Equity Bank Launches South African Operations, Targeting Diaspora Banking

Ugandans living and working in South Africa now have greater opportunities to invest back home following Equity Bank’s entry into the country, marking the first time the East Africa financial giant has ventured into the South African market. The Bank officially introduced its integrated financial services during the Confederation of Ugandans in South Africa event, which was organised by Ugandan Community in Johannesburg in partnership with the Uganda High Commission in South Africa. At the event, Equity Bank Uganda presented financial solutions tailored for the diaspora, including savings and investment accounts, mortgages and cross border money transfer services.

Speaking at the evet, Equity Bank Manager for International Banking Damali Balungi said the move was driven by the growing demand among Ugandans abroad to seamlessly connect with financial opportunities back 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. Adding, “From mortgages to business financing, we want all Ugandans abroad to know that they can be part of their community’s growth story.”

According to Balungi, Equity Bank Uganda views South Africa as a key link for the diaspora and plans to introduce more financial services to simplify cross-border financial transaction. She revealed that the Bank will also offer access to secure and reliable banking services that will enable the South African community to enjoy safe baking. COUSA is an annual event that brings together hundreds of Ugandans living in South Africa. Participants expressed excitement at the Bank’s presence, saying it would make it easier for them to invest and save back home.

Sara Nalumansi, a Ugandan entrepreneur based in Pretoria, welcomed the development. “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 even buying property back home will now be simpler and safer.” Officials from the Uganda High Commission also lauded the bank’s decision to be present at the confederation, noting that the diaspora plays a critical role in remittances and national development.