Bank of Africa Uganda Limited, also known as BOA Uganda (BOAU), is one of the commercial banks in Uganda that have been licensed by the Bank of Uganda, the country’s central bank and national banking regulator.
BANK OF AFRICA – UGANDA Ltd. is an “all public” Commercial Bank regulated by the Central Bank of Uganda operating under commercial banking license no. A1.001. providing a full range of banking products and services to large corporate companies, individuals, as well as Micro, Small, and Medium Enterprises.
The Bank started its operations in January 1985 as a small deposit-taking private company within a family business conglomerate. In July 1991, it evolved into an investment bank. In November 1996, it was granted a commercial banking license as Sembule Commercial Bank. In October 1997, the shareholders of the Bank successfully secured co-investors in the form of Banque Belgolaise of Belgium (then part of Fortis Group) and The Netherlands Development Finance Company (FMO) who recapitalized the Bank and rebranded it as Allied Bank International. It was run under this arrangement until December 2006 when Banque Belgolaise divested its ownership to BANK OF AFRICA GROUP SA an international banking consortium. The change in ownership was accompanied by a change of name to BANK OF AFRICA – UGANDA Ltd. With the acquisition of a controlling stake in BANK OF AFRICA GROUP SA in 2010, BMCE BANK OF AFRICA became the ultimate holding company of the Bank.
Location
The headquarters and main branch of Bank of Africa Uganda Limited, are located at 45 Jinja Road, in the central business district of Kampala, Uganda’s capital and largest city. The geographical coordinates of the bank’s headquarters are: 0°18’56.0″N, 32°35’32.0″E (Latitude:0.315556; Longitude:32.592222).
Overview
BOA Uganda is involved in all aspects of commercial banking although its focus is on providing banking services to multinational companies, mid-size local enterprises, and small retail businesses. As of December 2019, BOA Uganda was a medium-sized financial services provider, with total assets of UGX:803.07 billion (approximately US$218.25 million), with shareholders’ equity of UGX:123.54 billion (approximately US$33.58 million).
Bank of Africa Group
The bank is a member of the Bank of Africa Group, a multinational, Pan African bank headquartered in Bamako, Mali, with presence in thirty-one countries. The group also maintains an office in Paris, France. As of June 2015, the group employed more than 12,500 people in more than 1,200 branches, servicing more than 4.5 million customers, with a total asset base in excess of €23.8 billion
History
BOA Uganda started its operations in 1984 as Sembule Investment Bank (SIB). In 1996, SIB was purchased by Banque Belgolaise and the Netherlands Development Finance Company. The new owners renamed the bank Allied Bank. In October 2006, Banque Belgolaise sold its shares to investors that included the Bank of Africa (Kenya),[6] Aureos East Africa Fund LLC, and Central Holdings (Uganda) Limited. The name of the bank was changed to Bank of Africa (Uganda) Limited.
Ownership
The share ownership of BOA Uganda as of 31 December 2018 was as illustrated in the table below:
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Bank of Africa Kenya Limited | 43.24 |
| 2 | Africa Financial Holdings-Indian Ocean of Mauritius | 37.96 |
| 3 | Netherlands Development Finance Company – FMO | 11.04 |
| 4 | Central Holdings Uganda Limited | 7.76 |
| Total | 100.00 |
Source:
- Bank of Africa Uganda: Annual Report 2018
Governance
The bank is supervised by an eight-person board of directors, chaired by John Caruthers, a non-executive board member.
Management team
John Caruthers is the chairman of the bank. In December 2010, Edigold Monday was appointed managing director of the bank. She became the first indigenous woman to rise to this level at a Ugandan commercial bank. In April 2014, Monday resigned. Arthur Isiko was appointed to replace her.
Branch network
As of December 2016, the bank maintained branches in all regions of the country, including at the following locations:
- Main Branch: 45 Jinja Road, Kampala
- Equatorial Branch: 84/86 Ben Kiwanuka Street, Kampala
- Ndeeba Branch: 1024 Masaka Road, Ndeeba
- Taxi Park Branch: Mukwano Centre, 40-46 Ben Kiwanuka Street, Kampala
- Kampala Road Branch: 48 Kampala Road, Kampala
- Ntinda Branch: 49 Ntinda Road, Ntinda, Kampala
- Wandegeya Branch: KM Plaza, 85 Bombo Road, Wandegeya, Kampala
- Entebbe Branch: 16 Kampala Road, Entebbe
- Nakivubo Branch: 15 Nakivubo Road, Kampala
- Mukono Branch: 13 Kampala Road, Mukono
- Kabalagala Branch: 559 Ggaba Road, Kabalagala, Kampala
- Oasis Branch: Oasis Mall, 88-94 Yusuf Lule Road, Kampala
- Jinja Main Branch: 1 Main Street, Jinja
- Clive Road Branch: 18 Clive Road East, Jinja
- Arua Branch: 19 Avenue Road, Arua
- Lira Branch: 1A Balla Road, Lira
- Mbarara Branch: 1 Mbaguta Road, Mbarara
- Mbale Branch: 26 Cathedral Avenue, Mbale
- Fort Portal Branch: 14 Bwamba Road, Fort Portal
- Gulu Branch: 11 Awere Road, Gulu
- Kololo Branch: 9 Cooper Road, Kisementi, Kololo, Kampala
- Kawempe Branch: 125 Bombo Road, Kawempe, Kampala
- Nansana Branch: 5390 Nansana Town Centre, Nansana
- Luzira Branch: 1329/1330 Port Bell Road, Luzira, Kampala
- Hoima Branch: 13 Wright Road, Hoima
- Nateete Branch: 1-2 Old Masaka Road, Nateete, Kampala
- Patongo Branch – 33 Dollo Road, Patongo
- Bbira Mini Branch: 2731 Mityana Road, Bbira, Wakiso District
- Namasuba Branch: Freedom City Mall, 4010 Entebbe Road, Namasuba, Kampala
- Kalongo Mini Branch: 16 Patongo Road Kalongo
- Business Centre – 9 Kittante Road, Kampala
- Rwenzori Mini Branch: Rwenzori House, 1 Lumumba Avenue, Nakasero, Kampala
- Masaka Branch: 7 Birch Avenue, Masaka[11]
- Rubirizi Branch: Mbarara-Kasese Highway, Rubirizi.
In addition to the brick-and-mortar branches, the bank has a mobile banking vehicle covering nine districts and key trading centres in the districts of Lira, Pader, Oyam, Lira, Kole, Apac, Dokolo, Kaberamaido, Alebtong, and Otuke.
