Highlights From the Equity Fintech Breakfast

Today, Equity Bank Uganda partnered with FITSPA to host the Equity Fintech Breakfast under the theme: "Building the Future of Digital Finance."

The event began with opening remarks from Ms. Doreen Lukandwa, FITSPA's Vice Chairperson and Head of Commercial Strategy at Onafriq. She emphasized how the breakfast aligned with FITSPA's strategic objectives of driving collaboration and infrastructure development to drive innovation. She expressed appreciation to Equity Bank for organizing this significant conversation and for opening up channels for partnerships with Fintechs.

The Equity Bank team presented the bank's value proposition for Fintechs. Mr. Mandela Joshua, Manager Integrations, highlighted Equity's integration offerings, which include collections through Equity Bank's extensive network, host-to-host integrations, e-commerce integrations, partnerships for prepaid and proprietary cards, the MasterCard Community Pass, and advisory services for Fintechs seeking Central Bank licensing.

Mr. Mr. Galabuzi johnson, Head of Personal Banking, unpacked the Fintech account offerings, encompassing fixed and call deposit accounts, escrow accounts, and various financing solutions such as unsecured bridge finance, overdrafts, Eazzy stock financing, and float financing. He also introduced the Fintech employee offerings, including savings accounts, personal current accounts, premium accounts, supreme accounts, digital savings accounts, investment solutions, and financing options such as digital salary advances, salary loans, Equi-Zimba, Flexi Loans, Equi-Vuuga, and Eazzy loans. Additionally, he discussed the available products: Classic & USD debit cards, credit cards, the Equity Mobile App, *247# USSD menu, Equity Online, and Equity Duukas.

Mr. James Sserumaga, Senior Manager Bancassurance, presented the Fintech insurance offerings, which include cybersecurity insurance, professional liability insurance, directors and officers (D&O) insurance, errors & omissions (E&O) insurance, and financial crime insurance.

The breakfast also featured a panel discussion titled "Risk and Compliance in Bank-Fintech Partnerships," which featured Mr. Brian Kalule, FITSPA Company Secretary and the Head, Technology, Media and Telecoms AF Mpanga Advocates, Ronald Azairwe, MD and Co-Founder of Pegasus Technologies limited, and Mark Nyerinde, Senior Head Product House at Equity Bank. They unpacked the risks in bank-Fintech partnerships and gave insights on structuring safe partnerships and navigating compliance issues.

The breakfast concluded with remarks from the MD, Mr. Gift Shoko, who reiterated Equity Bank's strategic position focused on co-opetition and identifying areas for co-creation and collaboration rather than competition with Fintechs. He emphasized that banks and Fintechs should not focus on sharing existing opportunities but adopt an incremental mindset to collaborate and unlock more opportunities for mutual growth.