The new entry into our banking market has spurred a dramatic expansion of the physical presence of banks in Uganda. The number of commercial bank branches has expanded from 194 in 2007 to the current level of 544. The 12 new entrants to our market in the last six years contributed 152 of these new branches.
In response to the prospect of a large number of the banks on the submission panel no longer being willing to provide submissions, the calculation of BBSW was reformed in 2013 in line with the International Organization of Securities Commissions’ (IOSCO) Principles for Financial Benchmarks, which were issued in July 2013.