Equity Bank Uganda and the Bunyoro Kitara Kingdom signed a Memorandum of Understanding to facilitate and strengthen collaboration between the two entities in the areas of enterprise development and financial inclusion, energy, and environment, food and agriculture education, health, and oil and gas.

The event took place at the Royal Palace in Hoima. The Premier Hon. Andrew Byakutaga represented the Bunyoro Kingdom while the Equity Bank delegation was led by The Executive Director - Public Sector and Social Investments, Elizabeth Kasedde Mwerinde.

Speaking during the signing ceremony, Executive Director Public Sector and Social Investments, Elizabeth Mwerinde Kasedde, thanked the Kingdom for its commitment to supporting the efforts of Equity Bank in expanding socio-economic opportunities for the population at the bottom of the economic ladder.

“The MoU shall drive a sustainable and scalable approach to social and economic transformation in the kingdom through a scholarship fund, internship, adolescent sexual and reproductive health and low-cost financing of health providers among others,” said Elizabeth Mwerinde Kasedde, Executive Director Public Sector and Social Investments, Equity Bank.

The Bunyoro Kitara Kingdom Prime Minister Rt. Hon. Andrew Byakutaga said, “Today is yet another milestone. We are here to sign a Memorandum of Understanding which will guide the two institutions to collaborate in areas of social service, gender, tourism, and production.”

Adding, “We realized that our people still have challenges managing financial resources, hence the need to empower them with knowledge and skills to make informed financial decisions. We pray that this partnership grows to give us the fruits we desire to see in our region.”

Through programs run by Equity such as Young Africa Works and products such as EquiMama, the parties shall work to scale up financial inclusion and shared prosperity through financial literacy to the Bunyoro population, especially women and youth in their organized groups.

Also, financial support to agriculture in the Kingdom, especially women groups, Saccos, livestock value chain and unlock local content in the food supply.

The two entities in picture above shall also collaborate on climate change mitigation and adoption initiatives such as environmental conservation and implementation of carbon offsetting programs such as tree planting, natural forestry conservation, and horticulture.

Equity Bank will also support renewable energy programs such as solar and clean cooking. The two parties shall also cooperate in areas of mutual concern related to the commercial activities across the oil & gas value chain and mitigating the negative impact of petroleum.

Equity Bank Uganda began its operations in 2008 and is regulated by the Bank of Uganda. The Bank has its Head Office in Kampala and a network of 43 branches, 5,152 Equi duka agents, 6,048 merchants, and 48 ATMs spread across the country and serving over 1.2 million customers.

Equity Bank Uganda is a subsidiary of Equity Group Holdings Plc, a financial services company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange. In addition to Equity Bank Uganda, the Group has banking subsidiaries in, Kenya, Rwanda, Tanzania, DRC, South Sudan, and a Commercial Representative Office in Ethiopia; with additional non-banking subsidiaries engaged in the provision of investment banking, custodial, insurance agency, philanthropy, consulting, and infrastructure services.

Equity Group is the largest bank in the region with assets of USD 12 billion. It is also the largest bank in terms of deposits, with a market capitalization of USD 2 billion and a customer base of over 15 million. The group has 337 branches, 56,772 agents, 32,269 merchants, 697 ATMs, and widely adopted digital banking channels.

The Banker's Top 1,000 World Banks 2021 ranked Equity Bank 761 in its global ranking, position 39 globally on return on assets, position 71 on return on capital, and position 149 on soundness (Capital Assets to Assets ratio). The Banker's Top 100 African Banks 2020 ranked the Bank 7th among the top 10 banks in Africa, 5th for strength, 9th for growth performance, 8th for return on risk, and 6th for profitability and leverage category. In the same year, Moody's gave the Bank an overall rating of B2 with a negative outlook, identical to the Kenyan government's sovereign rating, due to the Bank's strong brand recognition, strong liquidity buffers and resilient funding profile, a well-established national franchise, and strong adoption of digital and alternative distribution channels.