Equity Bank Uganda: 96% of Transactions Now Processed Through Digital Channels

Equity Bank Uganda reports that a remarkable 96% of customer transactions now occur through digital channels. Approximately half of the bank’s clientele are connected via telecommunications, enabling them to conveniently manage their accounts through the Equity Bank Mobile App and online banking services like EazzyBiz.

This significant shift was highlighted by James Olany, Strategy & Business Manager at Equity Bank Uganda, during the Top 100 SME networking forum at the Sheraton Kampala, where technology was the central theme.

To navigate today’s rapidly evolving business landscape, Olany urged SMEs to embrace technology-driven banking solutions from Equity Bank Uganda. He noted, “Emerging technologies such as blockchain, cryptocurrencies, artificial intelligence, and machine learning are not just reshaping operational strategies but also setting new standards for customer service and experience.”

At the breakfast event, Olany commended SMEs for their partnership with Equity, which has played a pivotal role in supporting their growth across Uganda and East Africa. He emphasized that for businesses to scale and reach wider markets, leveraging the latest technologies is essential.

Equity Bank is also committed to enhancing its customers’ financial literacy and offers tech-based training to help them digitize and commercialize their operations. Some of the innovative solutions available to SME customers include e-commerce platforms like Kikubo Online and Jumia, as well as payment integrations such as EazzyBiz and card transactions.

These initiatives align with Equity Bank’s mission to promote financial inclusion by providing comprehensive financial solutions that empower customers. Key offerings such as Equity Online, EazzyBiz, and Eazzy Stock facilitate seamless banking experiences, addressing needs like cash management and bill payments.

Olany expressed gratitude to KPMG and the National Media Group for their collaboration, particularly as Equity Bank takes on the role of main sponsor for Uganda’s Top 100 Mid-Sized Companies Survey and Awards over the next three years. This initiative, which has been ongoing for over a decade, serves to recognize and elevate the performance of mid-sized companies in Uganda.

Additionally, the Equity Group Innovation Hub aims to support the Africa Recovery and Resilience Plan by digitizing value chains for millions of customers. This initiative, developed in partnership with E&M Technology, focuses on fostering innovation and addressing complex challenges in the banking sector.

Gerald Oola, Industry Solutions Manager at Huawei Technologies Uganda, also spoke at the event, emphasizing the critical importance of digital transformation for SME growth. He highlighted that SMEs contribute 70% of Uganda’s GDP and 80% of employment, underscoring the necessity for data-driven strategies and automation.

“Adapting to technology is no longer optional; it’s essential for survival in today’s changing market,” he asserted.