Top 10 Banks in Uganda by Assets

When it comes to banking and financial service providers, Uganda is a hub for a great number of these entities. However, fewer are of true Ugandan origin with a vast majority of them being subsidiaries of International financial institutions and bodies.

All commercial banks in Uganda are licensed and regulated by the Bank of Uganda which is the central bank of Uganda. The Bank of Uganda has a role in fostering macroeconomic and financial system stability and currently has 25 licensed commercial banks under its belt.

Some of the biggest and top-performing banks in Uganda boost hundreds of thousands of clients with active accounts and have maintained an ever-growing string of revenue over time.

As always, at Wivanda, we ensure to keep you in the know about everything Ugandan. Below is a detailed list of the Top 10 Banks in Uganda this month. Take a look!

Here is a List of Top 10 Banks in Uganda by Assets

1. Stanbic Bank

Stanbic Bank is currently the largest financial institution in Banks in Uganda today. Interestingly, it has maintained this top spot for about five years in a row now. Owned by Stanbic Africa Holdings Limited, Stanbic Bank deals in a wide range of services from debit and credit cards, loans, investments, savings, and mortgages, and recently with a grand venture into real estate development and management.

As of 31 December 2023, the bank’s total assets were valued at USh6.65 trillion (US$1.765 billion). At that time shareholders’ equity was valued at USh1.078 trillion (US$286.3 million). As of May 2024, the bank’s total assets had increased to USh7.7 trillion (US$2.105 billion)

Stanbic Bank was established in 1906, initially named The National Bank of India, it was then named Glindlays Bank before it was bought by Stanbic Bank in 1991. In February 2002, Standard Bank acquired 90 percent shareholding in the Uganda Commercial Bank, a government-owned retail banking operation with 65 branches. After being bought it was then named Stanbic Bank Uganda Limited. The bank has its headquarters at Crested Towers Short Tower Plot 17 Hannington Road, Kampala.

2. Centenary Bank

Centenary Rural Development Bank Ltd is one of the most celebrated domestic financial institutions in Banks in Uganda. As of today, Centenary Bank is among the country’s leading commercial microfinance banks serving more than 1.8 million consumers, employing over 2754 staff and has an asset base of UShs. 3.567 trillion as of December 31, 2023. Centenary Bank also serves over 1.5 million customers through its numerous networks supplemented by over 70 branches and 180 ATMs across the country.

It also As of December 2023, the bank’s assets were UGX:3.6 trillion (US$950 million). In December 2018, shareholders’ equity was UGX:643.69 billion (US$175 million)

The Catholic founded commercial bank was instigated in the year 1983 and fully registered as a Commercial Bank in 1993 and has its headquarters in Kampala, Uganda at Mapeera House.

3. Absa Bank

Formerly known as Barclays Bank, Absa commenced operations in 1927 and later acquired the Ugandan business of the Commercial Bank of Africa in 1969 as Barclays Bank Uganda Ltd, and the commercial bank further strengthened its presence in the country by acquiring Nile Bank Uganda Limited in 2007, not until in November 2019 when it was officially rebranded to ABSA Bank Uganda Ltd.

As of December 2023, the bank’s total assets were valued at UGX:3.426 trillion (approximately US$920 million), with shareholders’ equity of UGX:487.728 billion (approximately US$130 million).

They offer a wide range of services from loans, savings, checking, debit and credit cards, and investments. They give their services to both individuals and groups like large cooperatives. The bank’s main offices are located at Barclays House Plot 2/4 Hannington Road, Kampala.

4. Standard Chartered Bank

With over 107 years of existence in the Ugandan market, having opened its doors in 1912, Standard Chartered Bank is the longest-serving commercial bank in Uganda. It is the first Ugandan bank to introduce the VISA Electron debit card and toll-free phone banking and the first to offer derivative products. Funnily, it could be regarded as the ancestor of Ugandan banking.

As of December 2023, it was the fourth largest commercial bank in Uganda by assets, with an asset base of UGX:3.154 trillion (US$840 million), with shareholders’ equity of UGX:686.02 billion (US$184 million).

The financial entity provides a variety of services such as Checking, Debit and Credit Card, loans, investments, and savings, through their branches in Uganda (over 10) and over 30 ATMs in the main towns in Uganda. Standard Chartered Bank has its main offices at Plot 5 Speke Road, Kampala, Uganda.

5. Dfcu Bank

Development Finance Company of Uganda Bank Limited, or DFCU Bank is the second largest bank in Uganda offering a range of activities; savings, loans, investments, Debit and Credit Cards, Checking and Mortgages. With over 60 branches and over 100 ATM Machines distributed across Uganda, Dfcu has been able to stand tall as one of the best performing banks with easily accessible bank services.

As of December 2023, DFCU Bank had total assets of UGX:2.972 trillion (US$791 million), and shareholders’ equity of UGX:548.45 billion (US$146 million). As of 30 June 2017, dfcu Bank operated 67 branches and 100 automated teller machines. As of 30 May 2024, the bank’s total assets had increased to UGX:3.442 trillion (US$939 million), with shareholders’ equity of UGX:599.65 billion (US$163.54 million).

Dfcu Limited was incorporated under the Laws of Uganda on the 14th of May 1964, as a Private Limited Liability Company. In 1999, dfcu acquired Uganda Leasing Company which became dfcu Leasing, to provide direct asset-based finance. The bank has its headquarters situated at Plot 26 Kyadondo road Nakasero.

6. Bank of Baroda Uganda

Bank of Baroda Uganda Limited is a commercial bank that provides loans, credit cards, savings, and investment services to individuals, SMEs, and large corporations. Headquartered in Kampala, it is a subsidiary of Bank of Baroda, an international bank that is based in Mumbai, India. It was established in 1953.

As of December 2023, BBU had total assets of USh:1,875,630,000,000 ($498,172,000), with shareholders’ equity of USh:394,895,000,000 (US$104,885,000).

Bank of Baroda (U) Ltd started its operations on 18.12.1953 by opening its first branch in Kampala. It was later on incorporated as a Subsidiary of Bank of Baroda-India with a 49% shareholding of the Government of Uganda. The bank has its headquarters at Plot 18 Kampala Road.

7. Citibank Uganda Ltd

Citibank Uganda is another celebrated commercial bank in Uganda operating as a wholly owned subsidiary of New York-based Citigroup. With a presence in the country since 1999, Citibank Uganda Limited (CUL) is one of the most innovative corporate banks in Uganda. Its corporate banking business is one of the largest in the country, serving over 250 clients, and active in diverse sectors of the economy.

As of December 2023, the bank’s total asset valuation was approximately USh990 bn (US$262 million). As of 31 December 2015, shareholders’ equity was about USh:155 billion (US$63.5 million). The bank is an active participant in the promotion of financial literacy in Uganda, especially in the country’s schools.

Citibank started in 1999, offering services that include loans, investments, savings, and debit card transactions. With the establishment of Citibank Uganda, Citigroup’s corporate banking business has become one of the largest in the country. The bank has its main offices at Centre Court Plot 4 Ternan Avenue Nakasero.

8. Equity Bank

Equity Bank has continued to be one of the fastest-growing commercial banks in Uganda. It offers services through over 35 branches and 40 ATMs across the country. It provides a range of banking products and services such as loans, savings, checking, and investments. It is a subsidiary of Equity Group Holdings Limited, a financial services conglomerate that is based in Kenya.

As of 31 December 2017, the bank’s total assets were valued at UGX:1 trillion (approximately US$263 million). In December 2017, shareholders’ equity in the bank was valued at KSh5 billion (US$50 million). By August 2018, the bank’s total assets had grown to USh1.1 trillion (approx. US$299 million).

In 2010, Equity Bank was given the Employer of the Year Award by the Uganda Investment Authority. In 2015, it was considered one of the top Ten Banks in Uganda in terms of income and deposits. Equity Bank has its head offices at Plot 390 Muteesa 1 Road Katwe, Kampala.

9. Housing Finance Bank

Housing Finance Bank is the leader in mortgaging in Uganda, accounting for about 60 percent of mortgages as of December 2018. It also provides other services such as loans, savings, checking, debit cards, and investments. It was founded in 1967 as a housing finance company and then became a licensed commercial bank in 2008. Housing Finance Bank is located at Investment House, 4 Wampewo Avenue, Kololo.

As of December 2023, HFB had an asset base valued at USh912.48 billion (US$247 million), with shareholders’ equity of USh211.92 billion (US$57.3 million).

10. Bank of Africa Uganda

It was founded in the year 1984 as Sembule Investment Bank. It employs over 400 employees. It is a member of the Bank of Africa Group that has a presence in 10 countries in Africa and that also operates in France. It provides a range of banking products and services such as loans, savings, checking, debit and credit cards, investments, and mortgages to small retail businesses, medium-sized local enterprises, and multinational companies.

BOA is a large financial services provider in eighteen sub-Saharan countries. As of December 2016, the group’s total assets were valued at €7.8 billion (US$7.9 billion)

Bank of Africa boosts services that best suit the Ugandan community with considerably lower rates on most of their charges. Its headquarters are located at Plot 45, Jinja Road, Kampala.