BANKING AND FINANCE
The story of Sembule Steel Mills Ltd feeds into the story of Sembule Investment Finance. The former is the continuation of the later.
In 1984, Christopher Columbus Sembuya, the chair and CEO of Sembule Group of companies sited a bank in Kenya which he believed to have been started by Africans of Kenyan origin. He questioned himself why all banks were foreign founded. He developed his thoughts and shared them with his board and his business partner Henry Wilberforce Buwule.
Because of his wide connection with monetary systems in this country Uganda, C.Sembuya was able to seek consultancy from the experts in banking and finance who also supported the cause. Among these were the late Dr. Sulaiman Kiggundu Governor Bank of Uganda by then, Mr. Leo Kibirango formerly governor Bank of Uganda, Mrs. Sarah Odongo, Mr. Obura all key personalities in the central bank.
Whereas by the early 1980s, Sembule Steel Mills was a very prosperous business, capital accumulation was high and they had massive deposits. It was possible for Sembule Steel Mills to provide the reserve funds to the central bank, as a requirement for starting a bank.
The personnel in banking expertise were available and the process began. By 1984, Sembule Investment Finance was born and incorporated in the republic of Uganda. Dr Sulaiman Kiggundu by then Governor Bank of Uganda and Mr. Leo Kibirango his predecessor graced the occasion.
A bank, founded and started by an African man was founded to offer services for the people of Uganda and East Africa. This goes on the record of Christopher Columbus Sembuya a Ugandan entrepreneur. (1936-2022)
The fact that C. Sembuya used his private company’s resources to start the bank shows his philanthropic spirit for this country Uganda.
It had branches in; Kampala Jinja Road
Kampala Bombo road
Nalukolongo Industrial Area
Jinja branch- Main Street
Nkonkonjeru Town
Chronology of development
The Christopher Columbus Sembuya Foundation brings about this archology of the founding of the bank to project C. Columbus Sembuya’s work as an African Ugandan business entrepreneur with big ideas.
In 2021, the Bank of Africa celebrated Christopher Columbus Sembuya founder of the bank with an Accolade which reads;
“Christopher Columbus Sembuya we celebrate you”
In his late life, he remained a client to the bank of Africa and kept his current account in the same bank. At the time of his passing, the bank attended his funeral and eulogized his great contribution. It supported the family in spirit and financially.