The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | JULIUS BUSINGE | In a bid to offer a wide range of products to its clientele, Opportunity Bank, which is currently categorized under a tier II category of banks, is engaging the regulator, the Bank of Uganda (BoU) on elevating its status to tier I to serve as fully fledged commercial bank.
This was revealed by the bank’s Chief Executive Officer, Tineyi Mawocha at the official opening of their new headquarters located along Plot 1259, Old Kiira Rd, Kamwokya a few kilometers away from Kampala city centre on March 16. At the same event, the bank announced that it was rebranding by making slight changes in colors for its logo from maroon to black, white and blue.
“Our intention is to become a one stop shop for our clients,” Mawocha said. Under its current status, there are products such as overdrafts, current accounts and more which it cannot offer to its clients whose businesses have expanded. He added that the bank is investing in new technology, innovations and marketing so as to reach out to as many customers as possible in addition to improving its service offering to meet its growth targets.
Currently, the bank’s core capital stands at Shs 28bn, which is slightly higher than the minimum capital requirement for a tier I bank – which is Shs 25bn.
Its loan portfolio stands at Shs 59bn while deposits stand at Shs 40bn, officials said. The Bank’s core clientele are the small and medium enterprises.
Speaking on behalf of BoU’s Governor, Tumubweine Twinemanzi the new Executive Director for Banks supervision at Bank of Uganda said that Opportunity Bank is well capitalized and meets all legal requirements for a tier II bank. He said that BoU will offer it [Opportunity Bank] all the necessary support as it moves to upgrade its status.
