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Equity Bank Uganda has embarked on a strategic mission to strengthen its relationship with Ugandans living and working in the United Arab Emirates (UAE) by offering specialized financial and banking services.
This is in response to several calls from Ugandans living in the region for customized financial solutions. The bank’s team is currently in Abu Dhabi and Dubai to directly engage with its diaspora clients under the initiative “Equity Goes to UAE.”
This visit is part of the bank’s participation in International Customer Service Month 2024, themed “Above & Beyond,” which emphasizes its commitment to going the extra mile for its clients. During the visit, Equity Bank will offer services like opening diaspora accounts, investment advisory, loan facilitation, and financial literacy education to support Ugandans living in the UAE.
The Head of International Banking, Winfred Wanjiru, said, “Equity Bank Uganda has in the past played an integral role in supporting the Ugandan diaspora by offering seamless banking, financial, and investment solutions that enable workers to remit funds back home to their families, manage their finances remotely, and invest back home”.
The UAE has emerged as a prime destination and a top choice for Ugandan migrant workers since 2014. In 2023, it is estimated that Ugandans in the UAE remitted a substantial US$300 million back home, out of the approximately $1.43 billion (about 5.32 trillion Ugandan Shillings), representing almost a quarter of the total remittances. This is according to a World Bank report.
Remittances play a crucial role in reducing poverty and enhancing food security in Uganda. The money also goes towards significant economic transactions at home, including the purchase of land, construction of houses, payment of tuition fees, and healthcare, among others. All of these have a ripple effect on the value chain.
“With this visit and our interactions with Ugandans in the UAE, we will deepen our engagements with customers by addressing their needs, which emphasizes Equity’s commitment to customer-centric banking services tailored for Ugandans in the diaspora. Remember that our vision is to be the champion of the socio-economic prosperity of the people of Africa—no matter where they are based,” she continued.
During this visit, Equity Bank Uganda’s International Banking and Cross-Border Payments team attended the Uganda Independence celebrations in Abu Dhabi, took part in the launch of the Uganda Business Centre, and exhibited at the Uganda-UUAE Business Convention. They will also visit several employee camps for major companies that hire and host Ugandans.
The visit will also generate awareness of Equity Bank’s presence in the UAE and drive engagement with the Ugandan diaspora community and other residents who have in the recent past often faced challenges accessing reliable banking services that cater to their unique needs.
Equity Bank Managing Director, Anthony Kituuka, said that this visit was not your typical one. Instead, it represented the bank’s ongoing commitment to working with its clients to provide easily accessible financial services.
“The UAE is an integral location for not only Ugandan migrant workers but also Ugandan businessmen and women. As you see, our national airline, Uganda Airlines, flies to Dubai four days a week. These efforts demonstrate our willingness to serve Ugandan and international customers. It also allows us to increase our client and customer relations by providing diaspora banking services while growing the bank’s footprint in the Middle East”.
Equity Bank will also provide financial literacy education and sensitization on secure banking. Ugandans in the UAE have been the target of financial fraudsters.
The bank will also offer financial services such as opening diaspora accounts, responding to loan requests and applications, advising on investments, processing VISA card applications, and promoting savings options during the visit.