The Commercial Bank of Africa (Uganda) (CBAU) is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

Uganda }), is a landlocked country in East Africa. The country is bordered to the east by Kenya, to the north by South Sudan, to the west by the Democratic Republic of the Congo, to the south-west by Rwanda, and to the south by Tanzania. The sou ...

. The bank opened in 2014, following the issuance of a commercial banking license by the

Bank of Uganda The Bank of Uganda ( sw, Benki Kuu ya Uganda) is the central bank of Uganda. Established in 1966, by Act of Parliament, the bank is wholly owned by the government but is not a government department. History In 1979 and again in 1987, the Ba ...

, the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central b ...

and the national banking regulator. The bank is a member of the

Commercial Bank of Africa Group Commercial Bank of Africa Group (CBA Group) is a financial services provider in East Africa. Its headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Rwanda, Tanzania, Uganda and Ivory Coast. The CBA Group is a large financial ...

(CBA Group), headquartered in

Nairobi, Kenya Nairobi ( ) is the capital and largest city of Kenya. The name is derived from the Maasai phrase ''Enkare Nairobi'', which translates to "place of cool waters", a reference to the Nairobi River which flows through the city. The city proper h ...

. NCBAU 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 KES:1.5 billion from its shareholders to finance CBAU.

History

The NCBA Group, the parent company, was founded in 2019 in

Nairobi Nairobi ( ) is the capital and largest city of Kenya. The name is derived from the Maasai phrase ''Enkare Nairobi'', which translates to "place of cool waters", a reference to the Nairobi River which flows through the city. The city proper h ...

, Kenya. Branches were then opened in Nairobi and

Mombasa Mombasa ( ; ) is a coastal city in southeastern Kenya along the Indian Ocean. It was the first capital of the British East Africa, before Nairobi was elevated to capital city status. It now serves as the capital of Mombasa County. The town is ...

, Kenya and in

Kampala Kampala (, ) is the capital and largest city of Uganda. The city proper has a population of 1,680,000 and is divided into the five political divisions of Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division, and Ruba ...

, Uganda. In 1969, the bank sold its assets in Uganda to

Barclays Bank of Uganda Absa Bank Uganda Limited, formerly known as Barclays Bank of Uganda Limited, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator. The bank is a subsidiary of Absa Group Limited, a ...

. In October 2011, the CBA Group announced plans to enter Uganda. 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. In January 2014, the necessary approval was granted and CBAU became the 26th commercial bank in the country. 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.

Branch network

As of August 2016, the bank maintained branches at these locations: * Main Branch - Twed Towers, 10 Kafu Road,

Nakasero Nakasero is a hill and neighborhood in the centre of Kampala, the capital and largest city of Uganda. Nakasero is important to Uganda's economy and politics, as it is home to Kampala's central business district and several government offices, ...

* Bugoloobi Branch - The Village Mall,

Bugoloobi Bugoloobi sometimes spelled as Bugolobi though incorrect, is a location in Kampala, Uganda's capital and largest city. It is a suburban neighborhood and some of the most valuable properties in Kampala are found here. It is among the most develop ...

, Kampala.

References

{{Kampala District Banks of Uganda Banks established in 2014 2014 establishments in Uganda

History

Branch network

See also

References