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.