Modern Group, Equity Bank deepen Partnership as Industrial Businesses seek Responsive Financing

August 15, 2026 in Companies, Financial Services, Trade & Industry by Editor

Jagdish Srivastava the CEO of Modern Group, Gift Shoko the-Managing Director of Equity Bank Uganda and the leaders of the bank pose for a photo after a strategic-engagement.jpeg

 

Modern Group and Equity Bank Uganda are deepening a partnership built on responsive financing as the industrial group eyes further growth.

 

As Uganda’s industrial sector expands, the quality and responsiveness of financial partnerships is becoming increasingly important for businesses seeking to scale operations, diversify investments and compete in the wider East African market.

This is emerging as a defining feature of the relationship between Equity Bank Uganda and Modern Group of Companies, a diversified Ugandan business conglomerate with interests spanning manufacturing, building materials and agro-processing.

According to Modern Group, its relationship with Equity Bank goes beyond access and the bank’s responsiveness and ability to engage quickly with its business needs were important factors in its decision to deepen the partnership.

“What stands out most is the responsiveness of Equity’s ground team. They are proactive, approachable and quick to address matters as they arise,” said Jagdish Srivastava, Chief Executive Officer of Modern Group.

Srivastava, a former international banker, said the experience had reinforced the importance of working with a financial institution that can combine the scale of a major bank with an understanding of the practical realities of doing business in Uganda.

“Partnering with a major bank like Equity provides the scale, stability and institutional support needed to unlock long-term business growth,” he said.

Modern Group is currently working with Equity Bank on financing arrangements, with the company indicating that it expects to expand the relationship across multiple financing areas as its internal authorisation processes are completed.

The potential breadth of the relationship is significant given Modern Group’s diversified operations. For a business with interests across several sectors, financing requirements can range from working capital and trade finance to asset acquisition and expansion funding.

Equity Bank says its relationship with Modern Group is therefore being viewed as a broader corporate partnership rather than a conventional lending arrangement.

“Modern Group represents a cornerstone relationship for our bank,” said Ronald Nakhasanga, Equity Bank’s Regional Manager for the Eastern Region.

“Given their expansive footprint across diverse sectors from manufacturing and building materials to agro-processing, the potential for shared growth is immense,” he said.

Nakhasanga said Equity’s approach was to support the wider business ecosystem around major corporate clients rather than focus solely on individual financing facilities.

“Our commitment goes beyond traditional corporate banking; we are strategically positioned to support their full ecosystem, driving value across their entire operational footprint,” he said.

The partnership comes at a time when Uganda’s private sector is being called upon to play a bigger role in industrialisation, job creation and economic transformation. For businesses seeking to take advantage of these opportunities, access to finance remains critical, but the ability of financial institutions to respond to changing business requirements can be equally important.

For Modern Group, that responsiveness is becoming a central part of its relationship with Equity Bank as the conglomerate looks to strengthen its operations and position itself for further growth in Uganda and the wider East African market.

The emerging partnership also highlights a broader shift in corporate banking, where businesses increasingly expect lenders to provide not only capital but also speed, sector understanding and solutions tailored to their evolving needs.