Equity Bank Uganda Limited, a subsidiary of the Equity Group Holdings Limited, has expanded its operations into South Africa as of August 2025. This strategic entry, announced during the Confederation of Ugandans in South Africa event in Johannesburg, marks EBUL’s first foray into the South African market, targeting the growing Ugandan diaspora with innovative banking solutions.
This expansion not only strengthens the bank’s regional footprint but also underscores the transformative role of financial technology in connecting African communities across borders.
A Strategic Leap into South Africa
Equity Bank Uganda, headquartered in Kampala and regulated by the Bank of Uganda, has grown significantly since its inception in 2008. By December 2023, EBUL’s assets stood at UGX 3.748 trillion (approximately USD 1.014 billion), making it Uganda’s sixth-largest bank with an 8% share of national deposits.
The bank’s expansion into South Africa, led by International Banking Manager Damali Balungi and Diaspora & International Money Transfer Officer Allen Ritah Nanteza, aims to address the financial needs of Ugandans living and working abroad.
The launch event, organized in collaboration with the Uganda High Commission and the Ugandan Community in Johannesburg, highlighted EBUL’s mission to empower the diaspora.
“We are here to provide secure, reliable banking services that enable Ugandans in South Africa to invest back home and be part of their community’s growth story,” Balungi stated, emphasizing the bank’s commitment to fostering economic ties between South Africa and Uganda.
Tailored Financial Solutions for the Diaspora
EBUL’s South African venture introduces a suite of financial products designed for the Ugandan diaspora. These include savings and investment accounts, mortgages for property purchases in Uganda, cross-border money transfer services, and business financing for entrepreneurs. The bank aims to simplify cross-border transactions, addressing a critical need for secure and efficient financial services.
This expansion leverages technology to streamline banking processes, aligning with the Group’s reputation as a tech-forward institution. With over 21.6 million customers across seven African countries and assets exceeding USD 13.9 billion, Equity Group’s expertise in digital banking and financial inclusion positions EBUL to deliver seamless services in South Africa’s competitive market.
A Vision for Regional Integration
Equity’s South African expansion aligns with its Group’s trans-African vision, evidenced by its operations in Kenya, Tanzania, Rwanda, South Sudan, the DRC, and Ethiopia. Supported by initiatives like a USD 100 million loan from the African Development Bank in 2021, it continues to prioritize SMEs and financial inclusion. Named the 2nd Strongest Bank Brand globally by Brand Finance in 2024, the Equity Group’s reputation bolsters EBUL’s credibility.
Looking ahead, EBUL plans to introduce more digital services to enhance cross-border transactions, potentially partnering with South African institutions. This move could pave the way for further African diaspora engagement, strengthening economic ties across the continent.
