| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2010 |
| Headquarters | Forest Mall Lugogo Bypass Road Kampala, Uganda |
Key people | Om Parkash Khatkar (Managing Director) T. V. Balasubramanian (Executive Director) |
| Products | Loans, savings, investments |
Number of employees | 20 (2024) |
| Website | Homepage |
Yako Bank Uganda Limited, also Yako Bank, is a Tier II credit institution in Uganda that is licensed by the Bank of Uganda, the central bank and national banking regulator. [1]
The headquarters and main branch of Yako Bank are located at Forest Mall, Lugogo Bypass Road, Kampala, [2] approximately 5 kilometres (3 mi). east of the city's central business district. [3]
The bank is one of the smaller credit institutions in the country. As of 31 December 2021, the bank had a cost-to-profit ratio of 16.76 percent. At that time, all licensed financial institutions in the country had ratios ranging from a low of 10.71 percent to a high of 23.35 percent. [4]
Yako Bank was incorporated in 2010. It began offering services as a deposit-taking microfinance institution in September 2015, under the name Yako Microfinance Uganda Limited. [5] In 2020, the institution received a Tier II credit bank license from the Bank of Uganda. The institution rebranded to Yako Bank Uganda Limited. Under its license, it is allowed to offer savings accounts, but not checking ones. It is allowed to make collateralized and non-collateralized loans to customers with or without savings accounts at the institution. Yako Bank, on account of being a credit institution, is prohibited from dealing with foreign exchange. [6]
The institution is owned by private investors. [6]
As of June 2024, Yako Bank Uganda Limited maintained branches at the following locations: [2]
In 2021 Yako Bank partnered with Uganda Green Enterprise Finance Accelerator (UGEFA), to participate in a pipeline of US$6.1 million in funding to over 200 UGEFA-trained businesses involved in the green economy, during the subsequent two years. Yako Bank is one of the participating Ugandan financial institutions. UGEFA is fully funded by the European Union. [7]
Before Uganda's independence in 1962, the main banks in Uganda were Barclays ; Grindlays, Standard Bank and the Bank of Baroda from India. The currency was issued by the East African Currency Board, a London-based body. In 1966, the Bank of Uganda (BoU), which controlled the issue of currency and managed foreign exchange reserves, became the central bank and national banking regulator. The government-owned Uganda Commercial Bank and the Uganda Development Bank were launched in the 1960s. The Uganda Development Bank is a state-owned development finance institution, which channeled loans from international sources into Ugandan enterprises and administered most of the development loans made to Uganda.
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