The United Bank for Africa(UBA) Uganda has announced receiving an additional shs57.1 billion ($15.8M) from its majority shareholder and also parent company, UBA Nigeria PLC for capitalization in a bid to comply with the government minimum capital requirements.

The Minister of Finance in November 2022 signed a statutory instrument increasing the minimum capital requirements for commercial banks in Uganda to shs120 billion ($ 32.3 million )and shs150 billion ($40.4 million ) by December 31, 2022 and June 30, 2024 respectively.

In a statement by the bank, the majority shareholder that also doubles as the parent company, UBA Nigeria PLC accepted to bankroll UBA Uganda to comply with the minimum requirement.

"We are pleased to inform our esteemed stakeholders that in line with the bank's vision of being a truly Pan-African Bank and supporting growth in the African continent, UBA PLC injected the additional capital of shs 57.1bn ($15.8million) to support the mank meet the revised minimum capital requirement as at December 2022," UBA said in a statement.

"The strong capitalisation of the bank is in line with the bank's strategy, and will support our business intermediation in our key target markets of the economy including but not limited to agriculture, construction, manufacturing, trade and commerce, oil and gas, telecommunications and services across both corporate, SME and retail segments of our business."

UBA said it is highly optimistic about its strong presence in Uganda and will continue to offer and meet the aspirations of our customers in the course of their businesses through our effective and innovative digital platforms and array of products.

United Bank for Africa is one of the largest banking group in the Africa, serving over 35 million customers globally, operating in 20 African countries, United Kingdom, United States of America, France and Dubai.