Equity Bank Unveils Richard Byarugaba as it Targets Ugandans in Kenya with Cross-border Investment Proposition

November 12, 2026 in Business, Companies, Financial Services by Editor

Sam Ireri, Group Head, International Banking and Payments at Equity Group, engages participants during the Diaspora Investment Forum, reaffirming the Groups commitment to providing seamless cross-border solutions

Equity Bank is targeting Ugandans in Kenya with cross-border banking services aimed at converting diaspora earnings into long-term investments at home.

 

Ugandans living and working in Kenya are being encouraged to channel more of their earnings into structured investments at home, as financial institutions seek to deepen the role of diaspora capital in domestic enterprise and wealth creation.

The appeal was made at a diaspora investment forum in Nairobi hosted by Equity Bank Uganda in partnership with the Uganda Network (UGNET), which brought together Ugandan professionals, entrepreneurs and investors to explore investment opportunities and financial services spanning the two markets.

The engagement reflects an opportunity to move diaspora financial relationships beyond periodic remittances towards longer-term investments in property, agriculture, businesses and other income-generating assets.

UGNET Chair Dr Phionah Atuhebwe said Ugandans abroad had resources beyond the money they routinely send home, including professional expertise, business networks and access to markets that could be mobilised for investment.

She argued that converting diaspora earnings into sustainable assets would require a more deliberate approach to wealth creation.

Equity Bank Uganda Executive Director Claver Serumaga said the bank was positioning its diaspora services around customers’ longer-term financial needs rather than treating cross-border transfers as the primary relationship.

The proposition includes savings and current accounts, investment and construction financing, insurance, investment club accounts and foreign exchange services. The bank also highlighted its ability to facilitate banking and fund transfers across markets where the Equity Group operates.

For Ugandans maintaining business or investment interests on both sides of the border, such arrangements could reduce some of the administrative difficulties associated with managing finances across different jurisdictions.

However, access to financial products is only one part of the investment equation. The ability to identify viable opportunities, assess risk and maintain financial discipline remains central to whether diaspora earnings translate into sustainable returns.

The forum also marked a public appearance by former National Social Security Fund (NSSF) Uganda Managing Director Richard Byarugaba in his new capacity as Equity Group Managing Director for Asset Management. Byarugaba, who previously led NSSF, brings pension fund management and institutional investment experience to the regional banking group’s asset management business.

Delivering the keynote address, Byarugaba urged participants to adopt disciplined wealth creation habits, including consistent saving, investment diversification, aligning investment choices with long-term financial goals and dealing with regulated institutions.

The forum placed particular emphasis on investments in land, residential and rental property, construction and agribusiness, areas in which Ugandans abroad have traditionally shown interest but which require careful due diligence and financial planning.

Senior Manager for International Banking and Cross-Border Payments Winfred Warui said Equity customers could access accounts in the group’s different markets and use its international payment and foreign exchange services to facilitate transactions.

Uganda’s High Commissioner to Kenya, Eunice Kigenyi, said the diplomatic mission had a role in helping Ugandans abroad navigate secure investment pathways, including the authentication and protection of their investments.

Kenya’s Ambassador to Uganda, Ababu Namwamba, said financial institutions such as Equity could help connect business communities in the two countries and facilitate the movement of capital into productive activities.

He pointed to a similar engagement in Kampala involving Kenyans living in Uganda, suggesting that diaspora investment was increasingly being viewed as a two-way opportunity within the regional economy.

The wider challenge is to ensure that cross-border financial connectivity translates into productive investment rather than simply making it easier to move money. For Uganda, mobilising diaspora capital into viable enterprises and income-generating assets could complement domestic savings and investment, provided investors have access to reliable information, transparent transactions and appropriate safeguards.