PostBank Uganda

PostBank Uganda is a non-bank credit institution in Uganda. Its activities are supervised by the Bank of Uganda, the country's central bank and national banking regulator.[2]

PostBank Uganda
TypePrivate
IndustryFinancial services
Founded1926
Headquarters4 - 6 Nkrumah Road
Kampala, Uganda
Key people
Grace Bakunda
Chairperson
Julius Kakeeto
Managing Director[1]
ProductsLoans, Checking, Savings, Investments
RevenueAftertax:UGX:8.4 billion (US$2.32 million) (2019)
Total assetsUGX:491 billion (US$135.33 million) (2019)
Number of employees
700+ (2020)
WebsiteHomepage

Overview

As of December 2019, PostBank Uganda had total assets worth US$135.33 million (UGX:491 billion), with US$86.4 million (UGX:314 billion), in depositor funds. At that time, the bank served in excess of one million customers, through 47 brick-and-mortar branches, 52 ATMs, 14 mobile bank vans and 98 banking agency locations.[3][4]

History

PostBank Uganda has been in existence since 1926.[5] It started out as a department in the Post Office. In February 1998 PostBank Uganda Limited was incorporated in accordance with the Communications Act of 1997 to take over the operations of the former Post Office Savings department.

PostBank Uganda was incorporated under the Companies Act in February 1998 as a limited liability company. The bank's operations are supervised by the Bank of Uganda under the Financial Institutions Act. It is classified as a Tier II Institution (Non-Bank Credit Institution), by the Bank of Uganda.[2]

PostBank Uganda subscribes to the Depositors Insurance Scheme at Bank of Uganda. If PostBank Uganda fails, the bank's depositors are insured up to USh10 million (approximately US$2,700.00) in 2020, per eligible account. In 2009, PostBank Uganda applied to the Bank of Uganda to become a fully licensed commercial bank.[6]

In February 2016, Ugandan media sources reported that the government was planning to merge Postabank Uganda with Pride Microfinance Limited, to form an agricultural bank.[7]

Ownership

PostBank Uganda is wholly owned by the Government of Uganda.[5]

Branch network

As of May 2014, PostBank Uganda maintained a branch network of 32 fixed branches and 17 mobile banking units, totaling 49 branches.[8]

Fixed branches
  1. Arua Branch - Arua
  2. Bombo Branch - Bombo
  3. Bugoloobi Branch - Bugoloobi, Kampala
  4. City Branch - Nkrumah Road, Kampala (Head Office)
  5. Entebbe Branch - Entebbe
  6. Fort Portal Branch - Fort Portal
  7. Gulu Branch - Gulu
  8. Hoima Branch - Hoima
  9. Iganga Branch - Iganga[9]
  10. Jinja Branch - Jinja
  11. Kabale Branch - Kabale
  12. Kakiri Branch - Kakiri
  13. Kampala Road Branch - Kampala Road, Kampala
  14. Kamwenge Branch - Kamwenge[10]
  15. Kanungu Branch - Kanungu[11]
  16. Kasese Branch - Kasese
  17. Kayunga Branch - Kayunga
  18. Kitgum Branch - Kitgum
  19. Lacor Branch - Lacor Hospital, Gulu
  20. Lira Branch - Lira
  21. Masaka Branch - Masaka
  22. Mbale Branch - Mbale
  23. Mbarara Branch - Mbarara
  24. Mubende Branch - Mubende
  25. Nakasongola Branch - Nakasongola
  26. Ndeeba Branch - Ndeeba, Kampala
  27. Nkrumah Road Branch - Nkrumah Road, Kampala
  28. Ntungamo Branch - Ntungamo
  29. Soroti Branch - Soroti
  30. Wandegeya Branch - Wandegeya, Kampala
  31. William Street Branch - William Street Kampala
  32. Koome Island Branch - Koome Island[12]

Mobile branches

The mobile branches are located in the following towns and districts:[13]

  1. Budaka - Budaka District
  2. Bududa - Bududa District
  3. Bukedea - Bukedea District
  4. Butaleja - Butaleja District
  5. Fort Portal - Kabarole District
  6. Kamwenge - Kamwenge District
  7. Kapchorwa - Kapchorwa District
  8. Kibaale - Kibaale District
  9. Kyegegwa - Kyegegwa District[14]
  10. Kyenjojo - Kyenjojo District
  11. Manafwa - Manafwa District
  12. Pallisa - Pallisa District
  13. Sironko - Sironko District
  14. Tororo - Tororo District

Governance

The activities of PostBank Uganda are directed by its board of directors. As of July 2020, the chairperson of the board was Grace Bakunda.[15] The day-to-day activities of the bank are supervised by a team of ten bank managers, headed by the managing director. As of November 2019, the managing director and chief executive officer is Julius Kakeeto.[1]

See also

References
  1. Javia Ssebwami (11 November 2019). "Post Bank Uganda announces new managing director". Kampala: PML Daily. Retrieved 3 April 2020.
  2. Bank of Uganda (30 June 2020). "List of Licensed Credit Institutions In Uganda As At 30 June 2020" (PDF). Kampala: Bank of Uganda. Retrieved 21 July 2020.
  3. Muhereza Kyamutetera (1 October 2020). "Q&A: One year as Managing Director at Post Bank Uganda, what has Julius Kakeeto been up to?". Kampala: CEO Magazine Uganda. Retrieved 26 December 2020.
  4. PostBank Uganda (1 May 2019). "PostBank Uganda: Summary Financial Statements For The Year Ended 31 December 2018" (PDF). Daily Monitor. Kampala. Retrieved 3 April 2020.
  5. "Our History". Retrieved 29 May 2020.
  6. Josephine Maseruka (30 March 2009). "PostBank Launches Land Loan". New Vision. Kampala. Archived from the original on 30 May 2014. Retrieved 29 May 2014.
  7. Newz.ug (27 February 2016). "Government to merge Post Bank and Pride Microfinance to form an agricultural Bank". Kampala: Newz.ug. Archived from the original on 3 April 2016. Retrieved 3 April 2016.
  8. "List of PostBank Branches". PostBank Uganda. Archived from the original on 31 December 2013. Retrieved 29 May 2014.
  9. Kiirya, Donald (21 March 2009). "Central Bank commends PostBank". New Vision. Archived from the original on 31 May 2014. Retrieved 29 May 2014.
  10. Mafaranga, Hope (25 October 2009). "Uganda: Post Bank Goes to Kamwenge". New Vision via AllAfrica.com. Retrieved 29 May 2014.
  11. Baraire, Patson (7 November 2010). "Uganda: Kanungu Gets Its Second Commercial Bank". New Vision via AllAfrica.com. Retrieved 29 May 2014.
  12. Kulabako, Faridah (18 February 2011). "Banks Intensify Branch Growth to Raise Customer Base". Daily Monitor. Retrieved 29 May 2014.
  13. Senyonyi, Taddewo (6 January 2014). "Banking On Wheels: Banks Innovatively Reaching Out to The Unbanked In Remote Areas". The CEO Magazine (Kampala). Retrieved 5 June 2014.
  14. Ghosh, Ishita (28 September 2010). "The Ugandan Millionaire". Theworkzine.com. Retrieved 29 May 2014.
  15. PostBank Uganda (21 July 2020). "The Board of Directors of PostBank Uganda". Kampala: PostBank Uganda. Retrieved 21 July 2020.
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