Equity Bank, a regional leader in financial inclusion, is poised to make history as part of Equity Group Holdings Plc’s strategic expansion into the United Arab Emirates (UAE).
On June 25, 2025, shareholders approved the establishment of a Representative Office in Dubai, marking the first time a Kenyan bank—and by extension, its Ugandan subsidiary—will establish a physical presence in the Middle East.
Set to become operational in early 2026, pending regulatory approvals from the Central Bank of Kenya and UAE authorities, this move promises to enhance financial services for Uganda’s diaspora and foster cross-continental trade.
By leveraging its digital banking expertise, Equity Bank is positioning itself as a financial bridge between East Africa and global markets.
The Diaspora’s Financial Needs
Uganda’s diaspora, particularly in the UAE, Dubai, and Saudi Arabia, numbers in the thousands, with many working as professionals, entrepreneurs, or laborers. These individuals often face challenges accessing tailored financial services, relying on costly informal remittance channels or distant banking relationships.
According to web reports, the lack of direct banking support has hindered efficient money transfers, savings, and investment opportunities for Ugandans in the Gulf.
Equity Bank Uganda has long recognized this gap, having conducted outreach missions to Dubai and Saudi Arabia in recent years to offer specialized services like remittances and investment products. The UAE Representative Office builds on these efforts, aiming to deliver seamless, technology-driven banking solutions to the diaspora.
This expansion aligns with Equity Bank’s mission of financial inclusion, as seen in innovations like the Equity Bank platform and Refugee-Tailored Financial Products, which prioritize underserved communities.
How the UAE Expansion Will Work
The Dubai-based Representative Office will serve as a strategic hub, connecting East and Central Africa with the UAE, Middle East, India, and Asia.
Unlike a full banking branch, a representative office cannot conduct direct banking activities like deposit-taking or lending but will act as a liaison for trade facilitation, investment opportunities, and diaspora banking services.
Ugandan customers will access services through Equity Bank’s digital platforms, such as the Equity Mobile app and *247# USSD code, which will integrate with the UAE office for streamlined remittances, account management, and investment advisory.
The office will support Ugandan and East African firms with business interests in the UAE, particularly in sectors like agribusiness, infrastructure, and energy, which attract Gulf investment.
For diaspora clients, it will offer tailored products, such as low-cost remittance channels and investment accounts, leveraging Equity’s existing digital infrastructure. The initiative also builds on Equity Bank Uganda’s experience with products like Digitokaboxi, which uses digital tools to enhance savings accessibility.
Technology Powering the Expansion
Equity Bank’s UAE expansion will rely on its robust digital infrastructure, already proven through innovations like the Digital Transformation of Operations. Cloud-based systems and secure APIs will enable seamless integration between the UAE office and Equity’s East African operations, ensuring real-time transaction processing.
The bank’s platform, accessible via mobile app and USSD, will allow diaspora clients to manage accounts, transfer funds, and access financial advice remotely. Machine learning algorithms will enhance customer profiling, tailoring services to diaspora needs, while end-to-end encryption ensures data security in the UAE’s stringent regulatory environment.
The USSD interface (*247#) will be critical for diaspora members with feature phones, ensuring inclusivity. Integration with agency banking outlets in Uganda will support cash-based transactions for families receiving remittances.
This hybrid model leverages Equity’s expertise in scalable, low-cost digital banking, as seen in its 8,000 Equity Duuka agents, to deliver services efficiently across borders.
