Equity Bank Uganda has stepped up warnings over the use of public Wi-Fi networks for banking, citing rising exposure to cyber threats and financial fraud as more customers shift to digital channels.

The advisory comes against the backdrop of recent court rulings in Uganda that have placed primary responsibility for safeguarding account credentials on customers, reinforcing the need for stronger user vigilance in an increasingly digital financial ecosystem.

In a message shared on X under its “Beera Steady” campaign, the bank cautioned that public internet connections—commonly found in cafes, hotels, and airports—are often unsecured and can expose users to data theft and unauthorised account access.

“Public networks are not secure. Always use your mobile data when accessing your bank account,” the bank said.

The lender urged customers to avoid conducting sensitive transactions such as mobile banking, online transfers, and account logins while connected to public Wi-Fi, warning that such environments can be easily exploited by cybercriminals.

Security experts note that public Wi-Fi networks are particularly vulnerable to attacks such as data interception and spoofing, where malicious actors can capture login credentials, banking details, and other personal information transmitted over unsecured connections.

The warning reflects a broader shift in Uganda’s banking landscape, where mobile and online platforms have become central to financial transactions. While this transition has improved convenience and access, it has also widened the attack surface for fraud and cybercrime.

As a result, banks are increasingly investing in customer awareness initiatives to complement internal security systems. Equity Bank Uganda’s “Beera Steady” campaign is part of this wider industry effort to promote safe digital practices and reduce incidents of avoidable fraud.

The push for greater awareness gained momentum following a series of high-profile cases involving unauthorised access to customer accounts. Investigations into these incidents often revealed that compromised credentials—rather than system breaches—were the primary point of failure, with some customers unknowingly sharing sensitive information or storing login details on unsecured devices.

In response, the Uganda Bankers Association, working alongside the Bank of Uganda and the Ministry of ICT and National Guidance, launched a sector-wide public awareness campaign aimed at educating users on digital banking risks and the importance of safeguarding personal credentials.

That campaign marked a turning point in how responsibility for digital security is communicated, with greater emphasis placed on user behaviour alongside institutional safeguards.

Analysts say the latest advisory from Equity Bank Uganda reinforces the message that even the most secure banking systems can be undermined by unsafe user practices.

Customers are now being encouraged to adopt basic but critical precautions, including using personal mobile data instead of public Wi-Fi, avoiding sharing passwords or PINs, enabling two-factor authentication where available, and regularly monitoring account activity for suspicious transactions.

As Uganda’s financial sector continues its transition toward cashless and mobile-first services, the balance between convenience and security is becoming increasingly important.

Equity Bank Uganda’s warning underscores a growing consensus within the industry—that digital banking safety is no longer solely the responsibility of financial institutions, but a shared obligation requiring informed and cautious users.

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A new partnership between UN Women and Equity Bank Uganda is bringing renewed focus on the distance between financial access and meaningful economic participation for women; a persistent gap in Uganda’s growth story.

Signed this week in Kampala, the two-year collaboration running from April 2026–March 2028, is designed to expand women’s access to financial services while pairing that access with skills, enterprise support and clean energy financing. The initiative will target underserved groups, including women in refugee-hosting communities, where economic vulnerability is often most acute.

At one level, the partnership plays on the familiar development template of providing credit, training and market access. But its structure also signals a more deliberate shift toward tackling the layered nature of financial exclusion, where access alone has often proved insufficient.

“This partnership reflects our shared commitment to ensuring that women—especially those in underserved and vulnerable communities—have the tools, resources, and opportunities to thrive economically,” said Adekemi Ndieli, UN Women Deputy Country Representative in Uganda. “By working together, we can accelerate progress toward inclusive growth and sustainable development.”

The emphasis on combining finance with capability—financial literacy, digital skills and entrepreneurship training reinforces a growing recognition among policymakers and lenders that traditional banking models have struggled to fully integrate women operating in informal and rural economies.

For Equity Bank Uganda, the partnership dovetails into the lenders social agenda that has for long approached inclusion, less as a compliance obligation and more as a growth frontier.

“Equity Bank Uganda is proud to partner with UN Women to dismantle barriers that prevent women from achieving economic autonomy,” said Equity Bank Uganda Managing Director Gift Shoko. “Our commitment goes beyond financial products; we are offering training, digital literacy and clean energy solutions to ensure women can compete and succeed in today’s economy.”

Uganda’s financial inclusion rates have improved in recent years, driven by mobile money and agency banking. Yet disparities remain pronounced, particularly for women in agriculture and informal trade, where access to credit, markets and formal financial tools remains uneven.

The partnership’s focus on women-led agribusinesses and cooperatives points to an attempt to bridge that gap by linking finance to productive sectors where women are already dominant but undercapitalised.

UN Women will provide technical expertise, community mobilization, and policy support, while Equity Bank Uganda will offer tailored financial products, training and advisory services. The partnership will be implemented through a jointly developed work plan with clear targets and measurable impact.

According to the partners, the initiatives implemented under this pact are expected to benefit thousands of women across Uganda by enabling them to access inclusive financial services, expand their economic opportunities, and strengthen their capacity to contribute to inclusive and sustainable development. This includes supporting women’s participation in national and regional markets under the African Continental Free Trade Area (AfCFTA), which has the potential to unlock greater market access, scale women led enterprises, and amplify women’s role as drivers of regional economic growth.

By aligning with opportunities under the African Continental Free Trade Area, the initiative positions women not just as local entrepreneurs but as potential participants in cross-border trade—an area where scale and competitiveness have historically been constrained by limited access to finance and information.

Equally notable is the integration of clean energy financing into the programme. For many low-income households and small enterprises, energy access remains a critical bottleneck, affecting productivity and costs. Linking financing to energy solutions could, analysts say, unlock incremental gains in both household welfare and business performance.

Shoko framed the effort in broader economic terms: “We believe inclusive finance is the foundation of inclusive growth. Together, we will empower women to transform their enterprises and their communities.”

For development actors, that framing underscores a 360-degree shift from viewing women as beneficiaries of inclusion to recognising them as drivers of economic expansion.

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SBG Securities Uganda has introduced a USD-denominated Fixed Income Unit Trust Fund, marking a strategic shift toward multi-currency investment offerings as global economic volatility reshapes investor behaviour.

The new product complements the firm’s existing Uganda shilling (UGX) unit trust, giving investors the option to diversify across currencies at a time when exchange rate pressures and global uncertainty are increasingly influencing returns.

The move reflects a growing recognition within Uganda’s financial sector that currency risk is no longer peripheral but central to portfolio strategy. With geopolitical tensions in the Middle East and fluctuating energy prices driving volatility in global markets, investors are seeking safer stores of value and instruments that can preserve capital in hard currency terms.

Grace Semakula, Chief Executive of SBG Securities Uganda, said the introduction of the USD fund is designed to offer flexibility rather than replace local currency investments.

“The Uganda shilling remains a strong and important foundation for domestic investment. However, in today’s dynamic environment, diversification across currencies is becoming essential. This USD fund complements our UGX offering by giving clients more options as they navigate different investment needs,” she said.

At its core, the USD Fixed Income Unit Trust is structured to act as a hedge against currency depreciation—particularly relevant for investors with obligations or income streams linked to foreign currency. By holding assets denominated in US dollars, investors can shield part of their portfolio from local currency volatility while maintaining exposure to regional and offshore debt markets.

The fund will primarily invest in short-term fixed and floating-rate debt instruments issued by sovereigns, rated banks and corporates across East Africa and international markets. This positioning reflects a cautious strategy focused on capital preservation and steady income generation rather than high-risk returns.

Salima Katamba, Investment Manager at SBG Securities, said unit trusts remain one of the most accessible entry points for retail investors, allowing gradual wealth accumulation without the need for large upfront capital.

“Many people have long-term financial goals but may not have the full capital at once. Unit trusts allow investors to contribute smaller amounts consistently—monthly or even more frequently—and build a meaningful investment portfolio over time,” she explained.

The USD fund has been structured with a relatively low entry threshold, requiring a minimum initial investment of USD 100, with similar amounts for subsequent top-ups. Investors retain flexibility to contribute and withdraw based on their financial needs, a feature that aligns with evolving preferences for liquidity and control.

Beyond product expansion, the launch signals a broader strategic direction for SBG Securities as it positions itself within a competitive and maturing asset management landscape. The firm is betting on a future where Ugandan investors demand more sophisticated instruments, including multi-currency portfolios, as their exposure to global markets increases.

The initiative also aligns with the wider ambitions of Stanbic Bank Uganda, SBG Securities’ parent company, to deepen financial inclusion and expand access to wealth-building tools.

As global economic conditions remain fluid, the introduction of USD-denominated investment options suggests a shift in how local investors are thinking about risk—moving beyond returns in nominal terms to a more nuanced focus on value preservation across currencies.

With both UGX and USD unit trust options now available, SBG Securities is effectively offering a dual-track strategy anchored in local economic growth on one hand, and the other designed to hedge against external shocks. For investors navigating an increasingly uncertain global environment, that combination may prove decisive.

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Stanbic Uganda Holdings Limited has delivered a strong business growth story for 2025, combining balance sheet expansion, disciplined cost management, and sustained investor confidence to post record earnings and a UGX 360 billion dividend payout to shareholders.

The results validate a model built not just on capital strength, but on consistent execution and strategic focus across its core banking operations.

At the centre of this growth is a 23.6pc surge in net profit to UGX 591 billion, up from UGX 478 billion the previous year, alongside an 11pc increase in revenue. The Group maintained tight cost controls, improving its cost-to-income ratio to 47.1pc, reinforcing operational efficiency even as it scaled.

Return on equity rose to 26.8pc, well above internal targets, signalling the bank’s ability to generate strong value from its capital base. This performance has translated into sustained market confidence, with the Group’s share price rising 89pc over three years to UGX 60 by the end of 2025.

Growth has been anchored by Stanbic Bank Uganda, the Group’s primary revenue driver, which delivered broad-based expansion across deposits, lending, and income streams.

Customer deposits grew by 13pc to UGX 8.0 trillion, reflecting deepening trust and a stable funding base. Lending activity also accelerated, with net loans and advances rising 16.4pc to UGX 5.1 trillion, supported by improved credit processes and measured risk-taking.

Revenue from the banking subsidiary increased to UGX 1.4 trillion, driven by both interest income and diversified non-funded income streams—highlighting a shift toward a more balanced earnings mix.

This performance comes amid a leadership transition, with outgoing Group CEO Francis Karuhanga closing his tenure on a high, while Mumba Kalifungwa delivered a strong first year at the helm of the banking subsidiary.

Stanbic’s growth trajectory has been supported by robust financial fundamentals, positioning it to scale without compromising stability.

Capital adequacy remains strong, with a total capital ratio of 23pc—nearly double regulatory requirements—providing ample headroom for future expansion. Asset quality is equally solid, with non-performing loans at just 1.7pc, significantly below the bank’s risk threshold.

Liquidity levels remain exceptionally high, with a liquidity coverage ratio of 354pc, ensuring resilience even under stressed market conditions. These metrics point to a business growing from a position of strength rather than leverage.

The Group’s performance aligns with an improving macroeconomic environment in Uganda, where GDP growth accelerated to 6.3pc in 2025, supported by easing monetary conditions and stronger investor sentiment.

Inflation remained contained at 3.6%, while the local currency strengthened, reflecting improved foreign exchange inflows. Progress toward oil production has also bolstered medium-term growth expectations, creating a supportive backdrop for credit expansion and investment.

Beyond financial performance, Stanbic is positioning its next phase of growth around sustainability and inclusion through its “Positive Impact” agenda.

The strategy focuses on expanding financial access, supporting enterprise development, financing infrastructure, and advancing climate resilience—areas increasingly seen as critical to long-term economic transformation.

As the Group approaches 35 years in Uganda this year, its growth story reflects a shift from scale alone to impact-driven expansion—where profitability, resilience, and national development are increasingly intertwined.

In effect, Stanbic’s 2025 performance illustrates a broader lesson in business growth: sustained success is less about rapid expansion, and more about disciplined execution, diversified income, and the ability to align strategy with evolving economic realities.

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Access to finance is often framed as the primary barrier facing women in business. While capital is undeniably important, it is rarely sufficient on its own. Without a strong foundation, financial resources can be quickly depleted, leaving enterprises vulnerable. Sustainable success depends on preparation, capability, and the right support systems.

Clarity of purpose is a critical starting point. Many aspiring entrepreneurs are inspired by existing ventures and attempt to replicate them without fully understanding the skills required or the risks involved. Such imitation, without adequate preparation, often leads to failure regardless of the amount of capital invested. Building the necessary competencies—through training, mentorship, or hands-on exposure—equips women with the practical insight needed to navigate the complexities of running a business.

Equally important is financial discipline. A common challenge is the overlap between personal and business finances. Diverting business funds to meet household needs, such as school fees or daily expenses, can undermine growth and stability. Establishing clear boundaries between personal and enterprise finances, maintaining accurate records, and practicing sound bookkeeping are essential for sustainability. A clear view of cash flow supports better decision-making and long-term planning.

Technology is another vital enabler in today’s business environment. Digital tools allow entrepreneurs to track finances, manage operations, and reach wider markets. Beyond efficiency, technology expands access to customers and opportunities that would otherwise remain out of reach, particularly for small and growing enterprises.

The role of community should not be underestimated. Women entrepreneurs are more likely to succeed when they operate within supportive networks. Collaboration fosters shared learning, mentorship, and collective problem-solving. In contrast, working in isolation often limits growth and resilience.

Strategic partnerships also matter. While quick-access loans may appear attractive, especially in times of need, high interest rates can strain a business. More sustainable outcomes are achieved by working with institutions that offer patient capital alongside advisory support, training, and market linkages.

As Women’s Month is marked, women considering starting or expanding a business are encouraged to prioritise skills development, collaboration, and prudent financial management. Investing in knowledge, building supportive networks, separating personal and business finances, embracing technology, and choosing reliable partners are all critical steps.

Empowering women to build sustainable enterprises has far-reaching effects—strengthening households, communities, and national economies. Capital may ignite the journey, but it is preparation, discipline, and support that sustain it.

Olivia Mugaba is the Head of SMEs at Equity Bank Uganda.

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Stanbic Bank Uganda is stepping up its digital banking strategy, rolling out new capabilities aimed at reducing friction in account opening, transactions and access to credit as lenders compete for a growing base of mobile-first customers.

The bank’s latest push dubbed “Kikole Ku Speedii,”centres on simplifying onboarding and moving more services onto digital platforms, allowing customers to open accounts within minutes using a national ID and access a wider range of banking services remotely. The shift reflects a broader industry trend in Uganda and across Africa, where financial institutions are retooling operations to meet rising demand for convenience, speed and lower-cost service delivery.

A key focus is improving access to credit. Under the new model, customers can apply for and receive loans of up to UGX 350 million through digital channels, significantly reducing turnaround times compared to traditional branch-based processes. The bank is also introducing smaller, short-term facilities, including interest-free loans of up to UGX 5 million for new digital users, in a bid to drive adoption.

The changes are designed to address persistent bottlenecks in banking, including paperwork-heavy processes, long queues and delays in service delivery. By digitising routine transactions, the bank aims to shift customer interactions away from branches and toward self-service platforms.

Digital functionality is also being expanded beyond core transactions. Customers can now access services such as bank statements and official documents instantly through mobile platforms, reflecting a growing convergence between banking and everyday administrative services.

At the same time, the bank is maintaining a hybrid model for higher-value clients, combining digital tools with personalised support. This approach mirrors a wider industry strategy, where banks are balancing automation with relationship-driven services for affluent and corporate customers.

Physical infrastructure is also being reconfigured to support the transition. Stanbic is rolling out self-service machines across its network, enabling deposits, withdrawals, foreign exchange transactions and other services without the need for teller assistance. The move is expected to reduce pressure on branches while improving turnaround times for routine transactions.

The shift comes as Uganda’s banking sector faces increasing pressure to deepen financial inclusion while managing costs. Digital channels offer a pathway to reach underserved segments—including women, youth and small businesses—by lowering barriers to entry and reducing the cost-of-service delivery.

More broadly, the strategy aligns with efforts to support economic expansion by improving access to financial services. Faster onboarding and credit access are seen as critical enablers for entrepreneurship, small business growth and household financial resilience.

As competition intensifies, banks are increasingly differentiating themselves on user experience rather than product range alone. For Stanbic, the focus on speed, simplicity and accessibility signals a transition from traditional banking models toward a more platform-driven, customer-centric approach.

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Uganda’s insurance industry is sharpening its focus on trust and inclusion, as ICEA LION General Insurance injects Shs100 million into the 8th Annual Conference of the Insurance Brokers Association of Uganda.

The three-day conference, scheduled for April 22–24 in Mbarara, is expected to draw more than 450 delegates, including brokers, insurers, regulators and business leaders. This year’s theme, “Trust Reimagined: Delivering on the Promise,” reflects growing recognition that low insurance penetration in Uganda is as much about perception and accessibility as it is about product design.

ICEA LION’s sponsorship as Gold Sponsor signals confidence in the role of brokers as a key channel for expanding insurance uptake. Industry players increasingly view brokers as critical intermediaries capable of bridging the gap between insurers and underserved segments of the population.

Conference organisers say the 2026 edition will shift the conversation away from traditional corporate clients toward micro, small and medium enterprises (MSMEs) and individual consumers. These segments, while forming the backbone of Uganda’s economy, remain largely uninsured.

Edward Nambafu, CEO of Minet Uganda Insurance Brokers and conference convener, said the renewed focus reflects a need to address long-standing gaps in coverage. By tailoring discussions and solutions to SMEs and individuals, the industry hopes to unlock new growth while improving financial resilience across households and businesses.

The conference is also set to broaden its reach beyond the insurance sector, with companies from other industries expected to participate. This cross-sector engagement is aimed at deepening understanding of insurance as a business enabler rather than a compliance requirement.

Organisers are also introducing new initiatives to extend the event’s impact beyond formal sessions. A city activation campaign and corporate social responsibility drive are planned to engage communities directly and raise awareness about the role of insurance in everyday life.

The annual IBAU conference has steadily grown into one of the sector’s key platforms for shaping industry direction, with previous editions focusing on customer-centric models, innovation and sustainability. This year’s emphasis on trust reflects persistent challenges around public confidence, claims experience and product relevance.

For insurers,  expanding coverage among SMEs and individuals represents one of the largest untapped opportunities in Uganda’s financial services sector. But beyond new products, achieving this will require building credibility, simplifying access and strengthening relationships with customers.

As industry players gather in Mbarara, the expectation is that discussions will move beyond diagnosis to actionable strategies. With trust at the centre of the agenda, the conference could mark a turning point in efforts to bring insurance closer to millions of Ugandans still outside the safety net.

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The World Bank Group has imposed a 21-month debarment with conditional release on three PricewaterhouseCoopers entities in Africa over misconduct linked to a regional electricity project in Ethiopia.

The sanctioned firms—PwC Associates Africa Ltd. (Mauritius), PwC Kenya and PwC Rwanda—were found to have engaged in collusive and fraudulent practices in the procurement of consultancy contracts under the Eastern Electricity Highway Project, part of the broader Eastern Africa Power Integration Program.

According to the Bank, the firms accessed confidential procurement information to improperly influence a 2019 consultancy award and attempted to influence another contract tied to asset inventory and valuation for Ethiopian Electric Utility. Investigators also found misrepresentation of key experts’ qualifications and incomplete disclosure of subcontractors during project execution.

The sanctions render the firms and their controlled affiliates ineligible to participate in World Bank-financed projects for the duration of the debarment. The penalty follows a negotiated settlement in which the companies admitted wrongdoing, cooperated with investigators, and committed to remedial actions, including strengthening internal compliance systems.

What debarment means

Debarment is the World Bank’s primary enforcement tool to combat fraud and corruption in development projects. It is an administrative sanction that bars firms or individuals from participating in Bank-financed contracts for a specified period.

In this case, the sanction takes the form of “debarment with conditional release,” meaning the firms will only be reinstated after meeting strict compliance requirements, including implementing integrity systems aligned with Bank guidelines.

The World Bank applies debarment when entities are found to have engaged in what it defines as “sanctionable practices.” These include:

• Corruption: Offering or receiving value to influence decisions
• Fraud: Misrepresentation or deception to gain financial benefit
• Collusion: Coordinated actions between parties to manipulate procurement outcomes
• Coercion: Threats or harm used to influence actions
• Obstruction: Interfering with investigations, including concealing evidence

The PwC case primarily involved fraud and collusion, two of the most common triggers in procurement-related violations.

Wider implications

The latest debarment also qualifies for cross-enforcement under a 2010 agreement among multilateral development banks. This means other institutions, including the African Development Bank and others, may impose similar restrictions, amplifying the impact on the firms’ ability to participate in donor-funded projects.

The case underscores rising scrutiny of governance and compliance in large infrastructure projects, particularly those spanning multiple countries and funded by development partners. It also highlights the operational risks facing global advisory firms operating in complex public-sector environments.

For the World Bank, the action reinforces its focus on protecting the integrity of development financing, ensuring fair procurement, and maintaining accountability in projects intended to drive economic growth and regional integration.

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Equity Group Holdings has posted a record financial performance for 2025, with profit after tax rising 55pc to KSh75.5 billion, underscoring the success of its regional expansion strategy and digital transformation.

The Nairobi-listed lender’s balance sheet grew 9pc to KSh1.97 trillion, while customer deposits rose to KSh1.46 trillion and net loans increased to KSh882.5 billion. Total income climbed 12pc to KSh217.7 billion, supported by a 17pc rise in net interest income and steady growth in non-funded income.

A key driver of the performance was improved operational efficiency, with the cost-to-income ratio dropping to 51pc from 58.2pc reflecting the bank’s shift toward digital channels. More than 98pc of transactions were conducted outside branches, with 88.4pc processed through digital platforms.

Group CEO James Mwangi said the results highlight the success of Equity’s transformation into a diversified, pan-African financial services group. Regional subsidiaries now contribute nearly half of total banking profitability, reinforcing the importance of geographic diversification.

Subsidiary performance was particularly strong. Equity Bank Kenya reported a 63pc rise in profit to KSh39.2 billion, while regional operations recorded 53pc growth overall. Uganda’s business posted a fivefold increase in profit, while Tanzania and the Democratic Republic of Congo also delivered triple-digit and strong double-digit growth respectively.

The Group’s insurance arm, Equity Insurance Group, also gained momentum, with gross written premiums rising 75pc and profit before tax increasing 36pc, supported by expansion into life, health and general insurance.

Directors have proposed a dividend of KSh5.75 per share, amounting to KSh21.7 billion, a 35pc increase from the previous year.

Beyond financial performance, Equity continued to scale its social impact investments, channeling nearly KSh99.5 billion into initiatives spanning education, enterprise development, healthcare and climate resilience through the Equity Group Foundation.

The results come against a backdrop of improving economic conditions across Africa, with several of the world’s fastest-growing economies on the continent. Commodity exports and easing global inflation have supported growth in East Africa, although short-term risks persist from geopolitical tensions and fluctuating oil prices.

Looking ahead, the lender is positioning itself for further expansion under its Africa Recovery and Resilience Plan, targeting operations in 15 countries and 100 million customers by 2030. The strategy is anchored on digital innovation, AI-enabled systems and a broader shift toward becoming a “transformation finance institution” that mobilizes capital and supports inclusive growth across the continent.

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Students and staff at Sumayya Girls High School are celebrating a major campus upgrade after winning the 10th Stanbic National Schools Championship (NSC). The school used part of its prize money to pave previously muddy walkways, improving accessibility and beautifying the campus—a long-planned project stalled by funding limits.

The championship victory came with a comprehensive prize package: UGX 20 million in business capital, UGX 5 million in institutional support, two laptops, UGX 2 million for the patron teacher, and a fully funded UGX 50 million learning trip to South Africa. The trip included visits to Standard Bank Group headquarters, the Standard Bank Heritage Centre in Johannesburg, and historic sites in Soweto, providing students and their mentor a transformative exposure to entrepreneurship and innovation.

Sumayya Girls clinched the title with their UroCare UTI Detector, designed to provide affordable testing for urinary tract infections, addressing a common health challenge among schoolgirls. They outcompeted finalists including Mentor Secondary School, Ibanda Secondary School, St. Noa Mawaggali SSS, and Comboni College Lira.

Ali Lwanga, Head of Sales at Stanbic Bank Uganda, noted that the competition goes beyond prizes. It equips students with entrepreneurial and innovation skills, complementing Uganda’s competence-based education curriculum and helping address youth unemployment. Over its 10-year history, the NSC has reached nearly 600,000 students and teachers and supported the creation of more than 200 youth-led businesses.

With the 11th edition now open under the theme “Powering Innovation for Job Creation,” secondary and vocational schools have until March 29 to apply via Stanbic’s digital platforms and the NSC portal.

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