Commercial Bank of Africa (Uganda)

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Commercial Bank of Africa (Uganda)
Private Subsidiary
Industry Financial Services
Founded 2014
Headquarters Twed Towers, 10 Kafu Road, Nakasero, Kampala, Uganda
Key people
 William Muheirwe
chairman
Samuel Odeke
managing director[1]
Products Loans, savings, checking, investments, debit cards, credit cards, mortgages
Total assets US$18.2 million (UGX:45.4 billion) (KES:1.5 billion) (2014)
Number of employees
 35 (2014)
Website Homepage

The Commercial Bank of Africa (Uganda) (CBAU) is a commercial bank in Uganda.[2] The bank opened in 2014, following the issuance of a commercial banking license by the Bank of Uganda, the central bank and the national banking regulator of Uganda.[3] The bank is a member of the Commercial Bank of Africa Group (CBA Group), headquartered in Nairobi, Kenya, with subsidiaries in Kenya, Tanzania, and Uganda.[4]

Overview

CBAU serves the banking needs of individuals and businesses in Uganda. It focuses on meeting the banking needs of large corporations, diplomatic missions, non-governmental organizations, and high net-worth private clients. The parent company raised KSh:1.5 billion from its shareholders to finance CBAU.[5]

History

The Commercial Bank of Africa (CBA), the parent company, was founded in 1962 in Dar es Salaam, Tanzania. Branches were then opened in Nairobi and Mombasa, Kenya and in Kampala, Uganda. Following political changes in Uganda in 1971, the bank sold its assets in that country.

In October 2011, the CBA Group announced plans to enter Uganda.[6] In February 2013, Kenyan print media reported that the CBA Group was waiting on approval from the Bank of Uganda to open CBAU's first branch in Kampala, the country's capital.[7] In January 2014, the necessary approval was granted and CBAU became the 26th commercial bank in the country.[8]

In January 2016, CBAU applied to the Bank of Uganda to be allowed to make loans using the mobile money platform, in partnership with cellular telephone provider MTN Uganda. If permission is granted, the bank would become the first Ugandan commercial bank to provide this service.[1]

Branch Network

See also

References

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External links

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