New NCBA branch to serve Namanve investors

Peter 25th May, 2024 Financial Services Elaine Wabwire
New NCBA branch to serve Namanve investors

SET: Officials cut the tape to launch the new branch.


NCBA Bank has opened a new branch, strategically located in Namanve Industrial Park near Kampala, a development officials said underscores the bank’s commitment to developing and supporting large businesses in the country

The launch ceremony, held at Namanve on May 24, attracted top officials from various sectors, including Hannington Wasswa, the Bank of Uganda Director of Commercial Banking, as well as John Gachora, the NCBA Group CEO, based in Nairobi, Kenya.

Essentially a corporate lender, NCBA Bank has in recent years emerged as a top financial institution with offerings including asset financing, mortgage financing, credit facilities, and trade finance.

  • Speaking at the launch event, Wasswa, who represented the BoU, emphasized the importance of leveraging the bank’s regional network to support regional investment with affordable financing options.

“As NCBA Bank continues to broaden its financial services to critical areas of Uganda’s manufacturing sector, it is important to leverage the bank’s access to funding from its regional network,” he said.

The Namanve Industrial Park, spanning 2,200 acres and currently hosting over 150 manufacturing entities, is a critical hub for Uganda’s industrial growth, though severely underserved by the financial sector.

  • The new branch in Namanve would provide a comprehensive range of financial services tailored to meet the needs of large-scale businesses and the broader investment community.

The NCBA Group CEO John Gachora reaffirmed NCBA’s commitment to developing the East Africa region, describing the region as a beacon of rapid development and a prime investment destination.

“East Africa is where we see hope and rapid development. This is a place I would encourage anyone to invest in,” he added.

Mark Muyobo, the NCBA Bank Uganda CEO, stressed the significance of the new location – in the middle of Uganda’s largest manufacturing hub.

“Manufacturing is one of the sectors where we are a strong player. One of the solutions we have is ensuring that we are closer to the manufacturers in their area of operation.”

  • Wasswa commended NCBA’s key innovations in partnership with telecom companies like MTN, which enhance access to financial services via mobile phones.
  • “These initiatives have enabled the bank to remain competitive and are in line with the BoU's agenda to promote financial inclusion in the country. The bank has the capacity to meet the financial requirements of many customers in the business community.”

The NCBA Group, which also has operations in Rwanda and Tanzania, recently announced its quarter one results for 2024, reporting a profit before tax of UGX200 billion.

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