Uganda - Banking Systems Uganda - Banking Systems
Uganda’s banking sector includes 25 commercial banks, one development bank, and several micro-deposit and credit deposit institutions. Most of Uganda's largest commercial banks are foreign-owned. The BOU manages a deposit protection fund. Commercial banks contribute two percent of the previous year’s average deposits to the protection fund. Uganda’s banking system is dominated by large, well-capitalized multinational banks. Many more Ugandans use mobile money transactions than have formal bank acocunts. Uganda’s commercial banks also offer “Agency Banking,” which provides similar services to the mobile money system, with bank customers making deposits and withdrawals at an agent outside the bank’s premises.