New banks kick off operations amid market volatilities

NC Bank Uganda has started operations bringing to 25 the number of banks operating in Uganda’s growing but saturated market. The bank, which boa sts of a portfolio of about Shs30 billion is a fully owned subsidiary of NIC Bank Kenya with headquarters in Nairobi. Early this year, Bank of Uganda issued three banks including NC Bank and Bank of India with operational licences, a move that is likely to tighten c ompetition in an already crowded banking sector.

Friday June 8 2012

By Flavia Nalubega