The Independent Uganda: You get the Truth we Pay the Price
The lender’s shareholders approved a dividend payout of Kshs. 16 billion (approximately Shs 444.9 billion) for the year ending December 2024
Nairobi, Kenya | THE INDEPENDENT | Equity Group Holdings Plc is set to open a Representative Office in the United Arab Emirates (UAE), marking its first venture outside Africa and strengthening its global strategy to serve the diaspora and unlock cross-border trade and investment flows.
The move, approved by shareholders at the Group’s 21st Annual General Meeting (AGM) held on June 25, 2025, is pending regulatory clearance from the Central Bank of Kenya and UAE authorities.
Once operational—expected by early 2026—the Dubai-based office will offer personalized financial services to East Africans living in the Gulf, while also serving as a bridge between Africa and investors across the Middle East, India, Central Asia, and South Asia.
Equity Group Managing Director and CEO, Dr. James Mwangi, said the expansion is part of a broader vision to deepen financial access for Africans globally. “The UAE office represents a strategic step to connect East and Central Africa with global capital and business opportunities. It also enables us to directly serve our diaspora customers who have long sought tailored, on-the-ground financial services.”
For thousands of Ugandans and other East Africans working in Dubai and Saudi Arabia, this development promises to solve longstanding challenges. Many have relied on informal remittance channels or remote banking services with limited efficiency, often facing high costs and delays.
Equity Bank Uganda has already engaged these communities through outreach missions in the Gulf, offering specialized banking support in areas such as remittances, investment advisory, and diaspora savings. The new office will build on these efforts by offering face-to-face services, including mobile money solutions, letters of credit, and supply-chain financing.
“This move is a direct response to the voices of East Africans in the Gulf,” a senior official from Equity Bank Uganda noted. “They asked for proximity, reliability, and tailored solutions—and Equity is delivering exactly that.”
Opening Africa to Gulf investors
Beyond serving diaspora needs, the UAE office is expected to act as a gateway for Middle Eastern investors interested in tapping into East Africa’s growing markets. The region presents attractive opportunities in sectors such as agribusiness, energy, infrastructure, and digital finance.
With its experience in regional banking, project financing, and sustainability-linked lending, Equity Group is well-positioned to support Gulf-based investors seeking entry into these fast-growing sectors. The Dubai office will provide services such as trade facilitation, capital raising, and market insights to catalyze new partnerships between the regions.
The expansion is also aligned with the Group’s Africa Recovery and Resilience Plan, which focuses on enabling post-pandemic economic growth through targeted investments in health, education, food systems, and technology.
Meanwhile, Equity Group’s growth agenda is backed by strong financial performance. During the same AGM, shareholders approved a dividend payout of Kshs. 16 billion (approximately Shs 444.9 billion) for the year ending December 2024. This translates to Kshs. 4.25 per share (about Shs 118) and represents a 34% payout ratio, consistent with the Group’s policy of distributing 30% to 50% of annual profits.
The dividend underscores Equity’s resilience in a challenging economic environment and its commitment to delivering shareholder value while executing a long-term growth strategy.
Governance and global ambition
The AGM also saw shareholders approve key governance reforms and elect new board members with global expertise in development finance, risk management, and infrastructure. These appointments are expected to support the Group’s cross-border ambitions and strengthen oversight as it navigates international markets.
Dr. Mwangi reiterated that the Group’s expansion is guided by a purpose-driven mission. “This is not just about scale—it’s about impact. We are enabling Africans in the diaspora to bank with dignity and ease, while also attracting new capital to support the continent’s development.”
Equity Group currently operates in seven African countries and has recently launched a health insurance subsidiary. The establishment of a Representative Office in the UAE signals the start of a broader global playbook aimed at connecting Africa to the world.
