Acquisition of Top Finance Bank Limited By Salaam African Bank

This is to inform the general public that M/s Salaam African Bank (hereafter SAB) with its Headquarters in Djibouti has acquired Top Finance Bank Limited (hereafter TFB).

Acquisition of Top Finance Bank Limited By Salaam African Bank
Salaam African Bank

By John Kusolo

This is to inform the general public that M/s Salaam African Bank (hereafter SAB) with its Headquarters in Djibouti has acquired Top Finance Bank Limited (hereafter TFB). This transaction was concluded following Bank of Uganda approval ’in accordance with provisions of the Financial Institutions Act (FIA), 2004 (as amended) and its implementing Regulations.

SAB was established in 2007 and is licensed and regulated by the Central Bank of Djibouti. SAB also has a presence in Ethiopia, through a representative office, and in Kenya through Salaam Microfinance Bank Limited and Salaam Investment Bank Limited which are licensed by the Central Bank of Kenya and the Markets Authority of Kenya, respectively. TFB was registered in Uganda as a company on the June 14, 2012 and was granted a Credit Institution License (Class 5) on the September 08, 2014. Bank Of Uganda welcomes the transaction.

Meanwhile, Bank of Uganda grants approval to Culipa Limited and Absa Bank Uganda Llimited to test Iinnovations the regulatory Sandbox. According to Michael Atingi-Ego, the Deputy Governor Bank of Uganda , Pursuant to Section 16 of the National Payment Systems Act, 2020 and the National Payment Systems (Sandbox) Regulations, 2021, Bank of Uganda established a Regulatory Sandbox Framework. The Sandbox allows innovative financial solutions in the payments eco-system to be tested in a live environment, with regulatory oversight and subject to particular safeguards. Culipa Limited and ABSA Bank Uganda Limited received approval to test their respective innovations under the Sandbox arrangement on July 14, 2022 and July 18 2022 respectively. Culipa Limited will test a payment processing and money transfer service that allows individuals or small businesses to receive mobile payments with ease by leveraging the use of social media platforms. ABSA Bank Uganda Limited will test a digital wallet solution that works on all types of phones via sim skin technology, mobile app and web portal with an aim of scaling up financial inclusion for the unbanked and underbanked groups.