Requirements To Start A Bank In Uganda

A certificate of incorporation and memorandum and articles of association from Uganda Registration Services Bureau.

A business plan and financial projections for at least three years (including the assumptions underlying the projections and a sensitivity analysis of the plan on varying assumptions).

A certified copy of the resolution of the Board of Directors, authorising the preparation and submission of the application.

An information sheet for the applicant and for each of its substantial share holders (if corporate), subsidiaries or affiliates.

Existing financial institutions and companies which have been engaged in other businesses before applying to do financial institution business, should provide certified copies of audited financial statements for the past three years prepared in accordance with generally accepted accounting principles.

If the most recent audited accounts are more than six months out of date, they should be accompanied by management accounts (which need not be audited) showing the current financial position and the current results of the institution.

Individual credit references for the applicant and each of the substantial shareholders, directors and officers from his or her bankers.

Personal declaration form for each of the proposed directors, officers and substantial shareholders ( if natural persons).

Proposed capital structure of the financial institution.

With respect to foreign applicants, a statement from the supervisory authority of the home country declaring that it has given prior approval or a “No Objection” for the establishment of a subsidiary or any other office in Uganda, and that the applicant’s chairperson, directors, managers and substantial shareholders as a whole, are fit and proper persons within the meaning of the Act.

Any other information relating to the viability of the proposed institution or other matters which the applicant may consider relevant.

Any other information which the Central Bank may request the applicant to provide.

Note: The following classes of licenses apply.

Class 1 – Commercial bank.
Class 2 – Post-office savings bank.
Class 3 – Merchant bank.
Class 4 – Mortgage bank.
Class 5 – Credit institution.
Class 6 – Acceptance house.
Class 7 – Discount house.
Class 8 – Finance house.

How much do I need to start a bank in Uganda?

Currently a minimum capital of UGshs. 10 billion is required to start a commercial bank company. Every proposed individual and institutional shareholder should submit, as part of the sworn declaration, the statement to the effect that the proposed capital is not from proceeds of crime or illicit activities.

Which is the best bank in Uganda?

Stanbic Bank.
Centenary Bank.
Absa Bank.
Standard Chartered Bank.
Dfcu Bank.
Bank of Baroda Uganda.
Citibank Uganda Ltd.
Equity Bank.