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Bank of Africa (Uganda)

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Bank of Africa (Uganda)

Bank of Africa
Type Private
Industry Financial Services
Founded 1984
Headquarters Kampala, Uganda
Key people John Caruthers
Arthur Isiko
Ag. Managing Director
Products Loans, Savings, Investments, Debit Cards, Credit Cards Mortgages
Revenue Aftertax:US$3.86 million (UGX:9.75 billion) (2012)
Total assets US$177.5 million (UGX:446.9 billion) (2012)[1]
Employees 333 (2012)
Website Homepage

Bank of Africa (Uganda) (BOA Uganda), whose complete name is Bank of Africa (Uganda) Limited, is a commercial bank in Uganda. It is one of the commercial banks licensed by Bank of Uganda, the country's central bank and the national banking regulator.[2]


BOA Uganda is involved in all aspects of commercial banking with emphasis on provision of banking services to multinational companies, mid-size local enterprises and small retail businesses. As of December 2012, BOA Uganda was a medium-sized financial services provider in Uganda, with a total asset base valued at about US$177.5 million (UGX:446.9 billion). This represented approximately 2.9% of all commercial bank assets in the country, at that time. Then, the shareholders' equity amounted to about US$22 million (UGX:55.6 billion).[3]

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 fourteen African countries, including Benin, Burkina Faso, Burundi, Democratic Republic of the Congo, Djibouti, Ghana, Kenya, Ivory Coast, Madagascar, Mali, Niger, Senegal, Tanzania and Uganda. The group also maintains an office in Paris, France.[4] As of December 2011, the group employed more than 4,500 people in about 340 offices, in 15 countries, servicing nearly 1,200,000 bank accounts.[5]


Bank of Africa (Uganda) started its operations in 1984 as Sembule Investment Bank. In 1996, Sembule Investment Bank was purchased by Banque Belgolaise[6] and the Netherlands Development Finance Company (FMO). The new owners renamed the bank Allied Bank. In October 2006, Banque Belgolaise sold their shares to a group of investors that included Bank of Africa (Kenya),[7] Aureos East Africa Fund LLC[8] and Central Holdings (Uganda) Limited. The name of the bank was changed to Bank of Africa (Uganda) Limited.[9]


The share ownership of Bank of Africa (Uganda), as of 31 December 2012, is summarized in the table below:[10]

Bank of Africa Stock Ownership
Rank Name of Owner Percentage Ownership
1 Bank of Africa (Kenya) 50.01
2 Africa Financial Holdings - Indian Ocean of Mauritius 22.48
3 Netherlands Development Finance Company - FMO 17.51
4 Central Holdings Uganda Limited 10.00
Total 100.0


  • Bank of Africa Uganda: Annual Report 2012

Management team

John Caruthers is the Chairman of the bank. In December 2010, Ms. Edigold Monday was appointed Managing Director of Bank of Africa (Uganda). She became the first indigenous woman to rise to the level of Managing Director, of a commercial bank, in the history of Uganda.[11] She is assisted by seven other managers in supervising the day-to-day bank activities. In April 2014, Edigold Monday resigned the position of Managing Director at the bank.[12] Arthur Isiko was appointed to replace her in acting capacity, pending the confirmation of a substantive managing director and CEO.[13]

Branch Network

As of May 2014, Bank of Africa Uganda maintains a network of branches in all regions of the country. The bank's branches include the following locations, arranged alphabetically:[14]

  1. Arua Branch - 19 Avenue Road, Arua
  2. Bbira Branch - Mityana Road, Bbira, Wakiso District
  3. Clive Road Branch - 18 Clive Road East, Jinja
  4. Entebbe Branch - 16 Kampala Road, Entebbe
  5. Equatoria Branch - 84-86 Ben Kiwanuka Street, Kampala
  6. Fort Portal Branch - 14 Bwamba Road, Fort Portal
  7. Gulu Branch - 11 Awere Road, Gulu
  8. Hoima Branch - 13 Wright Road, Hoima
  9. Jinja Branch - 1 Main Street, Jinja
  10. Kabalagala Branch - 559 Ggaba Road, Kabalagala, Kampala
  11. Kalongo Branch - 16 Patongo Road Kalongo
  12. Katwe Branch - Muganzirwazza Shopping Mall, Muteesa I Road, Katwe, Kampala
  13. Kawempe Branch - 125 Bombo Road, Kawempe, Kampala
  14. Kololo Branch - Kisementi, 9 Cooper Road, Kololo, Kampala
  15. Kampala Road Branch - 48 Kampala Road, Kampala
  16. Lira Branch - Town View Hotel, 1A Balla Road, Lira
  17. Luzira Branch - 1329-1330 Port Bell Road, Luzira, Kampala
  18. Main Branch - 45 Jinja Road, Kampala
  19. Mbale Branch - 26 Cathedral Avenue, Mbale
  20. Mbarara Branch - 1 Mbaguta Road, Mbarara
  21. Mukono Branch - 13 Kampala Road, Mukono
  22. Nakivubo Branch - Nabugabo Road, Kampala
  23. Nalukolongo Branch - Kobil Head Office, Wankulukuku Road, Nalukolongo, Kampala
  24. Namasuba Branch - 4010 Entebbe Road, Namasuba, Kampala
  25. Nansana Branch - 5390 Nansana Town Centre, Nansana
  26. Nateete Branch - 1-2 Old Masaka Road, Nateete, Kampala
  27. Ndeeba Branch - 1024 Masaka Road, Ndeeba
  28. Ntinda Branch - 7 Nakawa Road, Ntinda, Kampala
  29. Oasis Branch - Oasis Mall, 88-94 Yusuf Lule Road, Kampala
  30. Patongo Branch - 33 Dollo Road, Patongo
  31. Rubirizi Branch - Bamugaya House, Kasese Road, Rubirizi
  32. Rwenzori House Branch - Rwenzori House, 1 Lumumba Avenue, Nakasero, Kampala
  33. Taxi Park Branch - Mukwano Centre, 40-46 Ben Kiwanuka Street, Kampala
  34. Wandegeya Branch - KM Plaza, 18 Bombo Road, Wandegeya, Kampala

See also


  1. ^ "Audited December 2012 Annual Report" (PDF). Retrieved 2013-10-01. 
  2. ^ "List of Licensed Commercial Banks In Uganda" (PDF). Retrieved 2012-12-18. 
  3. ^ "Audited December 2012 Annual Financial Report" (PDF). Retrieved 2013-10-01. 
  4. ^ "List of Countries With BOA Presence". 2012-05-21. Retrieved 2012-12-18. 
  5. ^ "Overview of Bank of Africa Group" (PDF). Retrieved 2012-12-18. 
  6. ^ "Welcome". Belgolaise. Retrieved 2012-12-18. 
  7. ^ a b "Bienvenue Sur Groupe Bank Of Afrika | Groupe Bank Of Afrika" (in Français). Retrieved 2012-12-18. 
  8. ^ Jacob Kholi, Managing Partner,Aureos West Africa. "Aureos Capital". Retrieved 2012-12-18. 
  9. ^ Edigold Monday, . (31 December 2012). "Profile of Bank of Africa (Uganda)". Retrieved 29 May 2014. 
  10. ^ BOA Group, . (March 2013). "Shareholding In BOA Uganda In December 2012" (PDF). BOA Group. Retrieved 29 May 2014. 
  11. ^ Ssempijja, David. "Uganda Gets Her First Local Woman Commercial Bank Managing Director". New Vision. Retrieved 29 May 2014. 
  12. ^ Ladu, Ismail Musa (15 April 2014). "Uganda’s First Female Bank Managing Director Bows Out". Daily Monitor. Retrieved 16 April 2014. 
  13. ^ Kulabako, Faridah (28 April 2014). "Mobile Money Competition Stiffer As Bank Unveils Related Platform". Daily Monitor. Retrieved 5 May 2014. 
  14. ^ BOA Uganda, . (.). "Branch Network of Bank of Africa Uganda". Retrieved 29 May 2014. 
  15. ^ "Bienvenue Sur Groupe Bank Of Afrika | Groupe Bank Of Afrika" (in Français). Retrieved 2012-12-18. 

External links

  • Official website
  • Overview of Bank of Africa (Uganda)
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