Absa Bank expands to Uganda’s oil region

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Absa Bank Managing Director, Mahmoud Nazin commissioning the bank in Hoima

In order to bring financial services closer to their clients, Absa Bank Uganda Limited has opened new branches in Uganda’s oil-rich Bunyoro Sub-region.

The bank has broadened its network to Bunyoro’s regional capital, Hoima and to the neighbouring Masindi Town.

The business community and local leaders have greeted the initiative with applause, being optimistic that it will augment a healthy competition among financial institutions in Bunyoro.

They are also hopeful that the bank will improve financial services to propel economic development in the region.

Speaking at the official commissioning of Absa Bank, Hoima branch at Kasangaki Building in Hoima Municipality, the Bunyoro regional Kadhi, Sheikh Mohammed Irumba, was happy with the establishment noting that the presence of many banking institutions offering a variety of financial services would help to cause a business boom in the oil-rich belt.

“It is now becoming easier for us and our people to access better financial services because bigger banking players are coming in with friendly banking services including loans,” noted Sheikh Irumba.

At the same function that took place at the bank’s premises along Main Street, Mahmoud Nazin, the Managing Director for Absa Bank Uganda Limited said the financial establishment is expanding branches throughout the country to bring quality financial services nearer to the people.

The banker said the services would help clients meet their financial needs to trigger prosperity among themselves.

Nazin implored the public to utilise the bank’s friendly services including low interest rate loans, a wide range of products and a brotherly service provider – client relationship to attain greater heights in the business domain.

“I am happy with the reception we have witnessed from the people of Hoima. We remain ready to receive your advice so that we can improve to serve you better”.

The Hoima District Health Officer (DHO), Dr. Joseph Ruyonga commended Absa Bank for its geographical expansion; testifying that he had tested their services way back in 2001 during his trip overseas.

“I started enjoying Absa Bank Group services in 2001 when I travelled to Japan. I opened an account with Barclays Bank and managed to send money to my family in Kampala. Since I am also a businessman owning Royal Motors Uganda Limited and a banking agency, I have also benefited from their loans”, he said.

Bunyoro region has seen an increase in the number of financial institutions since 2006 when the government of Uganda announced the discovery of commercially viable oil reserves beneath the Albertine Graben.

The institutions include Bank of Africa, KCB Bank, Opportunity Bank and dfcu Bank.

John Vaitah Isingoma, the Executive Director of Kitara Development Initiative (KITADI) asks communities to take advantage of the many financial institutions existing in the region to secure appropriate loans such that they can prepare to serve the oil industry before the Final Investment Decision (FID) is made.

The oil industry needs service providers who can ensure better quality and consistently supply the required quantity, a factor that knocked out many local service providers during the first exploration phase of oil and gas in the Albertine Region.

Absa Group Limited is one of Africa’s largest diversified financial groups listed in the Johannesburg Stock Exchange. It has 39 branches in Uganda-one of the 12 African countries in which it operates.

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