Hoima, Uganda – Equity Bank has wrapped up its countrywide “Tupange Business Ne Equity” campaign with a final engagement in Hoima, completing a series of strategic workshops that also reached Kampala, Mbale, Arua, and Fort Portal. The initiative has been focused on empowering small and medium enterprises (SMEs)—a sector viewed as central to Uganda’s economic future.
Olivia Mugaba, the bank’s Head of SMEs, underscored the vital role that small businesses play in national development. “SMEs contribute nearly half of national income and account for the majority of new job creation. You are the engine that drives the economy,” she said.
Despite their importance, Mugaba acknowledged the tough reality many SMEs face: over half collapse within their first three years. The causes, she explained, are not a lack of innovation or ambition—but rather systemic barriers like poor access to finance, limited skills, and weak value chain linkages. “Equity Bank is here to ensure that your business doesn’t become another statistic,” she added.
Mugaba stressed that the bank’s support goes beyond offering loans. “We focus on building strong value chains—from producers and suppliers to traders and end-users—so businesses grow holistically and sustainably.” She cited a success story of a client who, with an initial loan of UGX 20 million, scaled up to become a multi-billion-shilling enterprise. “Our true measure of success is seeing a microbusiness evolve into a thriving corporation,” she noted.
Encouraging SMEs to think big, Mugaba reiterated that Equity Bank is not in the business of foreclosing on clients. “We walk with you. Our goal is to grow with you—supporting your journey from startup to established enterprise, building lasting wealth along the way.”
Speaking on behalf of Managing Director Gift Shoko, the bank’s Head of Marketing and Communications, Clare Tumwesigye, highlighted that Equity Bank caters to everyone—from individuals and micro-enterprises to large corporations. “No financial need is too small or too big. We provide tailored solutions at every stage of your growth,” she said.
Tumwesigye also referenced the lessons of the COVID-19 pandemic, which reinforced the need for resilience in Africa’s economies. She highlighted Equity Bank’s $6 billion Africa Recovery and Resilience Plan, which supports key sectors such as agriculture, tourism, manufacturing, and MSMEs. “When SMEs recover, the continent recovers,” she emphasized, urging business owners to adopt an ecosystem approach where every link—from suppliers to service providers—is crucial to success.
The campaign featured powerful testimonies from clients whose businesses have grown through Equity Bank’s support. One such entrepreneur, John Magara, founder of HB Hotel in Hoima, described how the bank helped him bounce back after early financial struggles that included the loss of his home. Transitioning from rice milling to distilling, and eventually into tourism, Magara credited the bank’s value chain financing model for helping him protect over 170 jobs during the pandemic. “It’s not just about money; it’s about having partners who understand and support every stage of the journey,” he said.
Amator Nyendwoha, Director of St. Peter’s High School, also praised the bank for standing by his side when others wouldn’t. Beginning in 2013 with a UGX 15 million loan, Nyendwoha steadily grew his school and farming business. Recently, he secured an unsecured loan of UGX 200 million, processed in just two weeks. “Equity Bank delivers on its promises. They have been with me every step of the way,” he affirmed.
Through the “Tupange Business Ne Equity” campaign, Equity Bank has reaffirmed its commitment to Uganda’s SME sector—providing not only financial tools but also mentorship, market linkages, and a support ecosystem to help businesses thrive and build sustainable, generational wealth.