Equity Bank Pushes Fintech Collaboration as Key to Uganda’s Digital Banking Future

On Friday, Equity Bank of Uganda hosted members of the Financial Technology Service Providers Association (FITSPA) in an exclusive Fintech Breakfast meeting held at the Golden Tulip Hotel in Kampala to explore the evolving landscape of digital banking and fintech collaboration.

The event, held under the theme “Building the Future of Digital Finance Together,” highlighted Equity Bank’s strategic pivot toward deepening partnerships with innovators, with the bank’s Managing Director Gift Shoko declaring fintechs “the change makers and disruptors” driving Uganda’s financial transformation.

Shoko emphasized the seismic shift in banking dynamics, fueled by technology and customer demands. “The financial industry, specifically the banking sector, is no longer just about who holds a bank account. It’s about who creates the best ecosystem, enables seamless transactions, and understands the customer’s ever-changing needs,” he stated. He stressed that Equity Bank’s vision hinges on collaboration, not competition, with fintechs. “We see you as strategic partners to drive financial inclusion, innovation, and efficiency,” he added, underscoring the bank’s commitment to shared infrastructure under its Africa Recovery and Resilience Plan (ARRP).

Launched in 2022, the ARRP aims to bolster Africa’s recovery from global crises like the COVID-19 pandemic and geopolitical tensions. Its sixth pillar—Technology-Enabled Ecosystems—explicitly prioritizes fintech alliances. “We recognize that our business pillars will be enabled by technology, and that technology comes from your innovation,” Shoko remarked.

Reflecting on Equity’s 30-year journey, Shoko highlighted milestones such as pioneering USSD banking via Star 247 in 2006, digitized payments, and early API integrations. While financial inclusion remains a legacy focus—Kenya’s inclusion rate soared from under 10% in the 1990s to 95% today—Uganda’s 87-88% rate signals a new priority. “The agenda now should be providing solutions to enable customers. What can we co-create for them?” he asked, urging fintechs to collaborate on value-added services.

While addressing collaboration roadblocks, Shoko framed historical bank-fintech tensions as opportunities, outlining four key areas for improvement:

1. Infrastructure access: Acknowledging fintech frustrations over banks prioritizing account hosting over partnerships, Shoko vowed Equity would open its “banking rails, APIs, and payment infrastructure” to fuel scaling. “We want you to build on top of our systems,” he said.
2. Flexible compliance: While stressing regulatory adherence, he promised a “risk-based approach” to due diligence. “Compliance is essential, but we’ll review onboarding processes to ensure they’re fair, transparent, and aligned with your realities,” he said, citing ongoing dialogue with Uganda’s “understanding” regulators.
3. Bridging awareness gaps: Equity pledged to improve communication via structured forums, helping fintechs navigate collaboration pathways.
4. Dedicated contacts: To streamline partnerships, Equity established a Product House—a fintech-focused unit staffed by sector experts. “No more meeting clueless relationship managers,” Shoko asserted. “This team co-creates solutions, addresses risks, and engages regulators directly.”

The event closed with a rallying cry for unity. “The customer is at the center. Together, we must design solutions that resonate with their needs,” Shoko said. As Equity positions itself as a “digitized bank for the masses,” its partnership blueprint—blending infrastructure, adaptability, and dedicated collaboration—could redefine Uganda’s fintech ecosystem.

For Shoko and Equity Bank, the message is clear:

In Africa’s digital banking race, collaboration isn’t optional—it’s the finish line.

During the event, a panel featuring Mark Nyerinde (Equity Bank’s Senior Manager, Product House), Ronald Azairwe (Managing Director, Pegasus Technologies), and Brian Kalule (Partner, AF Mpanga Advocates) explored actionable strategies for bank-fintech collaboration in Uganda’s digital finance future. The session underscored security, operational efficiency, and customer-centricity as critical pillars for success.

Mark Nyerinde reiterated Equity Bank’s commitment to being a “partner, not just a service provider,” emphasizing end-to-end support for fintechs. “We want to walk the journey from beginning to end—facilitating account openings, advising on regulatory inquiries, and offering tailored recommendations,” he said. His remarks aligned with Equity’s broader vision of opening its infrastructure to fintechs, as earlier outlined by Shoko. Meanwhile, Ronald Azairwe highlighted fintechs’ inherent reliance on banks, particularly for settlements: “The actual value of money sits in a bank account. Our role is to facilitate seamless movement between merchants, agents, and customers—but banks remain the backbone.”

Brian Kalule stressed that collaboration requires mutual responsibility. While banks must adapt, fintechs must “step up” by adopting cybersecurity best practices, obtaining necessary licenses, and ensuring governance compliance. “It’s a two-sided partnership,” he asserted, urging fintechs to demonstrate credibility through ISO standards and robust data protection. His call echoed Shoko’s earlier push for “flexible yet compliant” frameworks.

Together, the panelists painted a vision of Uganda’s digital finance ecosystem where banks provide the rails, fintechs drive innovation, and shared accountability ensures trust—a future where customer needs remain central to every solution.

On fintech’s role in financial inclusion and overcoming challenges such as regulatory compliance and limited access to capital. Doreen Lukandwa, Vice President of the FITSPA Board, stressed the significance of co-creation in addressing ecosystem challenges. “Together, we’re co-creating products that tackle compliance hurdles and capital constraints while extending financial services to underserved communities,” she said.