In today’s rapidly evolving business landscape, small and medium enterprises (SMEs) are urged to adopt technology-driven banking solutions to thrive.
Equity Bank Uganda, a key player in supporting SMEs, hosted a networking forum at the Sheraton Kampala, where Mr. James Olany, Strategy & Business Manager at Equity Bank Uganda, highlighted the importance of technological adaptation for SMEs.
“Due to emerging technologies such as blockchain, cryptocurrencies, artificial intelligence, and machine learning, these advancements have shaped not only operational strategies but also set new standards of how customers are to be served and the experience that customers expect to receive,” Mr Olany remarked.
He further revealed that 96% of all customer transactions at Equity Bank Uganda occur through digital channels, with about 50% of customers using online banking services, such as the Equity Bank Mobile App and platforms like EazzyBiz.
Equity Bank’s commitment to SMEs extends beyond providing banking services. According to Mr. Olany, the bank also offers financial education and technology-based upskilling to help businesses commercialise and digitize their operations. For instance, SMEs can integrate their services into online marketplaces like Kikubo Online and Jumia, while utilizing e-commerce solutions such as EazzyBiz, Eazzy Stock, and digital payment systems.
The forum’s focus on technology ties into Equity Bank’s mission to champion financial inclusion by empowering customers through innovative solutions like Equity Online, which supports cash management and cashless transactions.
Gerald Oola, Industry Solutions Manager at Huawei Technologies Uganda, also addressed the gathering, emphasizing that digital transformation is vital for SME growth. He pointed out that SMEs contribute 70% of Uganda’s GDP and 80% of its employment. His presentation focused on the power of data-driven strategies, automation, and cybersecurity, urging businesses to adapt to changing trends.
“Initially, adapting to technology was an option, but with the changing trends of the world, it is a necessity,” said Oola.
The event highlighted the ongoing partnership between Equity Bank Uganda, KPMG, and the Nation Media Group for the Uganda Top 100 Mid-Sized Companies Survey and Awards, further solidifying Equity Bank’s position as a key financial partner for SMEs in the region.
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