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NRM@34: Uganda’s Revamped Banking Sector: From 84 Branches to 544, 26 Banks

The NRM government came to power when the banking sector like any other economic sector was facing a lot of challenges to the extent that majority of the citizens had lost trust in banks and preferred keeping  money in their houses or plantations.

There were only 84 commercial Bank branches but with the good fiscal policies that came with the NRM branches have increased. To date, the country boasts of more than 500 branches and 26 commercial banks.

In 1970, Uganda had 290 commercial bank branches which had reduced to 84 branches by 1987 of which 54 were run by state-owned banks.

Due to good monetary policies put in place by the Central Bank under the NRM government, the banking sector has undergone recovery. According to the Bank of Uganda Supervision Report for 2019 there are currently over 544 bank branches all over the country operated by 26 commercial banks.

The number of Automated teller machines (ATMs) was at 821 in 2019, compared to zero ATMs in 1986. In addition, a number of banks have introduced mobile banking, online banking; agency banking that has made banking more easy, reliable and accessible for majority of Ugandans.

These combined with other financial initiatives like mobile Money, Saccos, group savings have in the long run improved financial inclusion.

 

 

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