Opportunity Bank Uganda Limited effective September 13, 2019.
Afriland First Bank is a full-service bank in Cameroon, with subsidiaries in the Democratic Republic of the Congo, Equatorial Guinea, Guinea, Liberia, South Sudan, São Tomé and Príncipe and Zambia.
The bank was founded in Yaoundé in 1987 under the name of Caisse Commune d’Epargne et d’Investissement. It is the largest financial services group in Cameroon.
The bank is a larger financial services provider in Cameroon with customer deposits in excess of US$951 million (CFA:460 billion), as of December 2012.
The bank with its subsidiaries around the world had a combined asset base valued at US$2.3 billion (€1.7 billion) in December 2010.
Opportunity Bank has previously been trading as a Credit Institution (Tier 2) and has now transformed to a Commercial Bank (Tier 1) institution.
BY PAUL TENTENA