Meet Godfrey Kamau and Gift Shoko, the two men sent by Equity Group to sanitise and stabilise the rocky Equity Bank Uganda ship Before facing headwinds this year that climaxed in the exit of the Managing Director, Equity Bank Uganda was Equity Group's third-largest subsidiary in terms of deposits, lending, assets, and revenues. To stabilise the ship and restore stakeholder confidence, the Group has deployed some of its trusted hands and looked outside the Group for more capable hands. CEO East Africa Magazine shines a light on some of the senior executives deployed to lead this mission.

Since Equity Bank Uganda discovered a UGX65 billion (approximately USD 18 million) digital fraud, the bank has been in the eye of the storm, causing a whirlwind of losses, staff exits, and reputation damage. Not only did it slide from profit to loss—from a profit of UGX45.8 billion in 2022 to a loss of UGX18 billion in 2023—but the fraud, coupled with a growing non-performing loans book that more than doubled from UGX90.7 billion in 2022 to UGX191.2 billion in 2023, began to rock the Equity Bank ship in Uganda. Losses aside, the period of instability and necessary purging that…

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About the Author

Muhereza Kyamutetera is the Executive Editor of CEO East Africa Magazine. I am a travel enthusiast and the Experiences & Destinations Marketing Manager at EDXTravel. Extremely Ugandaholic. Ask me about #1000Reasons2ExploreUganda and how to Take Your Place In The African Sun.