Uganda Equity Bank in Fort Portal has renewed its promise to empower small and medium-sized enterprises (SMEs), describing them as the backbone of Uganda’s economy and a vital driver of job creation and trade. The bank made the announcement during an engagement event in Fort Portal, where senior executives outlined strategies to strengthen SME growth and resilience.
Speaking on behalf of Equity Bank’s Managing Director, Mr. Gift Shoko, the Director of Public Sector and Social Investments, Catherine Psomgen, underlined the bank’s deep commitment to Uganda’s business community. According to her, SMEs remain central to the country’s growth.
“SMEs are the backbone of our economy, contributing 90% of private sector production and providing employment for many within our communities. At Equity, we support the entire value chain – from the anchor businesses to the smallest players – ensuring that everyone grows together,” Psomgen said.
Her remarks were echoed by Olivia Mugaba, Head of SMEs at Equity Bank Uganda, who described small businesses as the “heartbeat of economies,” not only in Uganda but across the globe. She explained that globally, SMEs account for 90% of businesses and employ more than half of the workforce.
“With 90% of businesses and over half the workforce powered by SMEs, you truly keep the world running. Seven out of every ten new jobs come from SMEs. Yet in Uganda, 53 out of 100 SMEs struggle to survive beyond three years. Together, we must support and strengthen this backbone of our economy,” Mugaba said. She stressed that business success depends not only on customers and financing, but also on connection, product quality, and collaboration.
Also speaking at the event, Wanok, Head of Retail and Corporate Banking at Equity Bank Uganda, highlighted the bank’s steady growth journey and its customer-centered approach. He explained that Equity Bank has embraced accountability and improved service delivery by relying on customer feedback, while remaining guided by its founding values of dignity, trust, and inclusivity.
He reminded the audience that the bank’s journey began 41 years ago in Kenya, when it was founded by farmers who wanted affordable financial services. Today, that vision has grown into one of Africa’s strongest banking institutions.
Equity Bank currently operates 50 branches in Uganda, serving 2.1 million customers, making it the second-largest bank by number of accounts in the country. Beyond Uganda, the bank has expanded operations into seven African countries, including Kenya, Rwanda, Tanzania, South Sudan, and the Democratic Republic of Congo. Recently, it also opened a representative office in Dubai to support SME trade and cross-border transactions. Looking ahead, Equity Bank has set a bold target to expand into 14 more countries across West and Southern Africa by 2030, a move that would make it one of the most widespread African-owned banks.
Felix Babeiha, Branch Manager of Fort Portal, welcomed guests by thanking them for their loyalty and reaffirming the bank’s appreciation for its customers.
“At Equity Bank, we value each and every customer and are committed to giving them dignity in whatever aspect of life they do business. Today’s event is our way of giving back and appreciating your trust in us,” Babeiha said.
By placing SMEs at the center of its growth strategy, Equity Bank aims to support job creation, facilitate trade, and drive socio-economic transformation in Uganda and beyond. The institution’s model of providing inclusive financing, combined with regional expansion, positions it as a key partner in the realization of Africa’s development goals.
Analysts say Equity’s strategy aligns with wider efforts across Africa to strengthen SMEs as engines of employment and innovation. By supporting small enterprises, banks like Equity are not only helping to reduce poverty but also ensuring that local businesses can compete in regional and international markets.
