Bank of Baroda (Uganda)

What Bank of Baroda (Uganda) does

Bank of Baroda (Uganda) Ltd is a wholly-owned subsidiary of Bank of Baroda, an Indian state-owned commercial bank founded in 1908, and operates as a regulated banking institution in Uganda headquartered in Kampala. The entity was established in 1953 (per firmographics) and is supervised by the Bank of Uganda, with customer deposits protected by the Deposit Protection Fund of Uganda up to UGX 10 million. It delivers a comprehensive traditional banking suite organized across four pillars: Personal Banking (savings, current, fixed, and recurring deposit accounts, plus housing, education, salary, and multi-purpose loans), Corporate Banking (business loans, asset financing, traders loans, working capital, invoice financing, LPO loans, and tax collection services), International Banking (SWIFT transfers, remittance, Rapid Funds 2 India, and forex in USD/GBP/EURO/INR/KES), and Digital Channels (Internet Banking via Baroda Connect and the M-Connect+UG mobile application on Android and iOS).

The underlying technology stack consists of standard banking infrastructure — a mobile banking application (M-Connect+UG, supporting Android version 1.3.5 and iOS version 1.3.3, recently upgraded for Android 5+ compatibility), an Internet Banking portal (Baroda Connect), and an ATM network — with no disclosed public APIs, SDKs, AI/ML capabilities, or proprietary data platforms. The bank is certified to ISO/IEC 27001:2022 for information security management.

The revenue model is a classic spread-based banking model supplemented by fee income: net interest income from lending products (housing, education, salary, business, asset financing), interest spread on deposits (savings, current, fixed, recurring), and transaction-based fees from fund transfers (EFT/RTGS, Telegraphic Transfer), locker facilities, tax collection, and international remittances. Go-to-market is sales-led through a physical branch and ATM network supplemented by digital self-serve channels, with brand reinforcement via Sachin Tendulkar as Global Brand Ambassador. Customer segments are Personal Banking Customers and Corporate Banking Customers, served horizontally without disclosed named anchor accounts.

Name

Bank of Baroda (Uganda)

Legal name

Bank of Baroda (Uganda) Ltd

Website

https://bankofbaroda.ug

Company type

Private

Founded year

1953

Operating status

Operating

Headcount range

51–100 employees

Short description

Bank of Baroda (Uganda) Ltd is a wholly-owned subsidiary of India's Bank of Baroda, providing traditional personal, corporate, and international banking services in Uganda through a branch/ATM network and digital channels including the M-Connect+UG mobile app and Baroda Connect internet banking.

Ownership category

akta.pro rank

Headquarters

HQ city

Kampala

HQ country

Uganda

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income from Lending: Revenue generated from interest charged on various loan products including housing loans, education loans, salary loans, business loans, and other credit facilities.
2. Deposit Taking and Interest Spread: Traditional banking model accepting customer deposits (savings, current, fixed, recurring) and lending at higher rates, capturing the interest spread.
3. Fee and Commission Income: Revenue from various banking services including fund transfers (EFT/RTGS, Telegraphic Transfer), locker facilities, tax collection, and other service charges.
4. International Banking Services: Revenue from international services including remittances, Swift transfers, and foreign exchange transactions.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Bank of Baroda (Uganda) is a commercial bank offering deposit accounts (savings, current, fixed, and recurring deposits), retail and corporate loan facilities (housing, education, salary, business, asset financing, invoice discounting, LPO financing), international banking services (SWIFT, remittance, telegraphic transfers, Rapid Funds 2 India), and digital banking channels including Internet Banking (Baroda Connect) and the M-Connect+UG mobile application. The bank serves both individual and business customers in Uganda under Bank of Uganda regulation.

Product overview

Bank of Baroda (Uganda) Limited operates as a subsidiary of Bank of Baroda India, offering a comprehensive suite of traditional banking products organized around four pillars: Personal Banking (savings accounts, fixed/recurring deposits, loans including housing, education, salary, and multi-purpose loans), Corporate Banking (current accounts, business loans, asset financing, supply chain financing including invoice discounting and LPO loans), International Banking (SWIFT transfers, remittance, Rapid Funds to India, investments), and Digital Channels (Internet Banking via Baroda Connect, M-Connect Plus mobile app, and ATM services). The bank provides supplementary services including lockers, tax collection, and online calculators for EMI, RD, and FD planning. As a traditional banking institution, the product portfolio consists of deposit products, loan facilities, fund transfer mechanisms, and digital banking platforms rather than a unified software platform.

Differentiator

Problem solved

Functional benefit

Brands

• Baroda M-Connect+ UG: Mobile banking application for Bank of Baroda Uganda customers, supporting Android (version 1.3.5) and iOS (version 1.3.3) platforms
• Baroda Connect

Products and services

• Savings Bank Account
• Current Bank Account
• Fixed Deposits / Short-Term Deposits
• Flexible Recurring Deposits
• Monthly Income Plan for Fixed Deposit
• Quarterly Income Plan for Fixed Deposit
• Baroda Salary Loan
• Multi-purpose Loan
• Baroda Housing Loan
• Baroda Education Loan
• Loan Against Future Rent Receivables
• Loans Against Bank's Deposits
• Festival Deposits
• Traders Loan
• Asset Financing
• Business Loans
• Short Term Loan
• Non-Fund Based Services / Products
• Overdraft / Demand Loan against Bonds and Treasury Bills
• Financing against Warehouse / Storage Receipts under Collateral Management Arrangement
• Sales Invoice Financing
• Suppliers Bill Discounting
• Baroda LPO Loan
• Locker Facility
• Tax Collection
• Rapid Funds 2 India
• EFT / RTGS
• Telegraphic Transfer
• Remittance
• SWIFT International Banking
• International Investments
• Internet Banking (Baroda Connect)
• M-Connect Plus Uganda Mobile Banking App
• ATM Cards

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Bank of Baroda Group (India - Parent)coreStrategic or Co-development PartnerBank of Baroda (Uganda) Limited is a subsidiary of Bank of Baroda, India - one of India's largest state-owned banks established in 1908. The parent bank provides brand equity, operational frameworks, product expertise, and international banking connectivity including the Rapid Funds 2 India service.
• Deposit Protection Fund of UgandacoreOthersStatutory deposit insurance scheme that protects customer deposits up to UGX 10 million, providing deposit protection guarantee to bank customers.
• Bank of UgandacoreOthersCentral bank of Uganda - the regulatory authority that regulates and supervises Bank of Baroda (Uganda) Limited's operations in Uganda.
• Insurance Tie-up PartnersminorGTM or Marketing PartnerThird-party insurance companies with partnership arrangements for offering insurance products through the bank's distribution channels. The bank redirects customers to insurance partner websites for insurance products and services.

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Equity Bank Uganda: A fast-growing East African commercial bank with full personal and corporate banking offerings in Uganda. Comparable as a competitor pursuing financial inclusion and digital banking growth.
• Centenary Bank: One of the largest indigenous Ugandan commercial banks with a broad branch network and full retail/SME product suite. Comparable as a Uganda-based full-service commercial bank competitor.
• Absa Bank Uganda: A commercial bank in Uganda (formerly Barclays) offering personal, corporate, and investment banking services. Comparable as a foreign-affiliated competitor in the same regulated banking market.
• Standard Chartered Bank Uganda: An international commercial bank in Uganda providing personal, corporate, and trade finance services. Comparable as a foreign-affiliated commercial bank targeting similar corporate, SME, and affluent retail segments.
• Stanbic Bank Uganda: A major commercial bank in Uganda offering full-service personal, corporate, and international banking. Directly comparable to Bank of Baroda Uganda as a large, regulated, multi-channel commercial bank competing for the same deposit, lending, and trade finance customers.
• Bank of Baroda Kenya: A sister subsidiary of Bank of Baroda India operating in Kenya with similar personal, corporate, and international banking products. Directly comparable as a fellow Bank of Baroda overseas subsidiary competing in East Africa.
• Bank of Baroda Tanzania: Another sister subsidiary operating in Tanzania under the same parent. Comparable as a peer subsidiary providing similar products and leveraging the same parent group capabilities and brand.
• DFCU Bank: A large Ugandan commercial bank with strong presence in corporate banking, SME lending, and personal banking. Directly comparable across product lines and target segments in Uganda.

Regional players

• Orient Bank: A mid-sized Ugandan commercial bank offering personal, corporate, and trade-related banking services. Comparable as a locally operating commercial bank competitor in the same market.
• Tropical Bank: A Ugandan commercial bank with a smaller branch footprint offering personal and corporate banking. Comparable as a domestic commercial bank competitor at similar scale to Bank of Baroda Uganda.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank of Baroda (Uganda)