BANK OF AFRICA – UGANDA Ltd. is an "all public" Commercial Bank regulated by the Central Bank of Uganda operating under commercial banking license no. A1.001. providing a full range of banking products and services to large corporate companies, individuals, as well as Micro, Small, and Medium Enterprises.

The Bank started its operations in January 1985 as a small deposit-taking private company within a family business conglomerate. In July 1991, it evolved into an investment bank. In November 1996, it was granted a commercial banking license as Sembule Commercial Bank. In October 1997, the shareholders of the Bank successfully secured co-investors in the form of Banque Belgolaise of Belgium (then part of Fortis Group) and The Netherlands Development Finance Company (FMO) who recapitalized the Bank and rebranded it as Allied Bank International. It was run under this arrangement until December 2006 when Banque Belgolaise divested its ownership to BANK OF AFRICA GROUP SA an international banking consortium. The change in ownership was accompanied by a change of name to BANK OF AFRICA - UGANDA Ltd. With the acquisition of a controlling stake in BANK OF AFRICA GROUP SA in 2010, BMCE BANK OF AFRICA became the ultimate holding company of the Bank.