KAMPALA —Post Bank has built the required capacity to serve its customers across Uganda, the bank Managing Director Julius Kakeeto has said.
Bank of Uganda early this granted Post Bank a tier one licence, which effectively completes its transformation into a commercial bank.
Addressing reporters in Kampala, Mr. Kakeeto said that the bank had over the last 18 months rolled out measures that would strengthen PostBank’s capacity across the country.
He said PostBank has upto 49 branches countrywide, stretching from Yumbe to Kabale, from Kotido to Masaka.
The bank also has over 400 agents.
“What we have been doing is building the foundation – a solid foundation, because with a very solid foundation, you can do so many things including competitiveness and growth,” Mr. Kakeeto told reporters.
PostBank becomes the 27th bank to operate in Uganda under the tier one category
As a tier one financial institution, Post Bank, will accept and call savings, and time deposits withdrawable through cheque or otherwise.
Under the new licence, PostBank will also provide overdrafts and short to medium term loans, provide foreign exchange facilities, accept and discount of bills of exchange.
Other services will include, offering and providing financial and investing advice and participating in inter-bank clearing systems.
The bank will also be able to give guarantees, bonds or other forms collateral, and accept and place third party drafts and premisory notes connected with operations in which they take part.
Commenting on the same, new board chairman, Mr Andrew Otengo Owiny said that the elevation of PostBank into a tier one category marks the end of a 13-year journey that began in 2008.
“The Bank owes this milestone to its customers, staff, shareholders and all the external stakeholders who have supported this journey.”
Postbank is wholly owned by Ministry of Finance on behalf of government of Uganda.