Equity Bank is reforming support for refugees in Uganda through micro-credit and micro-enterprises. In the Nakivale Refugee Settlement, the bank has been experimenting with a bold approach to help displaced individuals build a better life. This initiative is crucial as refugees often face challenges in accessing credit, investment, and other essential products and services.
According to the United Nations High Commissioner for Refugees, promoting entrepreneurship is a effective way to overcome economic and social inclusion challenges for refugees. Equity Bank started providing financial support to refugees in 2018 through social payments and Safety Net programs. In 2022, the bank expanded its services to include micro-credit for refugee households, enabling them to start micro-enterprises within the camps.
The program has seen significant growth, with over 400 refugee groups receiving loans and 3,662 individual refugees accessing loans worth Shs408.2 million. Deposits generated by refugees have crossed the Shs2 billion mark. The micro-enterprises have not only achieved financial independence but also improved the refugees’ quality of life, enabling them to access goods and services beyond international aid.
“This program has helped transition beneficiaries from systematic dependence on aid to economic stability and self-reliance,” says Elizabeth Mwerinde Kasedde, Executive Director of Public Sector and Social Investments at Equity Bank.
The bank’s initiative has also expanded opportunities for refugees by bringing them into the formal financial loop. Social Payments and Safety Net Programs are now channeled through agency banking, with Shs135.3 billion paid out in cash transfers across 10 settlements. Additionally, 5,807 refugees have received financial literacy education, and most have been supported to access digital inclusion tools.
This support is part of Equity Bank’s wider social protection program, which has reached 109,887 households and impacted 230,000 beneficiaries. The program demonstrates the bank’s commitment to capacity building for poor, vulnerable, and marginalized populations.
