Equity Bank Set to Open in UAE

By Our Reporter,

KAMPALA

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In a landmark decision, Equity Group has received shareholder approval to establish a Representative Office in the United Arab Emirates (UAE), marking a significant step in its strategic expansion beyond Africa.

Subject to regulatory approvals from the Central Bank of Kenya and UAE authorities, this move is poised to unlock a wealth of business, trade, and investment opportunities, connecting East and Central Africa with the UAE, Middle East, India, Central Asia, and South Asia.

From Left to Right: Bernice Kimacia, Auditor, Pricewaterhousecoopers, Equity Group Chairman, Prof. Isaac Macharia, and Equity Group Managing Director and CEO, Dr. James Mwangi, during the Group’s 21st Annual General Meeting. Equity Group Shareholders approved a record Kshs. 16 billion dividend payout at Kshs. 4.25 per share, reaffirming the Group’s commitment to shareholder returns. They also endorsed key governance policies, approved new board appointments, acknowledged the retirement of four longtime directors, and authorized the opening of a Representative Office in the UAE.

For the thousands of Equity Bank Uganda customers living and working in the UAE, Dubai, and Saudi Arabia, this development promises a transformative leap in accessing tailored financial services they’ve long awaited.

The approval, ratified during Equity Group’s 21st Annual General Meeting held on 25th June 2025, reflects a vision to bridge continents, with the Dubai office set to serve as a vital link for diaspora customers interested in one on one customer service, trade facilitation, diaspora banking, and capital raising, amongst others.

This milestone also builds on Equity Bank Uganda’s proactive efforts to engage its diaspora, a journey that began gaining traction in recent years through past initiatives where Equity Bank Uganda’s service and management teams visited Dubai and Saudi Arabia, offering specialized financial and banking services to address their unique needs—ranging from remittances to investment opportunities, efforts that resonated deeply with the diaspora community.

For many Ugandans in the Gulf, the lack of direct banking support has been a persistent challenge. Working as professionals, or entrepreneurs and laborers in Dubai and Saudi Arabia, they’ve relied on informal remittance channels or distant banking relationships, often facing delays or high costs.

The new UAE Representative Office, expected to be operational in early 2026, will change this narrative. It will provide on-site support for letters of credit and supply-chain finance, reducing settlement delays, while enhancing remittance and mobile-money services for the millions of East Africans in the region. This aligns with Equity’s promise to become Africa’s “one-stop financial services platform,” as articulated by Dr. James Mwangi, Group Managing Director.

From Left to Right: Rosa Nduati-Mutero, Managing Partner, ALN Kenya, Equity Group Chairman, Prof. Isaac Macharia, Equity Group Managing Director and CEO, Dr. James Mwangi, and Bernice Kimacia, Auditor Pricewaterhousecoopers, during the Group’s 21st Annual General Meeting. Equity Group Shareholders approved a record Kshs. 16 billion dividend payout at Kshs. 4.25 per share, reaffirming the Group’s commitment to shareholder returns. They also endorsed key governance policies, approved new board appointments, acknowledged the retirement of four longtime directors, and authorized the opening of a Representative Office in the UAE.

The move also opens doors for Gulf investors to tap into East Africa’s burgeoning markets, particularly in agribusiness, infrastructure, and energy sectors where Ugandan expatriates often seek to invest.