Opportunity Bank Uganda Limited

Opportunity Bank Uganda Limited (OBUL), is a commercial bank in Uganda. It received a commercial banking licence from the Bank of Uganda on 25 September 2019.[2]

Opportunity Bank Uganda Limited
Private
IndustryFinancial Services
Founded1995 (1995)
Headquarters1259 Old Kira Road
Kamwokya, Kampala, Uganda
Key people
Emmanuel Tineyi Mawocha, CEO[1]
ProductsLoans, Savings, ATM, mobile banking
Total assetsUS$36.3 million (USh132 billion) (2019)[2]
Number of employees
365 (2015)[3]
WebsiteHomepage

Location

OBUL's headquarters are located in Opportunity House, at 1259 Old Kira Road, in Kamwookya, a business and residential neighborhood within the city of Kampala, Uganda's capital.[4] The geographical coordinates of the bank's headquarters are 0°20'43.0"N, 32°35'37.0"E (Latitude:0.345278; Longitude:32.593611).[5]

Overview

Opportunity Bank Uganda Limited is a Tier I Financial Institution (Commercial Bank), licensed by the Bank of Uganda, the central bank and national banking regulator.[1][2] As of September 2019, the financial institution had total assets worth USh132 billion (US$36.3 million), [1][2] with shareholders' equity of about USh28 billion (US$7.7 million).[6]

History

This microfinance institution was licensed in 1995 and began operations in 1996 as Faulu Uganda, a programme of Food for the Hungry International, a non-governmental organization. In July 1999, Faulu Uganda incorporated as a limited liability company in Uganda, becoming Faulu Uganda Limited. Under that name, the company became part of the Faulu network in Uganda and Kenya. [7]

As a credit institution, it was not authorized to offer checking accounts or deal in foreign exchange. The company was however authorized to take in customer deposits and to establish savings accounts. It was also authorized make collateralized and non-collateralized loans to savings and non savings customers. The company later became affiliated with Opportunity International and became a member of their network. Opportunity International specializes in lending to the poorest of the working poor. As of December 2015, the institution's total assets were valued at US$20.53 million, with shareholder's equity of US$7.86 million.[3]

In 2006, Opportunity Transformation Investments and Opportunity International Australia each purchased a 31.5 percent stake in Faulu Uganda Limited, giving Opportunity International a combined majority stake of 63 percent in the fourth largest microfinance institution in Uganda. In December 2009, Opportunity bought the remaining shares of Faulu Uganda, thereby taking outright ownership of the company. The financial institution was renamed Opportunity Uganda Limited.[8][9] In November 2011, the institution rebranded to "Opportunity Bank Uganda Limited".[10]

Ownership

The company is owned by five different entities, as of October 2019.[1][2]

Opportunity Bank Uganda Stock Ownership
RankName of OwnerPercentage Ownership
1MyBucks
49.00[11]
2Opportunity Transformational Inc
39.00
3Faulu Trust
7.14
4Opportunity International Canada
6.06
5Food for the Hungry Organization
1.01
Total
100.00

Branch network

The branch network of OBUL has included the following locations:[12]

  1. Kira Road Branch - 80 Kira Road, Kamwookya
  2. City Center Branch - 14 Kampala Road, Kampala
  3. Kawempe Branch - 494 Block 204, Goshen House, Kawempe
  4. Nateete Branch - 715 Masaka Road, Nateete
  5. Owino Branch - Ovino Shopping Complex, 22 Kisenyi Road, Kampala
  6. Gayaza Branch - Gayaza-Kampala Road, Gayaza
  7. Nansana Branch - Hoima Road, Nansana
  8. Jinja Branch - 9 Skindia Road, Jinja
  9. Iganga Branch - 88 Main Street, Iganga
  10. Mbarara Branch - 90 Highway Street, Mbarara
  11. Masaka Branch - Edward Avenue, Masaka
  12. Kalagi Branch - Mukono-Kayunga Road, Kalagi
  13. Mubende Branch - 103 Lubanga Road, Mubende
  14. Head Office - 7A Acacia Avenue, Kololo, Kampala
  15. Mayuge Branch - Mayuge
  16. Mbale Branch - Mbale
  17. Kyenjojo Branch - Kyenjojo
  18. Hoima Branch - Hoima
  19. Mukono Branch - Mukono
  20. Kamdini Branch - Oyam
  21. Soroti Branch - Soroti
  22. Mityana Branch - Mityana
  23. Abaita Ababiri Branch - Entebbe

See also

References
  1. Muhereza Kyamutetera (29 September 2019). "What Do We Know About Opportunity Bank, Uganda's Latest Commercial Bank, Which You Probably Did Not Know". Kampala: CEO Magazine Uganda. Retrieved 3 October 2019.
  2. Martin Luther Oketch (2 October 2019). "Opportunity raises commercial bank operators to 25". Daily Monitor. Kampala. Retrieved 3 October 2019.
  3. TMO (31 December 2015). "MFI Report: Opportunity Uganda Data As At 31 December 2015". Themix.org (TMO). Retrieved 14 October 2016.
  4. Alon Mwesigwa (19 March 2018). "Opportunity Bank Shifts From 'Elitist' Kololo to Kamwokya". The Observer (Uganda). Kampala. Retrieved 3 October 2019.
  5. Google (3 October 2019). "Location of the headquarters of Opportunity Bank Uganda Limited" (Map). Google Maps. Google. Retrieved 3 October 2019.
  6. Julius Businge (23 October 2019). "New Kids In Banking". The Independent (Uganda). Kampala. Retrieved 20 November 2019.
  7. Frank (2019-10-07). "Bank of Uganda grants licenses to Opportunity and Afriland Banks". AFRICA INC. - INSPIRING AFRICA'S BUSINESS LEADERS & ENTREPRENEURS. Retrieved 2020-05-19.
  8. Scola Kamau (16 December 2009). "Faulu Uganda Rebrands to Opportunity Uganda". Daily Monitor. Retrieved 15 June 2014.
  9. Vision Reporter (14 December 2009). "US-based Group to Take Over Faulu". New Vision. Kampala. Retrieved 15 June 2014.
  10. Nicholas Kakungi (24 November 2011). "Opportunity Uganda Takes On New Name". Daily Monitor. Kampala. Retrieved 15 June 2014.
  11. Busuulwa, Bernard (11 October 2016). "Uganda: Mybucks Enters Uganda With 49 Percent Stake in Opportunity Bank". The EastAfrican. Nairobi. Retrieved 14 October 2016.
  12. OBUL (14 October 2016). "The Branches of Opportunity Bank Uganda". Kampala: Opportunity Bank Uganda (OBUL). Retrieved 14 October 2016.

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