Uganda, March 27 -- The Bank of Uganda has approved an application by three Commercial Banks to downgrade their operations to Credit Institutions.

The three commercial banks according to BoU are; ABC Capital Bank (U) Limited, Guaranty Trust Bank (U) Limited, and Opportunity Bank Limited.

These banks have been authorized a three-month period to transition starting from April 1, 2024, to June 30, 2024.

In a public notice assigned by Deputy Governor Michael Atingi-Ego, the three-month transition period will allow these commercial banks to make adequate arrangements to phase out products and processes that require a Tier I license.

"This is intended to ensure a smooth service transition for their customers and to mitigate any disruption t...