BRAC Microfinance Transforms Into Regulated Bank in Uganda
Brac, the number one non-governmental organization in the world, has opened a bank in Uganda, one of the five African countries that it currently operates in. BRAC Uganda Bank Limited (BUBL) was formally opened in Kampala, the Ugandan capital, on Thursday, 25 April 2019 through a colorful ceremony.
Not to be confused with BRAC Bank Limited which operates solely in Bangladesh, BUBL is a one-of-a-kind international initiative of BRAC. It has evolved from BRAC Uganda Microfinance Limited, the largest microfinance provider in the central African nation with over 200,000 clients in 163 branches in 84 districts. BRAC received banking license from the Ugandan central bank on March 7, 2019 which enabled it to offer savings accounts, money transfer, insurance and other financial services besides credit products to the people of Uganda, especially women and those belonging to low-income communities.