The Bank of Uganda (BoU) is the Central Bank of the Republic of Uganda. It was opened on the 15th August 1966. It is 100% owned by the Government of Uganda but it is not a government Department.
How many commercial banks are there in Uganda?
As of June 2019, the total number of branches of commercial banks and credit institutions in Uganda corresponded to 712, increasing by 37 compared to the previous year. After a decline between 2016 and 2017, the number of branches in the country increased slightly in the following two years.
What is the biggest commercial bank in Uganda?
Stanbic Bank is the biggest and largest bank in Uganda today. On the other hand, we researched the best performing banks in Uganda from the year 2020 to 2021.
What are the disadvantages of commercial banks?
What are the Drawbacks? In a word: cost. Commercial banking or business accounts are often more expensive than traditional bank accounts. Banks may charge fees for night deposits, for processing a certain number of checks and for the payroll services.
What is role of commercial bank?
The general role of commercial banks is to provide financial services to the general public and business, ensuring economic and social stability and sustainable growth of the economy. In this respect, credit creation is the most significant function of commercial banks.
What is the cheapest bank in Uganda?
Finance Trust Bank has one of the lowest minimum balances for savings account at Shs2, 000 while Centenary, dfcu and Bank of Africa set theirs at Shs5, 000. For fixed deposits, Diamond, Ecobank, Equity, Orient and UBAU have their minimum balances at Shs5m.
Which is the biggest bank in Uganda?
Stanbic bank is currently the biggest and largest bank operating in Uganda.
Which bank has the best savings account in Uganda?
Dfcu bank pays seven per cent per annum on maximum savings. Commercial Bank of Africa Uganda (CBAU) will also pay you seven per cent per annum. Barclays bank seems to have the best deal; it pays up to nine per cent per annum if you open a savings account with them.
What are commercial banks examples?
Examples of Commercial Banks
- State Bank of India (SBI)
- Housing Development Finance Corporation (HDFC) Bank.
- Industrial Credit and Investment Corporation of India (ICICI) Bank.
- Dena Bank.
- Corporation Bank.
How can commercial banks be classified?
Commercial Banks can be further classified into public sector banks, private sector banks, foreign banks and Regional Rural Banks (RRB). On the other hand, cooperative banks are classified into urban and rural.
Which banks are not commercial banks?
Citi Bank, Standard Chartered Bank, Bank of Tokyo Ltd. etc. Non scheduled commercial Banks:- Those banks which are not added in the Second Schedule of RBI Act 1934.
- Allahabad Bank.
- Andhra Bank.
- Bank of Baroda.
- Bank of India.
- Bank of Maharashtra.
- Canara Bank.
- Central Bank of India.
- Corporation Bank.
Which bank in Uganda is world wide?
Global Trust Bank (Uganda) is the bank that is worldwide and also found in Uganda.
Which bank is in Uganda?
One of the licensed commercial banks in Uganda is Stanbic Bank, which is a majority-owned subsidiary of Stanbic Africa Holdings Limited. The bank offers a comprehensive range of banking products and services, such as savings, loans, investments, debit and credit cards, and mortgages.
Where is Afriland First Bank located in Uganda?
Following a license to operate a commercial bank, on September 12th, 2019 Afriland First Bank has set up its offices in Kampala. The offices are located on Buganda Road in the city centre.