Opportunity Bank appoints Allen Semboze new CEO

Allen Semboze takes the helm as Opportunity Bank Uganda targets stronger profitability, digital expansion, and deeper financial inclusion following its transition to a Tier II credit institution.

Opportunity Bank Uganda has appointed seasoned banker Allen Semboze as its new Chief Executive Officer, ushering in a new leadership chapter as the lender seeks to strengthen profitability, accelerate digital transformation, and expand financial inclusion across Uganda.

Semboze assumes leadership nearly two years after the bank transitioned from a Tier I commercial bank to a Tier II credit institution, a strategic shift aimed at sharpening its focus on inclusive finance and sustainable growth.

He succeeds Brian Collins Amanyire, who served as Acting Chief Executive Officer following the departure of Owen Amanya. During his tenure, Amanyire guided the institution through its transition while maintaining its strategic emphasis on financial inclusion, agricultural finance, and digital banking.

Announcing the appointment, Opportunity Bank described Semboze as a highly experienced financial services executive with more than two decades of expertise spanning banking, digital financial services, and microfinance.

“With over two decades of experience in banking, digital financial services and microfinance, Allen brings a wealth of expertise, a passion for innovation, and a shared commitment to expanding opportunity for the communities we serve,” the bank said in a statement.

Leadership Comes at a Pivotal Time

Semboze takes charge at a defining moment for Opportunity Bank as it seeks to convert balance sheet growth, digital expansion, and its financial inclusion mission into stronger financial performance amid increasing competition in Uganda’s technology-driven banking sector.

While the lender has continued to grow its operations, higher operating expenses and funding costs have weighed on profitability, making operational efficiency and sustainable growth key priorities for the new CEO.

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Strong Balance Sheet Growth Despite Profit Decline

Opportunity Bank delivered steady growth across its core business in 2025 despite a challenging operating environment.

The bank’s total assets increased to UGX274.9 billion from UGX265.9 billion in 2024, while its net loan book expanded by 6.2% to UGX168.1 billion, up from UGX158.3 billion a year earlier.

Customer deposits also rose by nearly 6% to UGX156.2 billion, reflecting sustained customer confidence in the institution.

Total income climbed to UGX63.6 billion from UGX59.3 billion, supported by stronger interest income and continued lending activity.

However, net profit after tax declined significantly to UGX754 million, compared with UGX3.19 billion in 2024. The bank attributed the drop to strategic investments in staff development, one-off legal expenses, and temporarily higher funding costs.

Despite the earnings pressure, Opportunity Bank maintained a strong capital position, reporting a total capital adequacy ratio of 20.74%, well above the regulatory minimum, providing sufficient capacity to support future lending growth.

Digital Banking Gains Momentum

The bank also recorded notable progress in its digital transformation agenda during 2025.

Digital transaction volumes increased by 1.8 times, while transaction values grew 2.5 times compared with the previous year. Customer adoption of digital banking channels also accelerated, with 69% of customers using digital platforms instead of over-the-counter services, up from 54% in 2024.

Alongside its digital expansion, the lender continued to strengthen its financial inclusion strategy. Agriculture remained its largest lending segment, accounting for more than one-third of its loan portfolio. The bank also expanded services to underserved communities by opening a fully-fledged branch in the Rwamwanja Refugee Settlement, increasing refugee lending to UGX1.2 billion, and joining the Global Alliance for Banking on Values, reinforcing its commitment to responsible and inclusive banking.

Positioning for Future Growth

With Uganda’s banking industry becoming increasingly competitive and digitally driven, Semboze’s experience across banking, fintech, and microfinance is expected to play a key role in shaping Opportunity Bank’s next phase of growth.

His appointment comes as the lender works toward expanding lending, deepening financial inclusion, accelerating digital innovation, and achieving its ambition of becoming Uganda’s leading impact-focused financial institution by 2030.