NCBA Bank Uganda recently celebrated a major milestone in its transformation journey by hosting the annual NCBA Connect Evening, a customer appreciation gala highlighting a year of strong financial performance. The event also marked the unveiling of the bank’s new head office at Twed Towers in Nakasero and the relaunch of its refurbished Nakasero Branch.
Speaking at the gathering, NCBA Uganda CEO Mark Muyobo emphasized the significance of the Connect Evening in reaffirming the bank’s commitment to fostering long-term relationships. He described the evening as a tribute to NCBA’s clients, partners, and stakeholders, acknowledging their pivotal role in the bank’s continued success.
“This event symbolizes our appreciation and reinforces our pledge to grow alongside you, support your ambitions, and achieve new milestones together,” Muyobo stated.
Strong Financial Performance in 2024
NCBA’s 2024 financial results reflected consistent growth across key indicators. Net loans and advances rose by 18%, from Shs253 billion to Shs298 billion, while customer deposits expanded by 15% to Shs654 billion. The bank’s total assets grew 13%, reaching Shs963 billion, and operating income increased by 11% to Shs95 billion. Profit before tax saw an impressive 40% surge, rising from Shs32 billion in 2023 to Shs46 billion in 2024.
The bank also doubled its asset finance portfolio, grew its loan book by 20%, and strengthened corporate and premier banking. Additionally, new offerings in trade finance, mortgages, and bancassurance were introduced to enhance customer service.
Commitment to Customer Experience
Muyobo highlighted that the move to Twed Towers and the refurbishment of the Nakasero Branch reflect NCBA’s dedication to providing an improved customer experience. “Our new head office integrates state-of-the-art digital banking services and features a dedicated Premier Lounge for our Premier clients,” he noted.
Looking ahead, NCBA plans to invest in a revamped mobile banking app and an enhanced Corporate & Investment Banking platform in 2025, aligning with efforts to support Uganda’s digital economy and customer convenience.
Industry Recognition
Representing the Deputy Governor of the Bank of Uganda, David Kalyango, Director of Supervision, commended NCBA for its strategic investments in infrastructure and customer-focused services. He praised the bank for modernizing its operations and maintaining a strong commitment to financial excellence.
“The relocation of the head office to Kampala’s business hub positions NCBA to offer premium services conveniently to both existing and prospective clients,” Kalyango remarked.
Market Expansion and Digital Innovation
As part of the NCBA Group, the bank is well-positioned to serve a diverse clientele, including multinational corporations, regional enterprises, and SMEs in key industries such as trade, manufacturing, and agriculture. Its presence in Kampala enhances engagement with the local business community and contributes to Uganda’s economic development.
NCBA remains adaptable in a shifting financial landscape influenced by changing consumer expectations and regulatory reforms. Kalyango encouraged the bank to align with recent Bank of Uganda policies, including corporate governance regulations, cybersecurity guidelines, and ESG frameworks, ensuring compliance with updated capital requirements.
Strategic Partnerships and Future Prospects
NCBA’s collaboration with MTN Uganda via the MOKASH platform has disbursed over Shs2.8 trillion, serving nearly 14 million active customers as of April 2025.
The bank continues to lead in asset finance, working closely with dealers and pioneering floor plan financing. In 2024, NCBA strengthened its Premier Banking offering and made strategic investments in human capital to enhance relationship management.
Recent digital advancements include Muzuripay, which successfully processed thousands of transactions during high-profile events such as MAKRUN and the Auto Show. Pending regulatory approval, NCBA is preparing to launch a next-generation internet banking platform with improved security features and a user-friendly interface tailored to evolving customer needs.
