The High Court’s Commercial Division has given Emin Pasha hotel and its affiliates breathing room in their mortgage fight with Equity Bank, extending the hold on the sale of the…
Ugandans living and working in South Africa now have greater opportunities to invest back home following Equity Bank’s entry into the country, marking the first time the East Africa financial…
Running a business in Uganda is not easy. For many small and medium enterprises, survival means battling delayed financing, risky cash handling and limited access to markets. Nuhu Kanyike, the…
The Bank of Uganda has officially cleared the appointment of Claver Serumaga as Executive Director, Commercial Banking at Equity Bank Uganda, marking a critical step in the bank’s ongoing leadership…
After a turbulent 2023 marked by a rare financial loss and significant executive turnover and a cautious 2024, Equity Bank Uganda is reinforcing its leadership bench with the appointment of…
In a ruling that could redefine customer-bank relationships in Uganda’s financial sector, the High Court of Uganda has found Equity Bank Uganda Limited guilty of unlawfully freezing a customer’s account, a decision that may set a precedent for financial institutions operating in the country. The case, Barigye Innocent Herbert Baitwababo v. Equity Bank Uganda Limited, stemmed from the bank’s decision to freeze Barigye’s account over what it deemed suspicious transactions. However, Hon. Justice Ssekaana Musa ruled that Equity Bank acted in breach of its contractual obligations, as the customer had provided sufficient documentation to justify the funds in question. Background…
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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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Equity Bank Uganda, a subsidiary of the Pan-African Equity Group Holdings Plc, has announced the appointment of Gift Shoko as its new Managing Director. This strategic decision, pending regulatory approval, marks a transformative phase for the bank as it aims to expand its footprint and enhance its service delivery across Uganda. With over 26 years of banking experience, Shoko brings a wealth of expertise in commercial, multi-regional banking and leadership. His career has been a tapestry of accomplishments across Southern and Eastern Africa, underscoring his prowess in steering growth and navigating complex financial landscapes. Holding a Bachelor of Business Studies…
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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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