The Bank of Uganda has granted a licence to Finance Trust Bank to start operating as one of the commercial banks in the Republic of Uganda. This brings the number of commercial banks in Uganda to 25 namely Stanbic Bank, Centenary Bank, Equity Bank, Standard Chartered Bank, Bank of Baroda, Cairo International Bank, Bank of India, DFCU bank, and Crane Bank among others.
Finance Trust Bank started over seven years back as a Micro Finance Deposit-Taking Institution. A deposit-taking institution is an institution which is licensed to receive deposits from private individuals and to pay interest on it.
The Fanance Trust Bank launched on Friday as a full commercial bank in Kampala. The Managing Director of Finance Trust Bank says that they transformed to a commercial bank due to customer demands to upgrade to a commercial bank.