Finance Trust Bank (FTB), commonly called Finance Trust, is a Tier II credit services company in Uganda. It was previously licensed as commercial bank by Bank of Uganda, the central bank and the national banking regulator of that country.[5] The Bank of Uganda gave Finance Trust from 1 January 2026 until 31 March 2026 to transition from a Tier I commercial bank to a Tier II credit company, due to capitalization issues.[6]
The headquarters of FTB are located at TWED Plaza, Lumumba Avenue, Nakasero, in the Central Division of Kampala, Uganda's capital city.[1] The coordinates of the institution's headquarters are 0°19'18.0"N 32°34'35.0"E (Latitude:0.321667; Longitude:32.576389).[7]
History
FTB was founded in 1984 as Uganda Women's Finance Trust Limited. The objective was to provide financial services to low income people in Uganda, especially women.[8][9] Sixty percent of the bank's customers are women.[10] Subsequently, the institution rebranded to Uganda Finance Trust Limited, a Tier III financial institution, recognized as a microfinance deposit-taking institution under the supervision of the Bank of Uganda.[11] On 11 November 2013, the Bank of Uganda granted the bank a full commercial banking license. The institution then rebranded to its current name.[12]
Overview
As of 31 December 2021, FTB serviced over 500,000 savers and over 29,000 borrowers through a network of 34 interconnected branches, located in all regions of the country.[13] As of 31 December 2023, the bank's total assets were valued at UGX:465.47 billion (approx. US$126.6 million) with shareholders' equity of UGX:68.59 billion (approx. US$18.65 million).[14] As of 31 December 2024, FTB had total assets worth UGX:551 billion (approx. US$158.081 million) with shareholders' equity of UGX:78.94 billion (approx. US$22,702,534).[3]
Ownership
The stock ownership of the institution as of May 2018 is summarized in the table below.[15]
In January 2024, Access Bank Group based in Nigeria agreed to acquire an 80 percent shareholding in Uganda's FTB. The deal involves the acquisition of shares of stock of existing institutional shareholders of FTB, followed by capital injection to increase FTB's capital base. The binding deal requires regulatory approval of the Central Bank of Nigeria, the Bank of Uganda and COMESA. Closure was expected in the first half of 2024.[16][17]
COMESA approved the deal in May 2024. After the transaction is fully approved, the shareholding in the new Access Bank Uganda is expected to be as illustrated in the table below.[18]
The acquisition deal dragged on for more than two years and was postponed several times. Meantime FTB remained undercapitalized. Following the request of the board of FTB, the Bank of Uganda gave FTB from 1 January 2026 until 31 March 2026 to cease operating as a commercial bank and instead operate as a Tier II credit institution, whose capital requirements FTB met at that time.[19]
Branch network
As of April 2022, FTB maintained a network of 34 interconnected branches at the following locations:[20]
Evelyn Kigozi Kahiigi is the chairperson of the board of directors. She is one of the non-executive directors of the bank. There are ten other board members, including Annet Nakawunde Mulindwa, the managing director. Annette Kiggundu is the only other executive director on the board.[2]
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(Aftertax) UGX:10.36 billion (US$2,972,284) (2024) [3] 