Equity Bank Enters South Africa, Opens Doors for Ugandan Diaspora Investment

Ugandans living and working in South Africa now have greater opportunities to invest back home following Equity Bank’s entry into the South African market — the first time the East African financial giant has ventured into the country.

The bank officially launched its integrated financial services during the Confederation of Ugandans in South Africa (COUSA) event in Johannesburg, organised by the Ugandan community in partnership with the Uganda High Commission.

Equity Bank Uganda showcased a suite of diaspora-focused products, including savings and investment accounts, mortgages, business financing, and cross-border money transfer services.

Speaking at the launch, Damali Balungi, Equity Bank Uganda’s Manager for International Banking, said the move responds to a growing demand among Ugandans abroad for seamless access to financial opportunities back home.

“Our mission is to give Ugandans in South Africa secure and reliable banking services that meet their needs and enable them to invest back home. From mortgages to business financing, we want all Ugandans abroad to be part of their community’s growth story,” Balungi said.

She noted that South Africa is a key link for Uganda’s diaspora and revealed that the bank plans to roll out more services to simplify cross-border transactions.

Participants at the annual COUSA gathering welcomed the development. Sara Nalumansi, a Ugandan entrepreneur based in Pretoria, said: “For years, we have wanted a bank that understands both Uganda and South Africa. Equity’s presence here today gives us confidence that saving or buying property back home will now be simpler and safer.”