Imperial Bank Uganda interview with the Daily Monitor

Imperial Bank Uganda, Managing Director, Muralidhar Anantapur speaks to the Daily Monitor about the Bank’s plans after its foray into the Uganda Market

1) Tell me about Imperial Bank?

Imperial Bank was founded in Kenya in 1993 as a Finance and Securities Company.  The bank converted into a fully fledged commercial bank in January 1996. Since then it has had a long standing tradition of achieving strong financial performance while successfully focusing on efficient client service delivery.  Imperial Bank has also been on an aggressive expansion strategy as is witnessed with the opening of the Uganda subsidiary in February this year.  The bank which has 16 branches in Kenya has just opened its 2nd branch in Kampala at the Mukwano mall on Kyaggwe road.   

2) Uganda is the first market you are venturing into outside Kenya, what makes this market a viable option for the bank to invest in?

The Uganda economy has experienced sustained growth in recent years due to the emergence of a vibrant small and medium business enterprise sector as well as a fairly stable political system.  These conditions make Uganda a viable investment market for us.  

3) What products are you going to give the public?

Imperial Bank offers a wide range of banking products that are tailored to meet different financial needs.  We have the traditional banking products suited for both personal and business banking as well as a range of innovative products such as Internet and SMS banking.  We also offer competitive rates on our Foreign Exchange services as well as International Money Transfer services such as Western Union and MoneyGram.  Imperial Bank has also recently introduced a group investments account called Pillar Account as well as SME Banking services.  These will undoubtedly position us competitively in Uganda’s vibrant SME market.

4) The banking sector is currently constrained with high inflation and the weak shilling (volatile economy), what are your plans of remaining strong and competitive in the market?

Imperial Bank will continue to offer premium customer service.  We are also developing new products and extending our retail and corporate offering to target new market segments.

5) The cost of borrowing is highest in Uganda than in any other countries in the EAC region, should we expect low interest rates from Imperial Bank?

We will offer very market competitive rates, and in addition to this we also offer financial advice and guidance to our customers so as to offer them maximum returns from their investments.  

6) The unbanked population in Uganda is very high, how do you plan to increase penetration?

Imperial Bank is known for providing innovative, technology based solutions and products for our customers.  We will continue with this tradition in Uganda as we aim to increase our market share in Uganda and meet the needs of our customers.

7) What is your view about the Ugandan banking industry in general?

With many Ugandans still unbanked, there is tremendous potential in this market.  Imperial Bank is poised to provide premium banking services to meet this need.

8) What do you envisage as the biggest challenges facing the sector in Uganda?

Creating market awareness about the wide range of possible banking solutions available to spur growth for businesses.  The market in Uganda has scope for dynamic growth that could come about from concerted efforts by industry players to educate the population about sound financial planning and management.  Progressive policies governing the industry coupled with growth in professionalism in the industry will certainly lead to growth in the sector.

9) What other countries do you intend to invest in future?

Imperial Bank is set to expand its footprint in the East African region in coming months. We are also set on becoming a leading financial services provider in Uganda.