Bank of Africa - Uganda

What Bank of Africa - Uganda does

Bank of Africa - Uganda Ltd is a privately held Ugandan commercial bank and wholly-owned subsidiary of the Moroccan-based Bank of Africa Group (BMCE Group). Established in 1985 and headquartered in Kampala, the bank operates under Banking Licence Number A1.001 from the Bank of Uganda and serves retail, SME, corporate, and institutional clients through more than 200 branch and agent locations and 32 proprietary ATMs countrywide. Its product set spans personal savings and current accounts (Classic, Tots 2 Teenz, Young Mullah, Gold Plus, Ambition Savings, Reward Savings, Embassy Staff), consumer and mortgage credit (salary, home, vehicle, school fees, insurance premium finance), SME and corporate banking (Pay-As-You-Go, working capital, sector-specialized platforms for government, education, construction, trade, and NGOs), trade finance (letters of credit, import/export finance, contract finance), FX, custodial services, and Elite private banking.

Distribution is multi-channel, combining a physical branch and agent network with digital channels — the BOA Mobile Wallet (USSD *246# and iOS/Android app), internet banking, VISA debit cards accepted at over 3 million ATMs worldwide, and correspondent banking relationships with Deutsche Bank, Citibank, Standard Bank SA, and other BOA Group entities in France, Kenya, and Tanzania for cross-border flows. Remittance partnerships with Western Union, MoneyGram, and WorldRemit, plus direct integrations with MTN Mobile Money, Airtel Money, UMEME (Yaka), NWSC, NSSF, URA, and DStv/GOtv, extend the bank's reach into routine payment flows.

Revenue is generated through four streams: interest income on loans and advances, transaction and service fees (ATM, EFT, RTGS, account maintenance), foreign exchange revenue from SWIFT and remittance flows, and commissions on bill payments, mobile money, and insurance premium finance. Pricing is tariff-driven, with disclosed fees including a UGX 15,000 VISA debit card, a UGX 50,000/month Elite Banking bundled fee, and a UGX 3,000 agent cash withdrawal fee. Customer deposits are protected up to UGX 10 million under the Deposit Protection Fund of Uganda. The bank is led by Managing Director Arthur Isiko (appointed 2015) and Executive Director Samir Yassine (appointed 2024, previously Deputy Managing Director at BOA Tanzania), supported by heads of finance, credit, compliance, internal audit, and operations.

Name

Bank of Africa - Uganda

Legal name

BANK OF AFRICA - UGANDA Ltd

Website

https://boauganda.com

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

251–500 employees

Short description

Bank of Africa - Uganda is a privately held commercial bank in Kampala, established in 1985 and wholly owned by BMCE Group, serving retail, SME, corporate, and institutional clients through 200+ branches and agents, Mobile Wallet digital banking, and global correspondent banking.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (522110)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industry

SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Retail banking services
• Commercial banking
• Mobile banking
• Trade finance
• Foreign exchange services

Headquarters

HQ city

Kampala

HQ country

Uganda

HQ region

Africa

Offices2 records

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: Interest earned on loans and advances including home loans, salary loans, motor vehicle loans, and business financing facilities
2. Transaction and Service Fees: Fees from ATM withdrawals, EFT transfers, RTGS, standing orders, account maintenance, and other banking transactions
3. Foreign Exchange Revenue: Revenue from foreign exchange transactions, SWIFT transfers, and international payment services including Western Union and MoneyGram
4. Commissions: Commissions from utility bill payments, mobile money transfers, and insurance premium finance services

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels5 records

Core offering

Bank of Africa Uganda is a commercial bank providing personal, business, and corporate banking services. Core offerings include savings and current accounts, salary loans, home loans, motor vehicle loans, mobile banking via the BOA Mobile Wallet (*246# USSD and app), internet banking, VISA debit cards, foreign exchange, trade finance instruments, and sector-specialized banking solutions for government, education, construction, and NGO segments. Revenue is generated primarily through interest income on loans, transaction fees, foreign exchange revenue, and commissions from bill payments and remittances.

Product overview

Bank of Africa Uganda operates as a diversified financial services institution offering a comprehensive banking platform across personal, business, and corporate segments. The core product portfolio centers on Mobile Wallet (first modern mobile banking experience in Uganda via USSD *246# and mobile app), Internet Banking (24-hour online access), and VISA Debit Cards (accepted globally). Personal banking includes multiple savings products (Classic, Tots 2 Teenz, Young Mullah, Gold Plus, Ambition Savings, Reward Savings), current accounts (Standard, Remunerated, Embassy Staff), and credit facilities (Salary Loans up to UGX 150M, School Fees Loans, Home Loans up to UGX 1B over 25 years, Motor Vehicle Loans, Insurance Premium Finance, Equity Release). Business banking encompasses SME solutions (Pay As You Go, Single Fee, Interest Bearing accounts), collection services (Mobile Collections, School Pay, Agent Banking), and sector-specific platforms (Government & Public Sector, Trade & Commerce, Education, Construction, NGO Development Organizations). Corporate banking provides working capital, trade finance (Letters of Credit, Import/Export Finance, Contract Finance), treasury services (Forex, Electronic Trading), and correspondent banking relationships globally. Value-added services include Fixed Deposits, Custodial Services, Elite Private Banking, and investment products. The modular architecture allows customers to access services through multiple channels (branches, Mobile Wallet, Internet Banking, ATM, Agent Banking) with products designed to interlock across customer segments.

Differentiator

Problem solved

Functional benefit

Brands

• BOA Mobile Wallet: The first modern Mobile Banking experience in Uganda, accessible via USSD *246# or mobile application for account management, transfers, bill payments, and mobile money services.

Products and services

• Mobile Wallet First modern mobile banking experience in Uganda enabling account access via dial *246# USSD code or mobile app, supporting account management, money transfers, bill payments, and cardless ATM withdrawals.
• Internet Banking Online banking platform providing 24-hour account access for balance checks, statements, local and international transfers, bill payments (NSSF, URA, UMEME, NWSC), and mobile money top-ups.
• BOA VISA Debit Card Internationally accepted VISA ATM/debit card linked to savings or current accounts, enabling cash withdrawals at 32 ATMs countrywide and over 3 million VISA-enabled ATMs worldwide, plus online purchases.
• Classic Savings Account Basic savings account with multiple access channels including free mobile wallet, internet banking, and Classic Blue VISA debit card for everyday banking.
• Tots 2 Teenz Account Savings account for children aged 0-18 years with up to UGX 25 million in free insurance and parent/guardian-controlled access teaching financial management from young age.
• Young Mullah Account Savings account designed for students aged 18-26 years with attractive interest rates and transaction discounts.
• Gold Plus Savings (Contract Savings) Contract/target savings account with attractive interest rates for individuals saving toward specific financial goals.
• Ambition Savings Plan Progressive savings account with interest paid up to 7% per annum for individuals with specific saving targets and goals.
• Reward Savings Account Savings account combining flexibility with earning potential, offering competitive interest rates on balances.
• Standard Current Account Current account for frequent transactions with unlimited access, free cash withdrawals over the counter, and no monthly fees.
• Remunerated Current Account Interest-bearing current account giving business or personal customers access to funds while earning interest on balances.
• Embassy Staff Current Account Multi-foreign currency current account designed for Embassy staff transacting in foreign currency.
• Salary Loan Unsecured personal loan for salaried employees with maximum amount of UGX 150 million and repayment period up to 5 years, requiring salary channeling through BOA.
• Automatic Salary Advance Emergency salary advance facility for quick access to funds for unforeseen emergencies for salaried employees.
• School Fees Loan Loan facility for parents to cover school fees, scholastic materials, and education-related expenses for children at all levels.
• Home Purchase Loan Mortgage/home loan for purchasing first home with maximum amount of UGX 1 billion and repayment period up to 25 years, requiring 20% property value contribution.
• Home Improvement Loan Financing for home renovation or modernization projects using the property as security.
• Motor Vehicle Loan Vehicle financing for purchasing first car or other vehicles, designed for individuals and families.
• Insurance Premium Finance Financing option enabling payment of insurance premiums (life, car, house) in installments rather than lump sum.
• Agent Banking Banking services extended through appointed agents (pharmacies, petrol stations, supermarkets) for cash deposits, withdrawals, bill payments, and cardless withdrawals.
• Forex Services Foreign exchange services for travelers and those sending money abroad, with competitive rates for cash and non-cash (transfer) transactions.
• RTGS (Real Time Gross Settlement) Instant inter-bank money transfer in Uganda with funds reflecting within 10 minutes, available for sending to over 25 different banks.
• EFT (Electronic Funds Transfer) Electronic funds transfer for high-volume transactions including vendor and supplier payments, with funds reflecting within 2 working days.
• SWIFT International Transfers International wire transfer service (Telegraphic Transfer) via SWIFT network enabling money transfers to over 200 countries and 9,000 banks worldwide with multiple currency options.
• Fixed Deposits Secure, flexible, multi-currency term deposits with attractive interest rates, no monthly fees, flexible interest payment options, and auto-renewal available.
• Elite Banking Private banking service for high-net-worth individuals with dedicated relationship manager, exclusive Elite Center access, longer banking hours, and comprehensive wealth management solutions.
• Investment Clubs Account Group current account enabling investment clubs to pool collective savings and access larger investment opportunities with remunerated interest on balances.
• Pay As You Go Business Account Business banking account where customers pay only for services used rather than fixed monthly fees, providing cost-effective banking for businesses.
• School Pay Digital school fee collection solution enabling education institutions to receive payments from parents through multiple digital channels with automated reconciliation.
• Contract Finance Short-term financing backed by confirmed Local Purchase Orders (LPOs) from private or public entities, providing up to 70% of contract value with flexible repayment up to 90 days.
• Government & Public Sector Banking Specialized banking solutions for government ministries, departments, education institutions, local governments, and public parastatals including cash management, project fund management, and disbursement services.
• Trade and Commerce Banking Comprehensive banking solutions for import, export, retail, and wholesale businesses with global network access across Africa, Asia, North America, and Europe.
• Education Sector Banking Banking solutions for educational institutions including school fee collection accounts, bridge finance, and stakeholder banking for students, parents, and teachers.
• Construction Sector Banking Project finance and construction sector banking including bid bonds, performance guarantees, advance payment guarantees, retention guarantees, and contract finance for contractors.
• NGO & Development Organizations Banking Specialized banking for NGOs, development organizations, faith-based organizations, embassies, and community-based organizations with zero management fee multi-currency accounts and free telegraphic/digital transfers.
• Letters of Credit Trade finance instrument facilitating international transactions by guaranteeing payment to exporters when terms and conditions are met.
• Import/Export Finance Financing solutions for import and export activities including pre-shipment and post-shipment finance to support international trade transactions.
• Asset Finance Financing for acquisition of trucks, plant, machinery, and equipment to support business expansion and operational capacity.

Quantifiable outcome

• First modern Mobile Banking experience in Uganda
• +2 more outcomes

Named customers4 records

Segments8 records

Ideal customer profiles7 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration17 records

Feature2 records

Partnerships

Nine partnerships are on record, tiered core and supporting.

• Bank of Africa Group / BMCE GroupcoreStrategic or Co-development PartnerParent company and part of BOA Group/BMCE Group with presence across Africa, Asia, Europe, and North America. Provides global network support, treasury services, and brand affiliation.
• Western UnionsupportingChannel Partner/ Reseller/ DistributorInternational money transfer services available at all BOA branches. Maximum send amount: USD 10,000 per transaction per day
• MoneyGramsupportingChannel Partner/ Reseller/ DistributorInternational money transfer services available at all BOA branches. Maximum send amount: USD 10,000 per transaction per day
• WorldRemitsupportingChannel Partner/ Reseller/ DistributorDigital international money transfer service partner for cross-border remittances
• MTN Mobile MoneysupportingTechnology or IntegrationMobile money integration allowing transfers to/from MTN Mobile Money through BOA Mobile Wallet and Internet Banking
• Airtel MoneysupportingTechnology or IntegrationMobile money integration allowing transfers to/from Airtel Money through BOA Mobile Wallet and Internet Banking
• Deposit Protection Fund of UgandacoreOthersRegulatory partner providing deposit protection up to UGX 10 million per depositor as mandated by Bank of Uganda
• VISAcoreTechnology or IntegrationInternational payment network providing VISA debit cards accepted at over 3 million ATMs worldwide and merchants globally
• BMCE International (China/Dubai offices)supportingStrategic or Co-development PartnerDedicated BMCE International offices in China (Shanghai) and Dubai among other 30 global locations to support trade and business connections

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• dfcu Bank: dfcu Bank is a major Ugandan commercial bank with strong SME, corporate, and personal banking franchises. It overlaps directly with BOA Uganda across branch-led relationship banking, salary lending, and SME working-capital products in the same Ugandan market.
• Centenary Bank: Centenary Bank is one of Uganda's largest domestic commercial banks with a deeply distributed branch and agent network and a strong retail/SME franchise. It directly rivals BOA Uganda for mass-market deposits, salary loans, and agent-based banking reach.
• Housing Finance Bank Uganda: Housing Finance Bank Uganda is a Ugandan commercial bank with mortgage and retail deposit products. It is a direct peer to BOA Uganda for home loans, savings, and fixed deposit products.
• KCB Bank Uganda: KCB Bank Uganda is a regional commercial bank with a full personal-to-corporate stack and strong East Africa linkages. It overlaps with BOA Uganda's regional correspondent banking and competes for corporate and SME clients in Uganda.
• Absa Bank Uganda: Absa Bank Uganda (formerly Barclays) offers personal, business, and corporate banking with strong trade and treasury capabilities. It competes with BOA Uganda across the corporate/SME segment and on FX, cards, and international payments in Uganda.
• Stanbic Bank Uganda: Stanbic Bank Uganda is one of the largest full-service commercial banks in Uganda, offering personal, business, and corporate banking, treasury, and trade finance. It directly competes with BOA Uganda for the same SME, corporate, and personal deposits and loan wallets, making it the closest direct peer in the Ugandan market.
• Standard Chartered Bank Uganda: Standard Chartered Uganda is a full-service commercial bank focused on corporate, SME, and priority banking with strong international trade finance capabilities. It competes head-on with BOA Uganda for corporate cash management, FX, and correspondent banking volumes.
• Equity Bank Uganda: Equity Bank Uganda is a fast-growing commercial bank with deep retail, agent banking, and mobile money reach. It is a direct competitor for mass-market deposits, SME lending, and digital banking across Uganda.

Broad incumbents

• Bank of Africa Kenya: Bank of Africa Kenya is a sister subsidiary under the BMCE Group. While not direct competition in Uganda, it is directly comparable in business model, product structure, and digital banking approach, and serves as a near-perfect internal benchmark for BOA Uganda.

Emerging players

• MTN MoMo (MTN Uganda): MTN Mobile Money is the dominant mobile money wallet in Uganda and an integration partner of BOA Uganda rather than a direct bank, but it competes for P2P payments, deposits, and consumer cash-handling — eroding traditional retail banking revenue pools.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/bankofafricaug

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

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 Africa - Uganda