Equity Bank Uganda urges SMEs to adopt technology-based banking solutions

KAMPALA – At the Top 100 SME networking forum held at the Sheraton Kampala, Equity Bank Uganda encouraged small and medium-sized enterprises (SMEs) to leverage technology-based banking and financing solutions to navigate the current disruptive business environment.

James Olany, Strategy & Business Manager at Equity Bank Uganda, emphasized that emerging technologies like blockchain, artificial intelligence, and machine learning have transformed operational strategies and customer expectations.

“As a result of emerging technologies, advancements have not only shaped operational strategies but also set new standards of how customers are to be served and the experience that customers expect to receive,” Olany said.

Olany revealed that 96% of all customer transactions at Equity Bank Uganda were through digital channels. Additionally, about 50% of Equity Bank Uganda customers were tele-connected and could access their accounts at their convenience using the Equity Bank Mobile App or online banking platforms such as EazzyBiz.

Equity Bank Uganda has been at the forefront of supporting SME growth in Uganda, East Africa, and beyond. Olany appreciated SMEs for their support and advised them to adopt and leverage the latest technology to scale their businesses and extend their market reach.

The bank provides financial education to its customers and runs technology-based upskilling programs to assist them in commercializing and digitizing their businesses. Technologies making breakthroughs for Equity Bank SME customers include retailing goods and services on websites, online marketplaces like Kikubo Online and Jumia, and integrating e-commerce payment solutions like EazzyBiz, Eazzy Stock, card payments, and digital transactions via mobile app.

Equity Bank’s mission is to champion financial inclusion by offering integrated financial solutions that socially and economically empower its customers using innovative solutions. Solutions like Equity Online, EazzyBiz, and Eazzy Stock offer SMEs easy and comprehensive banking experiences.

Olany thanked Top 100 partners KPMG and National Media Group for allowing Equity Bank to be their financial and banking partner. In July 2024, Equity Bank Uganda announced a partnership with KPMG and the Nation Media Group as the main sponsor of Uganda’s Top 100 Mid-Sized Companies Survey and Awards for the next three years.

Other partners include the Uganda Securities Exchange, Huawei, and The Innovation Village.

Gerald Oola, Industry Solutions Manager at Huawei Technologies Uganda, gave the keynote presentation. Oola highlighted the crucial role of digital transformation in enhancing SME growth, particularly in Uganda, where SMEs contribute 70% of GDP and 80% of employment.

“Initially, adapting to technology was an option, but with the changing trends of the world, it is a necessity. You have to adapt to the changing market, the changing scope, and the changing world,” Oola said.

His session covered key concepts of digitization, digitalization, and digital transformation, emphasizing data-driven strategies and automation to optimize business processes. The presentation also addressed supply chain management, cloud computing benefits, and cybersecurity tailored to various industries.

Equity Bank Uganda also supports the transformative Africa Recovery and Resilience Plan (ARRP) through the Equity Group Innovation Hub. Developed by E&M Technology, this initiative aims to digitize value chains for over 100 million customers.