Sunday 7th of February 2016 04:10:41 AM

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Equity Bank launched, eyes Southern Sudan

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Equity Bank Uganda officially launched its operations on March 30 with a strategy of attracting the mass market through removal of fees for opening deposit accounts. Charles Nalyaali, the CEO says customers would benefit from free opening and minimum operating balances on their accounts. The bank also abolished account monthly maintenance and ledger fees as an incentive for customers to save.

"We want to revolutionise and demystify banking in Uganda," he said.

Equity bank Uganda which has an asset base of Shs 125 billion is a product of an acquisition of Uganda Microfinance Ltd of Uganda by Equity bank Kenya. The bank had also this month got a license to operate in Southern Sudan.

APA Insurance launched

Kenyan company APA Insurance has opened shop in Uganda with a capital investment of Shs 1 billion, setting the stage for increased competition in the sector. Naik Suryakiran, the CEO said the Uganda Insurance Commission granted APA Uganda a license whose operations will be supported by the parent company.

"We want to replicate our number one position in Kenya here in Uganda," he said in the statement. APA Insurance Kenya last year posted a premium income ofKshs 3 billion representing a 27.5 percent growth from 2007.

The company's asset base was recorded at KShs 4.9 billion last year from KShs 4.5 billion the previous year.

Comments (2)Add Comment
Branch Operations Manager with Standard Chartered
written by MORRIS OKENY, June 26, 2009
Branch Operations Officer-Standard Chartered Bank-City Branch Uganda
written by SSEWANYANA PATRICK, July 12, 2011
I would love to express my interest in joining Equity Bank-Southern Sudan.I have vast experience in Bank Operations and Service for six solid years.

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