By Mulengera Reporters
Every new beginning comes from some other beginning’s end, and for Equity Bank Uganda, today, January 14, 2025, embarks on a fresh chapter as it appoints Mr. Gift Shoko as its new Managing Director, a position that is subject to regulatory approval. With a wealth of experience spanning over 26 years in the banking industry, Mr. Shoko takes the reins at a time when the bank is poised for growth and transformation.
His appointment is not just a change in leadership but also a step towards continued innovation and success, as the bank looks to strengthen its position in the Ugandan banking sector.
Mr. Shoko’s career is one marked by leadership and achievements. Before stepping into his new role, he served as the Executive Director of Equity Bank Uganda, where he made significant contributions to the bank’s operations and strategy.
His journey in banking has taken him across Southern and Eastern Africa, and his experience extends to various leadership roles in both commercial and multi-regional banking.
Mr. Shoko holds a Bachelor of Business Studies and Computer Science degree from the University of Zimbabwe, along with a Masters in Business Administration (Banking and Finance) from CIMA in Nicosia, Cyprus. Additionally, he has earned several certifications in banking, finance, and leadership, making him a well-rounded and highly qualified professional.
Before joining Equity Bank, Mr. Shoko was the NCBA Group Director for Regional Business, where he was responsible for overseeing banking subsidiaries across East Africa.
His leadership at the Commercial Bank of Africa (Tanzania), where he served as CEO for five years, was instrumental in driving the bank’s growth. Furthermore, he has held senior management roles at Nedbank Zimbabwe and was also the Group CEO at Trust Holdings Limited, a diversified financial services group listed on the Zimbabwe Stock Exchange.
During his time at Trust Holdings, Mr. Shoko led the company through a major restructuring and guided its successful relisting on the stock exchange.
He has also served on numerous boards across Zimbabwe, Zambia, and Malawi, gaining extensive experience in corporate governance.
The announcement of Mr. Shoko’s appointment was made by the Board of Directors, led by Chairman Mr. Mark Ocitti. In a statement, Mr. Ocitti expressed confidence in Mr. Shoko’s leadership abilities, emphasizing his proven track record in banking, corporate strategy, and digital transformation.
The Board believes that under Mr. Shoko’s guidance, Equity Bank Uganda will continue to innovate and deliver inclusive financial solutions, thereby enhancing customer experience and expanding its reach across Uganda.
Equity Bank Uganda has built a strong reputation, with a customer base of 2.2 million and deposits nearing UGX 3 Trillion. The bank’s loan book stands at approximately UGX 1.7 Trillion, and it boasts a balance sheet of nearly UGX 3.5 Trillion.
As a leader in agency banking with nearly 9,000 Equi-duuka outlets, the bank is well-positioned to continue its growth and maintain its status as one of the top five banks in Uganda.
Equity Bank is also recognized as a Domestic Systemically Important Bank, which reflects its critical role in the country’s financial ecosystem.
With over 50 branches across Uganda and a growing digital presence, Equity Bank Uganda is part of Equity Group Holdings Plc, a Pan-African financial services company with operations in several countries, including Kenya, Rwanda, Tanzania, South Sudan, and the DRC.
The group’s market capitalization of USD 1.4 billion and its diverse portfolio, which includes banking, insurance, telecom, and fintech, positions it as one of the leading financial institutions in Africa.
As Mr. Shoko takes the wheel, the future of Equity Bank Uganda looks promising. [A journey of a thousand miles begins with a single step], and with Mr. Shoko’s extensive experience and strategic vision, the bank is ready to continue its path toward growth, innovation, and excellence.
The Board and Management have expressed their full support for his leadership, and they are confident that his contributions will leave a lasting impact on the bank, its customers, and the communities it serves. (For comments on this story, get back to us on 0705579994 [WhatsApp line], 0779411734 & 041 4674611 or email us at mulengeranews@gmail.com).
