Uganda home to nearly 400 bank branches

Oct 27, 2010

Uganda's bank network has grown substantially over the past decade and the country is now home to 381 branches.

Tumusiime Mutebile, Central Bank Governor, attributed the increase to rising confidence in the financial sector and strong regulation, the New Vision reports. "As of September 30th 2010, the number of bank branches and ATMs stood at 381 and 589 respectively," he said at an event at Barclays House in Kampala, adding this is a "sharp contrast" to the 167 branches and 238 ATMs that were active in the country as of June 30th 2001.

The nation was recently given a B rating with a positive outlook by Fitch Ratings - a fall from the B+ issued last year. Despite the drop, it praised Uganda's "robust" growth and macroeconomic management.

A total of eight new banking firms have launched there since 2007 and the Governor moved to assure the public that the central bank "will continue to foster financial sector soundness".