Ugandans living and working in South Africa now have easier access to banking services from back home, thanks to Equity Bank’s expansion into the country.
The Bank officially launched its operations during the annual Confederation of Ugandans in South Africa (COUSA) event, which was held in Johannesburg in partnership with the Uganda High Commission, in an event which brought together hundreds of Ugandans who welcomed the news with excitement.
At the launch, the bank introduced services designed especially for Ugandans in the diaspora. These include savings and investment accounts, home loans (mortgages), and money transfer services between Uganda and South Africa.
Ms. Damali Balungi, the Bank’s Manager for International Banking, explained that many Ugandans abroad want to invest back home, but they lack access to trusted and convenient banking. She said the bank is now stepping in to help them save, invest, and support their families in Uganda.
She added that the Bank will provide safe and easy banking solutions not just for Ugandans, but also for South Africans who wish to use it’s services.
Many Ugandans living in South Africa welcomed the move. Sara Nalumansi, a businesswoman in Pretoria, said she had waited for years to have a bank that understands the needs of people living abroad and those back home. She believes this will now make it easier to buy land, build homes, or start businesses in Uganda.
Officials from the Uganda High Commission praised the bank for supporting the diaspora, saying Ugandans abroad send back large amounts of money which help families and support national development.
They encouraged the community to take advantage of the new services.
With this move, Equity Bank becomes the first major Ugandan-backed financial institution to open its doors in South Africa, hoping to make it easier for Ugandans in the diaspora to stay connected to their roots, while also supporting the country’s economic growth.
