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Top 15 banks in Uganda

Ugandan banking sector is growing steadily thanks to the growing Economy of this East African country.

Ugandan banks have competitively ranked top when compared to their peers in the region. It is due to this competitiveness of Ugandan banks that we sought to carry out a review on some of the top and best Ugandan banks.

Apart from the native Ugandan banks, foreign companies in banking sector have also invested heavily in Ugandan banking sector. If you are looking for the best bank to open an account with in Uganda, we sample a list of top 15 banks in Uganda

Standard Chartered Bank Uganda tops the list of the best banks in Uganda followed closely by Stanbic Bank Uganda and Centenary Rural Development Bank comes  distance third

Below is a comprehensive list of Best banks in Uganda.

List of best banks in Uganda

  1. Standard Chartered Bank

Standard Chartered Bank Uganda Limited is an international bank with a history spanning over 106 years of existence in the Ugandan market, having opened its doors in 1912, making it the longest established commercial bank in the country. It currently has a total of 8 branches in Kampala and Jinja Uganda, 32 ATMs, 2 digital banking outlets located at Shell Ntinda and Shell Kaazi, 5 cash deposit machines and a staff complement of over 530.

The bank’s major focus is in retail banking, commercial banking and global banking. Standard Chartered Bank Uganda is a wholly owned subsidiary of the Standard Chartered Bank Group, an international financial services conglomerate, headquartered in London in the United Kingdom.

  1. Stanbic Bank

Stanbic Bank Uganda (SBU) is one of the 25 licensed commercial banks by the Bank of Uganda. The bank is a majority owned subsidiary of Stanbic Africa Holdings Limited, which is in turn owned by Standard Bank Group Limited. In February 2002, Standard Bank acquired 90 percent shareholding in the Uganda Commercial Bank, a government-owned retail banking operation, which had the largest branch distribution network in the country.

  1. Centenary Rural development

Centenary Bank is a commercial bank licensed by the Bank of Uganda, the central bank and national banking regulator. It was founded in 1983. The bank is a large financial services provider in Uganda. It is primarily involved in the promotion of development through loans to rural farmers, processors of agricultural produce, small traders, small manufacturers, importers and exporters. The bank has also had a significant portion of its portfolio in the microfinance arena in an attempt to meet the needs of the many individuals and business entities with limited means.

  1. Kenya Commercial Bank (Uganda)

KCB Bank Uganda has been part of the KCB Group since 2007, is a financial service provider that focuses on providing innovative banking solutions in Uganda. It is licensed as a commercial bank by the Bank of Uganda, the national banking regulator.

  1. Equity Bank (Uganda)

Equity Bank Uganda Limited is one of the fastest growing banks in Uganda, with a large network of 33 branches and 35 ATMs spread across the country. 17 of these branches are located in Central and greater Kampala, serving over 530,000 customers.

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The Bank has deployed a number of Alternate Business Channels to enhance its product and service delivery. These include: Internet Banking, Eazzy 247- a mobile banking service, Point of Sales (POS) machines as well as partnerships with major telecom companies in the country

  1. Diamond Trust Bank (Uganda) Limited

Diamond Trust Bank (DTB) is a leading regional bank, listed on the Nairobi Securities Exchange (NSE). An affiliate of the Aga Khan Development Network. The bank has branches in almost all the African countries with a wider network of customers.

  1. Absa Bank Uganda

Absa Bank Uganda Limited is part of Absa Group Limited, an African financial services group that aims to be the pride of the continent. Absa Group Limited is listed on the JSE in South Africa and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 42, 000 employees.

  1. DFCU Bank

DFCU Bank is a leading banking and financial services company domiciled in Uganda. It came into existence in May 2000 following dfcu’s acquisition of Gold Trust Bank to extending universal banking services alongside the pre-existing equity finance; long term development finance; leasing and working capital finance.

dfcu Limited was incorporated under the Laws of Uganda on the 14th of May 1964, as a Private Limited Liability Company.  In 1999, dfcu acquired Uganda Leasing Company which became dfcu Leasing, to provide direct asset based finance.

  1. Uganda Development Bank

Uganda Development bank is Development Finance Institution (DFI) focused on accelerating socio-economic development through sustainable financial interventions in line with the country’s development priorities. UDB provides innovative financial solutions with emphasis on value chain development.

  1. East Africa Development Bank

Founded in 1967 as one of the key institutions of the East African Community, the East African Development Bank has built a reputation as a provider of long term finance for enterprises in East Africa. In a region where demand for long term finance is growing, the Bank has cultivated a diverse client base.

  1. Bank of Baroda (U)

Bank of Baroda (u) Ltd was the first Financial Institution in the country to list its shares at the Uganda Securities Exchange. The Bank issued bonus to its shareholders at two occasions in 2011 and 2013.

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Bank of Baroda (U) Ltd started its operations on 18.12.1953 by opening its first branch at Kampala. Later on, it was incorporated as Subsidiary of Bank of Baroda-India with 49% shareholding of Govt. of Uganda. Under privatization move of Govt. of Uganda, Parent Bank- Bank of Baroda (India) became the sole owner by taking over 49% shareholding of government.

  1. Bank of Africa (U)

BANK OF AFRICA in Uganda is a subsidiary of one of the world’s leading international banks – BMCE BANK OF AFRICA Group. The bank’s local and global footprint enables it to bring world-class financial services and connect customers to opportunities all over the world.

BANK OF AFRICA – UGANDA Ltd. is an “all public” Commercial Bank regulated by the Central Bank of Uganda operating under commercial banking license no. A1.001. providing a full range of banking products and services to large corporate companies, individuals, as well as Micro, Small, and Medium Enterprises.

  1. Citibank Uganda

With a presence in Uganda since 1999, Citibank Uganda Limited (CUL) is arguably the most innovative corporate bank in Uganda, a quality that is highly valued by their clients. Their corporate banking business is one of the largest in the country, serving over 250 clients, active in diverse sectors of the economy.

Key products offered by Citibank Uganda include trade finance, foreign exchange spots, options and forwards, intermediation of foreign direct and portfolio investments, cash management, corporate finance and treasury services.

  1. Post bank Uganda

PostBank Uganda (PBU) is a public financial company limited by shares and formed under the Public Enterprises Reform and Divestiture Statute of 1983 and the Uganda Communications Act, 1997. It was incorporated under the Companies Act in 1998 and is owned by the Government of Uganda with 100% shareholding.

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PostBank Uganda is regulated by the Bank of Uganda as a financial institution regulated by the Central bank under the financial institution’s act of 2004.

  1. Pride Microfinance

Last but not least is Pride Microfinance. Pride Microfinance Ltd (MDI) (Pride) is a Microfinance Deposit- taking institution (MDI) regulated and supervised by Bank of Uganda (BoU) under the MDI Act, 2003 and MDI Regulations, 2004. From inception, Pride has grown to become the leading MDI in Uganda, providing innovative financial solutions to the economically vulnerable people. Pride serves its customers through 34 networked branches spread across the country.

In summary, below is the list of top 15 banks in Uganda to open a bank account with.

Top 15 banks in Uganda

  1. Standard Chartered Bank
  2. Stanbic Bank
  3. Centenary Rural development
  4. Kenya Commercial Bank (Uganda)
  5. Equity Bank (Uganda)
  6. Diamond Trust Bank (Uganda) Limited
  7. Absa Bank Uganda
  8. DFCU Bank
  9. Uganda Development Bank
  10. East Africa Development bank
  11. Bank of Baroda (U)
  12. Bank of Africa (U)
  13. Citibank Uganda
  14. Post Bank Uganda
  15. Pride Microfinance

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