NCBA Uganda Unveils New Headquarters Amidst Strong Financial Growth and Digital Expansion

NCBA Bank Uganda recently celebrated a year of robust financial performance and marked a significant stride in its strategic transformation with its annual NCBA Connect Evening. The gala, held as a customer appreciation event, also served as the official unveiling of the bank’s new head office at Twed Towers in Nakasero and the launch of its extensively refurbished Nakasero Branch.

NCBA Uganda CEO Mark Muyobo highlighted the Connect Evening as a powerful platform to reinforce the bank’s dedication to fostering enduring relationships. He acknowledged clients, partners, and stakeholders as central to NCBA’s continued growth and success. “This evening is a symbol of our appreciation and a reaffirmation of our pledge to walk this journey with you. We are here to grow with you, support your ambitions, and reach greater milestones together,” Muyobo stated.

The bank’s 2024 financial results underscore a period of impressive growth. Net loans and advances saw an 18% increase, climbing from Shs253 billion to Shs298 billion. Customer deposits grew by 15% to Shs654 billion, while total assets expanded by 13% to reach Shs963 billion. Operating income rose by 11% to Shs95 billion, with the most notable achievement being a 40% surge in profit before tax, from Shs32 billion in 2023 to Shs46 billion in 2024.

Beyond these headline figures, NCBA doubled its asset finance portfolio and expanded its overall loan book by 20%, recording significant gains in its corporate and premier banking segments. The bank also launched new offerings in trade finance, mortgages, and bancassurance to broaden its customer solutions.

Muyobo emphasised that the relocation of the head office to Twed Towers and the refurbishment of the Nakasero Branch are key pillars of NCBA’s commitment to an enhanced customer experience. He noted that the new head office boasts “cutting-edge digital banking facilities and a dedicated Premier Lounge designed for our Premier customers.” Looking ahead to 2025, the bank plans further investment in a revamped mobile banking app and an upgraded Corporate & Investment Banking platform, aligning with Uganda’s growing digital economy and aiming for improved customer convenience.

Representing the Deputy Governor of the Bank of Uganda, David Kalyango, Director of Supervision, lauded NCBA for its strategic investments. “It is both an honour and a privilege to witness this milestone. NCBA’s continued efforts to upgrade, modernise, and rebrand its service outlets are commendable,” Kalyango stated, emphasising that this move signifies a strategic focus on enhancing customer experience and affirming the bank’s commitment to excellence in financial service delivery.

Kalyango added that the strategic location of the head office in Kampala’s business hub positions NCBA to offer premium services more conveniently, demonstrating a strong vision and dedication to improving access to quality financial services. He further highlighted that as part of the larger NCBA Group, the bank is now well-positioned to serve a diverse client base, from multinational corporations to SMEs in key sectors, thereby enhancing engagement with the local business community and contributing significantly to Uganda’s economic development.

While commending NCBA for its agility in an evolving financial landscape, Kalyango also urged the bank to fully align with recent Bank of Uganda policies, including the Financial Institutions (Corporate Governance) Regulations 2024, the Internal Liquidity Assessment Process (ILAAP) Guidelines, 2024 Cybersecurity Risk Management Guidelines, and the ESG Framework. He stressed the importance of complying with revised minimum capital requirements to strengthen resilience.

NCBA’s partnership with MTN Uganda through the MOKASH platform has seen over Shs2.8 trillion disbursed and currently serves nearly 14 million active customers as of April 2025. The bank continues to lead in asset finance in Uganda, collaborating closely with dealers and pioneering floor plan financing. In 2024, NCBA relaunched its Premier Banking proposition and invested significantly in human capital to enhance relationship management across retail and corporate segments.

Further digital innovations include the Muzuripay payments solution, which has processed thousands of transactions at major events. Pending regulatory approval, NCBA also plans to launch a new internet banking platform for both retail and corporate customers, promising advanced security and a user-friendly design tailored to evolving customer needs.