Absa Bank Uganda, a subsidiary of Absa Group Limited has on Monday received the license to operate and trade under its new name from Bank of Uganda.
Formerly known as Barclays Bank Uganda, the name change marks the start of a new era for the bank’s operations.
The license was officially handed over to the bank’s Managing Director, Nazim Mahmood by Prof. Emmanuel Mutebile, Governor, Bank of Uganda at the Central Bank head office on Monday.
“Today we begin a new chapter as Absa Bank Uganda Limited, adopting our parent company’s name and brand while retaining our indelible commitment to Uganda and its people,”Nazim said.
The company, which has been operating in Uganda for close 92 years, reiterated its commitment to the country’s growth and economic development under the Absa brand.
“We have invested in crucial sectors of development of the national economy, including trade, agriculture, SMEs, infrastructure and investments. We will continue to play a critical role by investing in these sectors without neglecting the ordinary citizen who seeks quality financial services and safe investments for their hard-earned money,” said Mahmood.
Mutebile commended the bank for contributing to the growth of the banking sector in the country and urged them to continue to deliver quality and affordable financial services.
“Key to our agenda is the provision of affordable financial services to Ugandans especially the rural population, who remain unbanked and therefore financially excluded. We are keen to see continuity with Absa in provision of quality financial services and drive the private sector development agenda,” Mutebile said.
According to the bank officials, there will not be any change to their account details and there will no fee changes associated with the name change whereas the bank branches will continue to operate as usual.
From today, November, 11, 2019, all the new cards and cheque books will be issued under the Absa brand but Barclays cards will continue to work as normal until their date of expiry.
For customers with Barclays’ cheque books, they can continue to use them until April 2020.
Mahmood reaffirmed that the bank would remain a significant player in the banking and financial services sector in Uganda and a contributor to Uganda’s economy.
“As Absa, our ambition is to become a digitally-led bank that is centred around the ever-changing needs of customers. We believe we have a role to play and intend to leverage digital technology to expand reach and access of financial services but also provide affordable services.” he said.
As part of the bank’s financial inclusion agenda, it announced that it now had a network of 450 active agents spread across the country offering agency banking services and a high volume of transactions totaling to 248,000 this year alone.