Equity Group has announced plans to establish a Representative Office in the United Arab Emirates (UAE), pending approval from the Central Bank of Kenya and UAE authorities.
This strategic expansion underscores the bank’s vision to bridge East and Central Africa with the Middle East, India, Central Asia and South Asia, unlocking new opportunities for trade, investment and diaspora banking.
The decision was ratified during Equity Group’s 21st annual general meeting held on June 25, 2025, marking a milestone in its continental growth strategy. The new UAE office aims to serve as a vital conduit connecting East African communities and businesses with Gulf markets, thereby facilitating smoother financial transactions, trade facilitation and diaspora banking services.
For many Ugandan customers living and working in Dubai, Saudi Arabia, and neighbouring Gulf States, this development promises to bring transformative changes. Dr James Mwangi, the managing director of Equity Group, expressed enthusiasm about the expansion, stating that the move aligns with Equity’s promise to become Africa’s one-stop financial services platform.
“The UAE office will serve as a vital link for diaspora customers interested in one-on-one customer service, trade facilitation, diaspora banking and capital raising. We want to make financial access easier and more efficient for our clients living and working abroad,” he said.
The move builds on previous proactive efforts by Equity Bank Uganda to engage the diaspora community. Over recent years, the bank’s teams have visited Dubai and Saudi Arabia, offering targeted financial services, including remittances and investment opportunities, tailored specifically for Ugandan expatriates.
However, many of these professionals and entrepreneurs have relied on informal remittance channels or distant banking relationships, often facing delays and high costs. The new UAE office aims to address these longstanding challenges directly on-site.
Expected to become operational by early 2026, the UAE Representative office will provide on-the-ground support for letters of credit, supply-chain finance, and mobile money services—reducing settlement delays and enhancing remittance efficiency.
These improvements are expected to significantly benefit the millions of East Africans in the Gulf region who rely heavily on remittance services for their livelihoods.
Beyond serving the diaspora, the expansion is also poised to open new avenues for Gulf investors interested in East Africa’s rapidly growing sectors like agribusiness, infrastructure, and energy areas where Ugandan expatriates frequently seek investment opportunities.