Bank of Uganda (BoU) has licensed two new banks, bringing the total number of commercial banks to 26. The regulator has granted commercial licenses to Afriland First Bank Uganda Limited and Opportunity Bank Uganda Limited.
In a press statement on Friday, BoU said it had granted the Commercial Banking (Class 1) License Certificates to Afriland First Bank Uganda Limited effective September 12, 2019 and Opportunity Bank Uganda Limited (OBUL) effective September 13, 2019.
“Opportunity Bank has previously been trading as a Credit Institution (Tier 2) and has now transformed to a Commercial Bank (Tier 1) institution,”
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.
The new banks join an already saturated market.