Today, Equity Bank Uganda announced Gift Shoko as its new Managing Director designate. The decision signals a bold step to stabilise the bank after a tumultuous 2024. Shoko, a veteran with over 26 years of banking experience across Southern and Eastern Africa, takes the helm at a time when the bank is grappling with multiple challenges, from digital fraud to a struggling balance sheet. While his appointment has been met with optimism, the road to recovery is fraught with significant hurdles that will test his leadership, innovation, and ability to rebuild trust. A Year of Turmoil Equity Bank Uganda has…
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Hardly two years after arriving in Uganda to take up her very first CEO role at Uganda’s largest telco, MTN Uganda, Sylvia Mulinge has emerged as Uganda’s most admired CEO, in the CEO East Africa Magazine’s inaugural 100 Leading & Most Admired CEOs In Uganda Survey. The 2-in-1 CEO East Africa Magazine’s Most Trusted and Respected Companies & The Most Admired CEOs in Uganda Survey 2024 is part of the magazine’s thought leadership agenda that seeks to create a body of knowledge on what exactly great companies and great leaders are made of, as well as recognise them. “This, we…
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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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Even before the dust settles over an unprecedented digital fraud in which Equity Bank Uganda, in March this year, lost UGX65 billion to a combination of internal and external fraudsters, the CEO East Africa Magazine has reliably learnt that the bank has lost yet another UGX4 billion (USD1.1 million) due to negligent failure to reconcile online purchases made using Visa-enabled Equity Bank cards. According to multiple highly placed sources at the bank, the loss was discovered around September 2024. But unlike in the first fraud, this time round, management has determined that the loss was a negligent act by officials…
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On Saturday, November 30th, 2024, Uganda woke up to the news that the ebullient Anthony Kituuka had resigned as Managing Director of Equity Bank in Uganda. The news that Anthony had resigned to “pursue other opportunities outside the organisation” was announced to all bank staff in an impromptu but mandatory online meeting at 11 am on Saturday, October 30th 2024, by Mark Ocitti, the bank’s Board Chairman. Almost simultaneously, a media statement was released, announcing the resignation and thanking Anthony for “his years of service” and “his dedication and trust in the brand”. Despite announcing to staff that Anthony would…
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Two years after he took over the management of Equity Bank in Uganda, Anthony Kituuka has resigned, the CEO East Africa Magazine can exclusively reveal. According to an internal memo that CEO East Africa Magazine has seen, Anthony will leave the Bank on 1st March 2025. “I wish to inform you that Anthony Kituuka has tendered his resignation from his role as Managing Director, Equity Bank Uganda Limited, in order to pursue other opportunities outside the organization. The Board of Directors of Equity Bank Uganda Limited accepted Anthony’s resignation on 28th November 2024 and have subsequently informed the Bank of…
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Equity Bank Uganda has launched the 4th Annual Equity NARO Open with UGX 175 million package to the Namulonge Club. As a proud sponsor of this year’s golf tournament which kicks off this Friday, the bank will commit to nurturing new talent in golf with a number of Equity staff training in Namulonge expected to participate. Anthony Kituuka, the Equity Bank Managing Director said, Equity has a longstanding commitment to supporting golf, and will continue contributing to the growth of this sport. Kituuka noted that he was thrilled to see budding golfers emerge. “We’re proud to back golf in Uganda,”…
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To overcome the current transformative or disruptive business environment, SMEs have been encouraged to take up more technology-based banking and financing solutions from Equity Bank Uganda. These remarks were made by Mr. James Olany the Strategy & Business Manager at Equity Bank Uganda at a Top 100 SME networking forum held at the Sheraton Kampala where Technology was the main theme for the event. “As a result of emerging technologies such as blockchain technology, cryptocurrencies, artificial intelligence and machine learning, these advancements have not only shaped the operational strategies but also set new standards of how customers are to be…
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Equity Bank has today unveiled a range of new digital savings products designed to help customers save seamlessly, grow their money and reach their financial goals with greater ease. Accessible through the bank’s Mobile App and online platforms, the offerings include Classic Savings, Call Deposit, Goal Savings and Fixed Deposit Savings, giving both current customers and future clients more convenient ways to manage and save money. The new digital savings products were introduced with a disruptive campaign dubbed ‘Kaboxi,’ which illustrated the traditional ways in which a vast population saves their money in a physical wooden savings box, also…
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On Saturday, September 14, Uganda Breweries Ltd (UBL) hosted several industry captains and business moguls as they relaunched the highly anticipated Johnnie Walker Blue Club. The landmark event, held at the picturesque Pineapple Bay Island, a premier venue known for its exclusivity and prestige, marked a significant moment in Uganda’s business landscape. The exclusive Club is a premier networking platform designed to foster meaningful connections and unlock new opportunities for its members. A reserve for individuals who epitomise excellence and distinction, the club offers meticulously curated events that seamlessly merge business discourse with refined luxury. The re-launch on Saturday was…
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