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To overcome the current transformative or disruptive business environment, SMEs have been encouraged to take up more technology-based banking and financing solutions from Equity Bank Uganda.
These remarks were made by Mr. James Olany the Strategy & Business Manager at Equity Bank Uganda at a Top 100 SME networking forum held at the Sheraton Kampala where Technology was the main theme for the event.
“As a result of emerging technologies such as blockchain technology, cryptocurrencies, artificial intelligence and machine learning, these advancements have not only shaped the operational strategies but also set new standards of how customers are to be served and the experience that customers expect to receive”, said Mr James Olany.
In his presentation, Mr. James Olany revealed that 96% of all customer transactions at Equity Bank Uganda were through digital channels. He also revealed that about 50% of all our Equity Bank Uganda customers were tele-connected and could access their accounts at their convenience wherever they were using the Equity Bank Mobile App or online banking platforms such as EazzyBiz.
During the breakfast event, Mr. James Olany appreciated SMEs for their support in banking with Equity which has been at the forefront of supporting SME growth in not only Uganda but also East Africa and beyond.
He advised SMEs that to scale their businesses and extend their market reach beyond Uganda, adoption and leveraging of the latest technology was inevitable.
Mr. James Olany also revealed that Equity Bank provides financial education to their customers and runs technology-based upskilling to assist them in commercializing and digitizing their businesses.
Some of the technologies making breakthroughs for Equity Bank SME customers include retailing their goods and services on their websites, being part of online marketplaces like Kikubo Online, Jumia and integrating e-commerce payment such as Eazzy biz, Eazzy stock, card payments and digital transactions via mobile app, that are all offered by Equity Bank Uganda.
Today’s remarks on technology aligned with the Bank’s mission to champion financial inclusion by offering integrated financial solutions that socially and economically empower its customers using innovative solutions.
Some of these innovative solutions include Equity Online, EazzyBiz and Eazzy Stock which offer SMEs easy and comprehensive banking experiences that support their financial needs, cash management, liquidity management, bill payments and cashless transaction settlements that eventually make banking easy.
Mr. James Olany also thanked the Top 100 partners KPMG and Nation Media Group for allowing Equity Bank to be their financial and banking partner.
In July 2024, Equity Bank Uganda announced that it had partnered 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.
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The Top 100 mid-sized companies is a survey-based campaign that has been ongoing for over a decade and organized by Nation Media Group (Daily Monitor, K-FM and NTV) in partnership with KPMG, a leading international auditing firm. Other partners include the Uganda Securities Exchange, Huawei and The Innovation Village.
At the launch, Anthony Kituuka the MD of Equity Bank Uganda stated that Top 100 Mid-Sized Companies Survey and Awards presented a significant opportunity for Equity Bank to showcase their SME offerings and solidify their position as a key financial partner in the sector.
Other technology-based solutions from Equity Bank Uganda include the Equity Group Innovation Hub, a technology project that supports the transformative Africa Recovery and Resilience Plan (ARRP) to digitize value chains for over 100 million customers.
The initiative was developed by E&M Technology, a software development company specializing in financial industry innovations across East Africa. E&M Technology was founded and is run by Equity Leader Program alumni.
The Equity Group Innovation Hub participate in physical innovation hub settings, workshops, idea sharing, collaborating on projects and developing new solutions for socio-economic transformation including complex banking industry problems and cyber fraud.
Other speakers at the event included Mr. Gerald Oola, Industry Solutions Manager, Huawei Technologies Uganda, who gave the key note presentation.
Gerald highlighted the crucial role of digital transformation in enhancing SME growth, particularly in Uganda, where SMEs contribute 70% of GDP and 80% of employment. His session covered key concepts of digitization, digilalization, and digital transformation, emphasizing the importance of data driven strategies and automation to optimize business processes.
The presentation also addressed the significance of supply chain management, the benefits of cloud computing, and the necessity of cybersecurity tailored to various industries.
“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,” he said.