March 30, 2025 in Letters, Opinion by

By Gift Shoko

In this speech during a breakfast with Fintechs on March 28, where he shared about Equity Bank’s digital journey, Equity Bank Uganda Managing Director Gift Shoko, argued the case for deeper convergence between Fintechs and banking, not only to deliver a seamless customer experience but also expand the reach of financial services to the unbanked

Thank you for taking your time to join this important conversation. It is a pleasure for us as Equity bank to host all of you today- innovators, change makers and disruptors in the financial technology industry.

We all know that technology is reshaping the way we bank, transact and do business. These technological advancements are not only reshaping operational strategies but also setting new standards for customer experiences within the sector. The financial industry, specifically the banking sector is no longer just about who holds a bank account but it’s about who builds the best ecosystems, who enables the most seamless transactions and who truly understands the ever-changing needs of the customer.

At Equity, we have come to realise and recognise that the future of banking is not just about banks. It’s about strategic partnerships and shared infrastructure with FinTechs to provide banking experiences.

In 2022, Equity Group launched the Africa Recovery and Resilience Plan (ARRP) and we have been making significant strides through this Plan which, is a framework designed to create deeper engagement with enterprises like yours. We are not just looking at FinTechs as clients who need bank accounts, we see you as strategic partners with whom we can drive financial inclusion, innovation and create efficiencies.

At Equity bank, we strive to be a highly digitized bank for the masses in Uganda, East and Central Africa, and beyond. We started this journey in 1994, where between 2004 to 2006, we became the first bank to adopt USSD banking, with the creation of *247# code. Between 2007 to 2023, we took another bold step and became the first bank in Uganda to embraced digitized payments; Merchant banking and Agency banking. Our journey continued and between 2014 to to-date, we adopted the STK Financial services, APIs and we became one of the first banks to expose full set of APIs to third parties and developer community and so much more.

The truth and reality is simple: banks and FinTechs need each other. And yet there are challenges we need to address to make these partnerships truly meaningful and work.

Equity Bank has listened to you. And we know that working with banks has not always been a smooth endeavour. Today, we are here to say let’s boldly talk about or even discuss some of the key challenges FinTechs face and how we, as Equity bank, intend to address them.

Ladies and Gentlemen of the FinTech sector, this breakfast meeting is not just about discussions, it is about action. At Equity bank, we are committed to fostering an ecosystem where the bank and FinTechs work together to solve real problems for businesses and customers.

So, I leave you with this challenge:

We don’t just want to host your account; we want to co-create the future of finance with you.

Let’s innovate together and let’s drive financial transformation across the region and beyond.

Managing Director Equity Bank Uganda Limited