Financial Services in Africa

An International Monetary Fund (IMF) Financial Access Survey has confirmed that Ugandan banks are switching their spending to digital channels and away from branches and ATMs. There has been a slight drop in the number of bank branches, but a bigger drop in the number of ATMs, over the last six years. At the same time there has been an exponential growth in mobile money services.

The number of ATMs in the six years reduced from 4.31 for every 100,000 Ugandans in 2017 to 3.68 in 2022. The number of commercial bank branches fell slightly from 2.73 for every 100,000 Ugandans in 2017 to 2.34.

There has been substantial growth in the number of commercial bank depositors and borrowers, who in the six years to 2022 rose to 596.73 and 43.43 for every 1,000 Ugandans, respectively.