Monday
April 29
2019

BRAC Microfinance Transforms Into Tier 2 Bank

One of the largest Microfinance institutions in Uganda BRAC has transformed into a Tier 2 Credit Institution (Bank) after receiving a license from the Bank of Uganda.

Now the former microfinance BRAC, which boasts of over 270,000 customers according to Jimmy Onesmus Adiga the Chief Executive Officer, will trade as BRAC Uganda Bank Ltd.

“We have refurbished 32 of our 163 branches and outlets in 84 districts of Uganda. Upgraded all our software and hardware to meet the required Bank of Uganda standards for Tier 2 institutions,” said Adiga during the Bank’s official launch at Kampala Serena Hotel.

He said they have moved all the journey from being an unregulated institution in Tier 4 13 years ago to a Tier 2 Credit Institution (Bank) in 2019.

Photo courtesy of Conor Ashleigh.

Source: busiweek (link opens in a new window)

Categories
Finance
Tags
financial inclusion, microfinance