Equity Bank Uganda has strengthened its grip on diaspora banking after sweeping top honours at the AIDO Network Pan-African Impact Awards, cementing its reputation as a key player in cross-border remittances and diaspora investment services.
The bank clinched three major accolades at the ceremony held on May 23 at Speke Resort Munyonyo during Africa Liberation Week celebrations. The awards included Best Diaspora Bank in Cross-Border Remittances, Diaspora Banking Solutions, and Diaspora Investment, as well as Best Bank for Diaspora Investments.
The recognition underscores the bank’s growing influence in connecting Ugandans and Africans in the diaspora to investment opportunities back home, while also strengthening financial inclusion across borders.
Damalie Barungi Manager International Banking at Equity Bank Uganda celebrating the award
Organised by the AIDO Network, the awards drew participation from over 70,000 members of the global African diaspora, who voted to recognise institutions advancing economic empowerment and reconnection with the continent.
“Over the last few months, a massive amount of work has gone into this, culminating in over 70,000 members of the global African diaspora casting their votes online. Equity Bank consistently stood out as the favourite diaspora bank for global Africa,” said Paul Jones Eganda I, president of the AIDO Network.
According to Winfred Warui, Senior Manager for International Banking and Cross-Border Payments at the bank, the awards affirm years of strategic investment in financial solutions tailored to diaspora clients.
Equity Bank has in recent years shifted its focus from traditional remittance services for consumption to long-term wealth creation. Through products such as fixed deposit accounts and high-yield savings plans, diaspora customers are able to grow their wealth while investing in Uganda.
One of its flagship innovations, the Equity Release product, allows clients abroad to unlock up to 70 percent of the value of their Ugandan properties as capital, which can then be reinvested in real estate, land acquisition or business ventures.
Margaret Lukowe Marketing Manager Equity Bank(L) with Winnie Wanjiru Head of International Banking after receiving the award
The bank has also expanded access to government securities, enabling diaspora investors to participate in treasury bills and bonds as part of a stable, long-term investment strategy.
“We want to ensure that when our diaspora community returns home, they don’t come back to empty bank accounts. They should return to solid investments, ready homes and commercial footprints,” Warui said.
To address longstanding concerns about mismanagement of funds by intermediaries, the bank has strengthened its digital banking systems, allowing customers abroad to directly monitor projects, manage accounts and make payments remotely.
Its integration with global Visa debit card services further enables customers to access their funds anywhere in the world, while businesses can seamlessly repatriate profits through cross-border platforms.
Equity Bank has also established a dedicated diaspora relationship management unit supported by a 24-hour contact centre to serve clients across different time zones, particularly in Europe and the Americas.
With an estimated three million Ugandans living abroad, the bank says its diaspora services have already reached nearly one million people globally.
Following the latest recognition, Equity Bank plans to deepen its diaspora footprint through international outreach missions, digital campaigns and partnerships aimed at expanding financial access and investment opportunities.
As remittances continue to play a vital role in Uganda’s economy, the bank’s diaspora-focused model is increasingly being seen as a blueprint for leveraging digital finance to drive sustainable, Pan-African wealth creation.
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