The Bank of Uganda (BoU) has announced sweeping changes to cheque transaction limits and over-the-counter (OTC) cash withdrawals as part of its strategy to accelerate the country’s transition towards a digital-first financial system.

In a circular dated May 29, 2026, and addressed to chief executives of commercial banks, credit institutions and microfinance deposit-taking institutions, the central bank said it would significantly reduce interbank cheque value limits while introducing new caps on cash withdrawals conducted at banking halls.

According to the directive, the maximum value for interbank cheques denominated in Uganda shillings will be reduced by half, from UGX 10 million to UGX 5 million. Similar reductions have been applied to foreign currency cheques, with limits for US dollar, Euro, Pound Sterling and Kenyan Shilling transactions also cut by 50 percent.

The Bank of Uganda said the measures are aligned with its e-payments strategy and broader national digitalisation agenda, which seeks to promote a cash-lite economy and encourage greater use of secure electronic payment channels.

“These interventions align with our strategic commitment to fostering a modern, digital-first financial landscape by encouraging a shift from traditional paper-based instruments to secure electronic channels,” the circular states.

The new framework also introduces cash withdrawal limits for customers accessing funds directly from bank counters. Individual account holders will be restricted to daily cash withdrawals of UGX 50 million and weekly withdrawals of UGX 250 million. Corporate and business accounts will face daily limits of UGX 500 million and weekly caps of UGX 2.5 billion.

Industry observers say the move reflects growing efforts by regulators to reduce the costs and risks associated with cash handling while increasing the adoption of electronic transfers, mobile money, real-time payments and other digital financial services.

The central bank has provided a transition period before implementation. The revised cheque limits and cash withdrawal caps will take effect on January 1, 2027, allowing banks and customers time to adjust and clear existing instruments.

The reforms are expected to have significant implications for businesses that still rely heavily on cheque payments and large cash transactions, while potentially accelerating Uganda’s shift towards a more digitised payments ecosystem.

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Equity Bank Uganda has reiterated its focus on strengthening Savings and Credit Cooperative Organisations (SACCOs), micro enterprises, and grassroots entrepreneurs through customised financial solutions, capacity building, and green financing initiatives.

Speaking at the Uganda Central Co-operative Financial Services Ltd (UCCFS) Annual General Assembly at Silver Springs Hotel in Bugolobi May 29, the Bank said its growth from a small savings entity into a regional financial institution continues to shape its mission of empowering community-based enterprises.

Equity Bank Head of SMEs, Olivia Mugaba, said the institution’s origins were rooted in farmers who were excluded from formal banking due to lack of collateral and financial history, but who built a trusted savings and credit system through collective effort.

She noted that SACCOs remain a critical driver of inclusive growth, adding that the Bank’s approach is built on understanding client realities rather than enforcing rigid lending requirements.

The Bank also emphasized its free financial literacy and governance training programmes for SACCOs, saying it is committed to supporting capacity building at no cost across regions.

Mugaba further highlighted Equity Bank’s green financing agenda, which supports renewable energy, waste management, and environmentally sustainable projects at reduced interest rates.

Equity Bank’s Segment Head of Micro Business, Bob Paul Lusembo, described SACCOs as the foundation of grassroots economic transformation, noting that liquidity constraints remain a key challenge the Bank seeks to address through targeted financing.

He said the Bank provides micro-financing ranging from UGX 1 million to UGX 100 million for SACCOs, alongside governance support and leadership training to ensure sustainability.

Lusembo also revealed specialised financing for agriculture and supply chain actors, including unsecured loans for farmers and distributors with verified contracts, as well as broader SME financing of up to UGX 6 billion.

The Bank reaffirmed its long-term partnership with UCCFS, urging SACCO leaders to continue engaging the institution to co-develop solutions that strengthen cooperative growth across Uganda.

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About 36 pc of banks cited limited foreign exchange liquidity as the primary constraint to their trade finance growth between 2020 and 2024, compared with 18 pc during the interlude between 2015 and 2019.

Forex shortages, usually US dollars, severely restrict trade finance for African businesses by reducing bank liquidity, increasing import costs, and delaying international payments. This gap cripples small and medium-sized enterprises (SMEs) that rely on foreign currency to import raw materials and inventory.

Political instability is a primary driver of limited foreign exchange access in Africa, as it directly damages investor confidence, disrupts export-generating industries, and limits central banks’ ability to maintain currency reserves.

Nevertheless, the fifth edition of the Trade Finance Report, published by the African Development Bank AfDB), paints a picture of resilient African financial institutions in the post Covid-19 years, despite a challenging global environment.

Presenting the report at the AfDB Annual Meetings in Brazzaville on Thursday, Anthony Simpasa, Director of the Macroeconomic Policy, Forecasting and Research, said unmet demand for trade finance declined by nearly 10 pc between 2019 and 2024. This was a result of strong interventions from multilateral development banks, governments, export credit agencies, and global banks.

Forex shortages in Africa are also driven by a structural imbalance between foreign currency inflows and outflows. Primary causes include heavy reliance on imported goods, fluctuating global commodity prices, high external debt servicing, capital flight, and volatile foreign direct investment (FDI).

Recently, several African countries, including Nigeria, Egypt, Ethiopia, Ghana, Malawi, Mozambique, and Tanzania, have faced significant forex shortages, but Uganda has mostly been unscathed.

AfDB and other development financial institutions (DFIs) facilitated about $32 billion in trade finance annually between 2020 and 2024, accounting for about three percent of Africa’s total merchandise trade on average over the same period.

According to the report, these interventions were critical in sustaining trade flows, with estimates suggesting that, in the absence of DFI support, the annual trade finance gap could have exceeded $100 billion during the four years ending 2024.

However, Simpasa said “Renewed geopolitical tensions and disruptions to global supply chains and trade flows could reverse post-pandemic progress in narrowing the trade finance gap. For instance, tighter correspondent risk appetite could widen the trade finance gap to $86.6 to $102.6 billion by 2027 under a moderate to severe scenario. This is at least 17.7 pc above the 2024 level, potentially erasing a decade of gains.”

African trade remains underserved by commercial banks. Over the five years covered by the report, commercial banks intermediated an average of 23 pc of Africa’s total trade, down from 40 pc during the period between 2011 and 2019.

Furthermore, the adoption of digital trade finance solutions by banks remains low, primarily due to high implementation costs and inadequate technological infrastructure.

Only 28 pc of the banks responded to having adopted digital tools or platforms for their trade finance operations. Yet, exciting innovations are gaining ground, such as digitization, guarantees and asset management initiatives to expand the trade finance asset class and related offerings to the market.

Discussing the report, Mehdi Tanani, the Proparco Regional Director for Central Africa, said, “Africa will not close its trade finance gap by adding constraints, but by building a more resilient, more digital, and more sustainable trade finance ecosystem — one that protects SMEs against global shocks while accelerating the continent’s economic integration.”

Proparco is a development finance institution partly owned by the French Development Agency and private shareholders from the developed countries.

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The strategy aims to expand operations to 15 countries from the current seven, serve 100 million customers, and deploy next generation digital and AI-enabled systems and become a Transformation Finance Institution.

Besides Kenya, Equity Group, has banking operations in the Democratic Republic of Congo (DRC), Tanzania, Uganda, Rwanda, South Sudan and a representative office in Ethiopia.

Speaking recently during the release of first quarter results, Dr. James Mwangi, Group Managing Director and CEO said, “As we progress toward our 2030 ambitions, we are evolving beyond traditional banking into a Transformation Finance Institution that mobilizes capital, connects ecosystems, and accelerates inclusive, sustainable prosperity across Africa.”

ARRP is a targeted strategy aimed at catalyzing green industrialization, boosting regional supply chains, and increasing investments in agriculture, extractive sectors, and value-added manufacturing. ARRP is also a blueprint designed to transition Equity Group from a traditional bank into a regional, technology-led Transformation Finance Institution.

Dr. Mwangi said Equity’s technology-led transformation is now firmly embedded across the Group. “Customer behaviour continues to shift decisively toward digital channels, with 98.3 pc of all transactions occurring outside branches and 89.5 pc processed through digital platforms, demonstrating that customers are actively choosing the convenience and reliability of Equity’s digital ecosystem,”

The transformation is being reinforced by large-scale staff up-skilling, with employees embracing AI and digital training in a way that will position them to lead the next phase of the Group’s innovation strategy. This includes 80% of Group staff completing a business-focused generative AI course, with over 20,000 hours of instruction achieved. Investments in human resources, is expected to result in faster service delivery, improved risk management, and scalable growth across all markets.

Another major component of ARRP is redirecting liquidity equivalent to two percent of the region’s GDP toward the private sector, targeting critical value chains in agriculture, manufacturing, MSMEs, and infrastructure. The plan also aims to create up to 50 million jobs across the continent by 2030 in an equal mix of both direct and indirect.

Dr. Mwangi said, “We are building a future-ready institution; scalable, secure, and impact-led, anchored in digital capabilities, staff up-skilling, and a culture of disciplined execution.”

In implementing ARRP, Equity Group, among other underlying objectives, wants to capacitate, finance and connect East African Community (EAC) value chains to global supply chains. EAC membership is presently made up of Burundi, the DRC, Kenya, Rwanda, Somalia, South Sudan, Tanzania and Uganda.

Addressing the Africa CEO Forum 2026 in Kigali recently, Dr. Mwangi said, “We want to enable trade across the continent and create platforms that empower businesses and entrepreneurs to scale.”

Equity Group is betting on a positive outlook for a region that has access to critical raw materials; can support industrial capacity needs and an entrepreneurial and innovative local work force; and provides a sizeable market that is increasingly becoming more integrated.

The EAC is seen as the cornerstone for the successful implementation of ARRP. By providing an integrated single market with unified regulations, the EAC allows Equity Group to scale its financial services across borders, directly fueling the plan’s ambitious goals to reach 100 million customers and create 50 million jobs.

For the past three years, the African Development Bank has ranked East Africa, as the fastest growing economic region. According to the 2026 African Economic Outlook released during midweek, although East African growth is projected to ease from 6.6 percent in 2025 to 5.9 percent in 2026, due to rising energy and import costs linked to Middle East disruptions, a rebound to 6.4 percent is anticipated in 2027.

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Global payments company PayPal is betting big on Africa’s digital economy after expanding access to its digital dollar stablecoin, PayPal USD (PYUSD), to users across 70 global markets, a move expected to reshape how African businesses receive and move money internationally.

The expansion, announced from San Jose, California on May 26, positions Africa among the company’s strategic growth frontiers as demand rises for faster, cheaper and more reliable cross-border payment systems.

For Ugandan businesses, freelancers and online entrepreneurs, the development could ease one of the longest-standing frustrations in digital commerce: getting paid on time.

From software developers and remote workers to coffee exporters, online traders and creative professionals, many Ugandans operating in global markets have traditionally faced delayed settlements, high bank charges and costly currency conversion fees when receiving international payments.

The introduction of PYUSD now allows users to buy, hold, send and receive digital dollars directly through PayPal accounts, significantly reducing settlement times that often stretch from several days to weeks under conventional banking systems.

The company says the rollout is designed to modernise an international payments system that many businesses increasingly view as outdated and inefficient in an era of real-time digital commerce.

According to May Zabaneh, the current global financial infrastructure no longer reflects the speed at which modern businesses operate.

“Consumers and businesses around the world are looking for faster, more seamless ways to transact globally and the current system still charges too much, takes too long, and settles on timelines that were designed for a different era,” Zabaneh said during the announcement.

She added that expanding PYUSD access would help consumers access funds faster while lowering the cost of transferring money across borders.

Africa featured prominently in PayPal’s expansion strategy, with company executives describing the continent as one of the world’s fastest-growing digital commerce markets.

Otto Williams said the rollout is intended to support businesses driving growth across African economies.

“Bringing PYUSD to Africa is about delivering tangible value to the people and businesses driving growth in these dynamic markets,” Williams said.

“Consumers gain a flexible, stable way to move funds faster, while businesses can streamline cross-border payments, improve settlement times, and unlock new opportunities for growth.”

The move comes as Uganda’s digital economy continues to expand rapidly, driven by rising internet penetration, mobile money adoption and a growing number of young people working remotely for international clients.

Industry analysts say stablecoins are becoming increasingly attractive because they combine the speed and flexibility of blockchain technology with the stability of traditional currencies such as the US dollar.

Unlike volatile cryptocurrencies like Bitcoin, PYUSD is fully backed by U.S. dollar deposits, Treasury securities and cash equivalents. The stablecoin is issued by Paxos Trust Company under U.S. financial regulations.

For Uganda’s growing freelance workforce, the development could provide quicker access to overseas earnings at a time when digital labour exports are becoming an increasingly important source of income for young professionals.

Technology startups, tourism operators, agribusiness exporters and e-commerce traders are also expected to benefit from lower transaction costs and faster international settlements.

Financial technology experts believe the rollout reflects growing international confidence in Africa’s digital payments future as global firms increasingly position themselves around the continent’s expanding online economy.

The expansion also highlights the broader shift underway in global finance, where digital assets and blockchain-based payment systems are gradually moving from speculative investments into mainstream commercial infrastructure.

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Equity Bank Uganda has strengthened its balance sheet and reinforced its role within the regional operations of Equity Group Holdings Plc after the pan-African lender posted strong first quarter 2026 growth driven by regional expansion, digital banking and customer growth across East and Central Africa.

The Ugandan subsidiary emerged as one of the Group’s key regional anchors, posting sustained asset growth and continued lending expansion despite what the bank described as a cautious operating environment.

According to the Group’s Q1 2026 financial results released Tuesday, Equity Bank Uganda’s total assets grew 16 percent year-on-year to UGX 3,817,418,600,000 (KSh131.1 billion), while customer deposits rose 6 percent to UGX 2,802,595,200,000 (KSh96.2 billion.)

The lender’s loan book also expanded by 5 percent to KSh49.6 billion, reflecting continued financing to businesses, households and productive sectors of Uganda’s economy.

Shareholders’ funds strengthened to UGX 588.4 billion (KSh20.2 billion), further boosting the bank’s capital position ahead of anticipated growth opportunities linked to Uganda’s broader economic expansion and regional trade integration.

The performance comes at a time when Uganda’s banking sector is benefiting from improving private sector credit growth, easing inflationary pressures and heightened investor activity ahead of the country’s expected first oil production later this year.

Equity Bank Uganda also improved its risk resilience during the quarter, with IFRS coverage rising to 82 percent, signaling stronger provisioning buffers amid evolving regional macroeconomic conditions.

Although profitability moderated during the period, the bank still delivered Profit Before Tax of  UGX 32 billion (KSh1.1 billion) as it continued investing in digital capability, customer acquisition and service delivery infrastructure.

The results mirror the growing strategic importance of regional subsidiaries within Equity Group’s long-term transformation agenda.

Across the Group, regional subsidiaries now account for 52 percent of total banking assets and contributed half of total banking profitability, underlining the success of the lender’s shift from a Kenya-focused bank into a diversified regional financial institution.

Group-wide, Equity posted a 24 percent jump in Profit After Tax to KSh19.1 billion during the first quarter, while total assets grew 16 percent to KSh2.04 trillion.

Customer deposits rose 13 percent to KSh1.48 trillion and net loans increased 9 percent to KSh873.5 billion, reflecting continued customer confidence and economic activity across its markets.

The Group now serves 22.7 million customers through 409 branches, 86,910 agency outlets and more than 1.4 million merchants across Africa.

Regional subsidiaries also delivered robust performances beyond Uganda, with Equity Bank Tanzania recording 150 percent growth in profit after tax, Equity Bank Rwanda posting 36 percent growth and Equity BCDC in the Democratic Republic of Congo delivering 32 percent growth.

The lender said its digital transformation strategy continued to reshape operations, with 98.3 percent of all transactions now occurring outside physical branches and nearly 90 percent processed through digital platforms.

Operational efficiency also improved significantly, with the Group’s cost-to-income ratio declining to 50.6 percent from 54.2 percent a year earlier.

Speaking on the results, Group Chief Executive James Mwangi said the Group’s performance reflected the success of its transition into a regional, technology-driven financial services institution.

“Our Q1 performance reflects the success of our deliberate transformation into a diversified, regional, technology-led financial services Group. We are building a future-ready institution; scalable, secure and impact-led,” he said.

Mwangi added that the Group was increasingly positioning itself beyond traditional banking toward what he described as a “Transformation Finance Institution” aimed at mobilizing capital and accelerating inclusive prosperity across Africa.

Beyond banking, Equity Bank Uganda also continued investing in leadership development and youth empowerment through the Equity Leaders Program, commissioning its fifth cohort while celebrating graduates from the inaugural intake.

Analysts say the Ugandan subsidiary’s continued balance sheet expansion positions it strongly to benefit from rising infrastructure investment, oil-sector activity and regional trade flows expected to reshape East Africa’s economic landscape over the next decade.

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Equity Group Holdings has posted a strong first-quarter performance for 2026, underlining the resilience of East Africa’s banking sector amid tightening regional credit conditions and persistent macroeconomic volatility.

The regional lender reported a 24 percent rise in profit after tax attributable to shareholders to KSh18.3 billion for the three months ended March 2026, up from KSh14.8 billion recorded during the same period last year.

The results cement Equity’s position as one of Africa’s strongest banking franchises by profitability, liquidity and capital strength, even as lenders across the region grapple with slower private-sector credit uptake, foreign exchange volatility and elevated loan defaults.

The group’s total assets expanded to KSh2.04 trillion from KSh1.75 trillion a year earlier, driven by growth in customer deposits, investment securities and regional banking operations.

Customer deposits climbed to KSh1.48 trillion, compared to KSh1.31 trillion in the corresponding quarter of 2025, reinforcing Equity’s dominance in retail and SME banking across East and Central Africa.

Net loans and advances to customers stood at KSh873.5 billion, slightly down from KSh882.5 billion at the close of 2025, suggesting the lender remained cautious on credit expansion despite improving economic conditions in some regional markets.

Non-interest income strengthens

A major driver of the quarter’s performance was the continued expansion of non-funded income streams, highlighting the growing importance of transaction banking, foreign exchange operations and digital financial services in African banking profitability.

Group non-interest income rose to KSh22.3 billion during the quarter, supported by strong growth in fees and commissions, foreign exchange trading income and transaction services.

Foreign exchange trading income alone rose to KSh3.33 billion from KSh2.69 billion a year earlier, reflecting sustained currency market activity across the region.

The lender’s diversified revenue structure continues shielding it from pressure on traditional lending margins as interest-rate cycles stabilize across East Africa.

Total operating income increased to KSh55.3 billion from KSh48.2 billion a year earlier.

Asset quality improves

The results also pointed to improving asset quality trends after years of elevated credit stress linked to post-pandemic economic disruptions and currency depreciation pressures in several African markets.

Gross non-performing loans declined to KSh109.5 billion from KSh132.8 billion recorded in March 2025.

Net non-performing loan exposure fell sharply to KSh4.17 billion from KSh52.4 billion a year earlier after accounting for provisions and collateral coverage.

Loan-loss provisions declined to KSh2.8 billion during the quarter from KSh3.37 billion in the corresponding period last year, signaling easing credit impairment pressures.

The group maintained strong provisioning buffers, with total loan-loss provisions standing at KSh49.3 billion.

Capital and liquidity remain robust

Equity continued to maintain capital ratios comfortably above regulatory thresholds, giving the lender significant balance-sheet flexibility as competition intensifies in regional banking markets.

The group’s total capital adequacy ratio stood at 19.1 percent against a statutory minimum requirement of 14.5 percent.

Liquidity also remained exceptionally strong, with the group’s liquidity ratio at 64.7 percent — more than triple the regulatory minimum of 20 percent.

The lender’s core capital-to-risk weighted assets ratio stood at 17.7 percent compared to the minimum requirement of 10.5 percent.

Analysts say the strong liquidity position reflects continued customer confidence in the bank’s deposit franchise and provides room for future lending growth as regional economies stabilize.

Regional banking expansion paying off

The results reinforce Equity Group’s transformation from a Kenyan banking institution into a diversified regional financial services conglomerate with operations spanning East and Central Africa.

The bank has increasingly relied on regional subsidiaries and non-banking businesses such as insurance, investment services and digital payments to drive growth beyond the mature Kenyan banking market.

The lender also highlighted a string of recent industry recognitions, including being ranked among Africa’s strongest banking brands and one of the continent’s most valuable financial institutions.

Group Managing Director and CEO James Mwangi signed off the results alongside Group Chairman Isaac Macharia.

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Besides cutting operational costs and raising efficiencies to enhance the customer experience, Equity Group wants to unlock more value from the digital ecosystem after completion of the restructuring process.

The Equity Technology Group Managing Director, Sarah Kabira, is to head the new company. She is being supported by a leadership team of experienced and well respected people in the ICT sector, including Eve Ngigi, John Kamara and Johnny Falla who, between them have had stints at Visa, Google, Andela and Lori. Kabira herself was formerly at Safaricom.

Referring to these developments during the recent release of their 2025 full year results in Nairobi, Equity Group Managing Director and CEO Dr. James Mwangi said executing its 2030 strategy involves leveraging next‑generation digital and AI‑enabled capabilities to scale impact, deepen inclusion and accelerate growth across the continent.

This Equity Group’s 2030 strategy positions the organization for transformative, continent‑wide growth, aiming to operate in 15 countries and serve 100 million customers by 2030.

Dr. Mwangi said, “Our focus is to build a future-ready institution that is scalable, secure and impact-led. Through our Africa Recovery and Resilience Plan, we are investing in next-generation digital and AI-enabled capabilities that enhance customer experience, strengthen risk management and lower the cost-to-serve, while extending access to affordable credit, insurance and investment solutions.”

He said, “As we progress toward our 2030 ambitions, we are evolving beyond traditional banking into a Transformation Finance Institution that mobilizes capital, connects ecosystems and accelerates inclusive, sustainable prosperity across Africa.”

Planned upgrades to be incorporated in the new company include next‑generation digital, AI‑enabled systems, and the launch of innovative applications supported by a modern go‑to‑market model. These developments are expected to drive more effective service to diverse customer segments while building a culture of client centricity, agility, and innovation.

Based in Nairobi, Equity Group operates as a non-operating holding company, with significant regional operations contributing nearly 50 pc of total assets and 54 pc of profit before tax.

During 2025, net profit was KSh75.5 billion ($580 million), up from KSh48.8 billion the previous year. The balance sheet expanded by nine percent to KSh1.97 trillion or $15 billion,  (FY2024: KSh1.8 trillion), and customer deposits rose by four percent to KSh1.46 trillion (FY2024: KSh1.40 trillion).

The Group currently operates banking subsidiaries in six African countries: Kenya, Uganda, Tanzania, Rwanda, South Sudan, and the Democratic Republic of Congo. Equity also maintains a commercial representative office in Ethiopia.

Equity Bank was recently named the Best Regional Bank in East Africa and retained its position as Kenya’s most valuable brand in 2025, reaffirming the Group’s regional leadership and commitment to financial inclusion and socio‑economic transformation.

Beyond lending, the Group is strengthening market linkages for SMEs by enabling cross-border trade through its regional footprint and integrated digital payments and transaction-banking capabilities; helping businesses access new customers, suppliers and growth opportunities across the region.

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Speaking on the sidelines of the World Bank/IMF Spring Meetings at a Devex event in Washington recently, Dr Mwangi said total global private capital is presently about 136% of the total GDP of national economies, “The private sector has much more money than the sovereigns. So essentially giving it a space to play alongside governments would be a lasting solution, but what remains is how to convince governments,” he said.

Devex is a  media platform and social enterprise, created to drive the global development agenda.  Devex describes the Power 50 list as individuals who are transforming development as we know it. Dr. Mwangi is also a member of the World Bank Group High-Level Advisory Council on Jobs.

He said, “After some 80 years of multilateral operations, particularly the Bretton Woods institutions, I think the question of relevance is being asked more seriously. I think that the response— that the answer lies in the private sector is giving us hope. The private sector can drive development, through the production of goods, and creation of employment. But this will not happen unless the multilateral lenders engage governments to create an enabling environment for the private sector to be a true partner.”

He said, “The money from the World Bank, IMF, and the IFC is not sufficient to fund development, but it’s sufficient to act as a catalyst and create a platform for the private sector to engage.”  

Against this backdrop, Equity Group is implementing its  Africa Recovery and Resilience Plan (ARRP). This is a $6 billion-plus initiative designed to boost Africa’s economy by financing and building the capacity of value chains in agriculture, manufacturing, and SMEs. It aims to foster 50 million jobs, support 25 million MSMEs, and promote social/environmental transformation by 2030. Dr Mwangi said all the capital for ARRP is sourced from the private sector.

He said through synergies and collaborations amongst private sector players it is creating a uniform way of approaching the market. “Through  consistent collaboration, we are seeing significant impact and as a bank, our role is to orchestrate and allocate resources on the basis of that plan.”

Dr. Mwangi said inadequate government resources and rising public debt, coupled with the events in the Middle East is causing uncertainty. “At the moment, Equity customers are feeling the challenge of government capacity. Debt stress in Africa is real. We also see inflation, particularly due to the crisis in the Middle East, has picked up significantly and there is a lot of uncertainty. That is what is leading in the minds of our customers,” he said.

He said the most critical area of concern is rising energy costs, because these feed into production, including the cost for fertilizers which directly affects Africa’s agriculture sector and food security.

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