Finance Trust Bank (FTB) is marking its 38th anniversary, and to crown it, the bank has moved its headquarters from the suburb of Katwe to TWED Plaza, Lumumba Avenue, Nakasero.
A ceremony highlighting the move was held on Friday, December 16—presided over by Dr. Tumubweinee Twinemanzi, the Executive Director of Supervision at the Bank of Uganda.
Ms. Annet Nakawunde, the bank’s managing director said that the unveiling of a corporate branch is a strategic move to reposition the bank for its next phase of growth.
“The decision to relocate our head offices is right because what you used be microfinance customers have since grown to be corporates and they now deserve the service of being corporates,” Ms. Nakawunde said, noting that, the previous location had turned inaccessible for the regulator, customers, and bank shareholders.
She said the move symbolizes the bank’s determination to continuously improve its offering to the customers by ensuring that its products and services are accessible in a convenient environment.
Nakawunde reported that Finance Trust Bank is one of the most profitable commercial banks in Uganda with a large network of 35 branches including one in Kalangala islands.
The bank, which has been in existence since 1984 has supported the growth of women-led businesses and now serves over 500,000 savers and 29,000 borrowers countrywide.
On her part, Dr. Evelyn Kigozi Kahiigi, the Finance Trust Bank Board chairperson said the bank has introduced an array of alternate banking channels to enhance its products and service delivery whilst offering its customers greater convenience in banking.
Dr. Kigozi also reported that the bank has since invested in technological advancements such as alternative banking channels to safeguard emerging threats.
“We have implemented systems and controls through sound management practices to safeguard against cyber threats. We will continue to strengthen our resilience in relation to combating cyber threats,” Dr. Kigozi said, also announcing that the board, is taking a keen interest in ensuring that the bank complies with the much sought-after Environmental, Social, and Governance (ESG) policies.
“Whereas we have made tremendous strides in governance, we have deliberately put in place resources to ensure that the environment is preserved as we carry on our business transactions and support the emerging social issues,” Dr. Kigozi said.
“We shall go a long way in ensuring sustainability, reducing the cost of funding, and creating an environment conducive to further business progression and sustainability,” she added.
Dr. Tumubweinee Twinemanzi, the Executive Director of Supervision at the Bank of Uganda said the change in the location was a bold move and commended the bank for taking advantage of the enabling environment and reforms created by the central bank to become one of the best commercial banks.
“I want to commend the management and the board for taking this institution from where you did to where it is today. It’s a demonstration of a certain level of fortitude that is rarely seen these days,” Dr. Twinemanzi said. But he warned that the bigger journey is ahead.
“It is a bold move and speaks to where you want to be in the future. The fact that you are making this bold move almost after we have just come out of the period of uncertainty including Covid and its effects is an affirmation of taking the bank’s vision way beyond just the dream and taking your place within the banking sector in Uganda,” Tumubweine said.Dr. Twinemanzi also urged the bank to pay close attention to the risks associated with relying on technology to provide services.
“We have moved from an era where the biggest threat to a bank would have been robbers walking into the banking hall with a gun to those with fingers and phones,” Tumubweinee said.
Founded in 1984 as Uganda Women’s Finance Trust Limited, the bank’s objective was to provide financial services to low-income people in Uganda, especially women.
Subsequently, the institution rebranded to Uganda Finance Trust Limited, a tier-three financial institution recognized as a microfinance deposit-taking institution under the supervision of the Bank of Uganda.
In 2013, BoU granted the bank a full commercial banking license and then rebranded to Finance Trust Bank (FTB).
The bank currently has 60% of its customers as women.
Discussion about this post