Ugandans living and working in South Africa now have greater access to financial and investment opportunities back home following the official launch of Equity Bank’s services in the country, a first for the East African banking giant.
The bank unveiled its integrated financial solutions during the annual Confederation of Ugandans in South Africa (COUSA) event, held in Johannesburg in partnership with the Uganda High Commission.
Equity Bank Uganda showcased a range of diaspora-focused products, including savings and investment accounts, mortgages, business financing, and cross-border money transfer services.
Damali Balungi, Bank Uganda’s Manager for International Banking, said the expansion was driven by growing demand from Ugandans abroad to stay financially connected with home.
“Our mission here is to give Ugandans in South Africa access to secure and reliable banking services that meet their needs, but also enable them to invest back home,” Balungi said. “From mortgages to business financing, we want all Ugandans abroad to know that they can be part of their community’s growth story.”
Balungi added that South Africa is seen as a key link in the bank’s diaspora strategy, with plans to roll out more services to simplify cross-border financial transactions.
COUSA, an annual gathering of hundreds of Ugandans in South Africa, provided a fitting platform for the launch. Many attendees expressed excitement, saying the bank’s presence would make it easier to save, invest, and even purchase property back home.
Sara Nalumansi, a Ugandan entrepreneur based in Pretoria, said, “For years, we have wanted a bank that understands both our home country Uganda and South Africa. Equity’s presence here today gives us confidence that saving or buying property back home will now be simpler and safer.”
Officials from the Uganda High Commission praised the bank’s move, highlighting the critical role of the diaspora in remittances and national development.