In a bid to adopt to future challenges in the financial sector , Equity Bank has moved in early to realize and recognize that the future of banking is not just about banks but strategic partnerships and shared infrastructure with FinTechs to provide banking experiences.
These technological advancements are not only reshaping operational strategies but also setting new standards for customer experiences within the sector as many FinTechs have expressed concerns that banks primarily focus on hosting banks accounts rather than forming deeper collaborations as infrastructure providers.
As a result, Equity Bank has pledged work with financial technological companies in reshaping the way we banks transact and do business by working together in developing solutions for the customers.
This was disclosed by Equity Banks Managing directer Mr Gift Shoho at a breakfast organized for the Fintechs to find ways of working together in developing financial solutions for the public.
“At Equity bank, we are committed to fostering an ecosystem where the bank and FinTechs work together to solve real problems for businesses and customers” says Mr Gift Shoho.
Mr Gift Shoho says the financial industry, specifically the banking sector is no longer just about who holds a bank account but it’s about who builds the best ecosystems, who enables the most seamless transactions and who truly understands the ever-changing needs of the customer.
At Equity bank, he says they strive to be a highly digitized bank for the masses in Uganda,East and Central Africa, and beyond.
The Equity Bank started its journey in 1994, where between 2004 to 2006, it became the first bank to adopt USSD banking, with the creation of *247# code.
Between 2007 to 2023, Equity Bank took another bold step and became the first bank in Uganda to embraced digitized payments; Merchant banking and Agency banking.
The journey continued and between 2014 to to-date, they adopted the STK Financial services, APIs and we became one of the first banks to expose full set of APIs to third parties and developer community and so much more.
The truth and reality is simple: banks and FinTechs need each other. And yet there are challenges they need to address to make these partnerships truly meaningful and work.