As Uganda’s industrial sector continues to grow, businesses are increasingly looking for financial partners that can provide more than just access to credit.
For Modern Group of Companies, one of Uganda’s diversified business groups, the ability to work with a bank that understands its operations, responds quickly and can support its long-term ambitions has become an important part of its growth strategy.
This is driving the emerging partnership between Modern Group and Equity Bank Uganda, with the company highlighting the bank’s responsiveness and understanding of its business needs.
According to Modern Group Chief Executive Officer Jagdish Srivastava, the bank’s local teams have played a key role in building confidence in the partnership.
“What stands out most is the responsiveness of Equity’s ground team. They are proactive, approachable and quick to address matters as they arise,” Srivastava said.
He said the experience had demonstrated the value of having a banking partner that combines the resources of a major financial institution with an understanding of the challenges businesses face on the ground.
For Modern Group, which operates across several sectors and markets, timely financial support is particularly important as it seeks to expand its operations in Uganda and across East Africa.
“As a former international banker myself, I understand the distinct strategic advantages of working with one of the country’s leading financial institutions,” Srivastava said.
“Partnering with a major bank like Equity provides the scale, stability and institutional support needed to unlock long-term business growth.”
He added that Equity Bank’s approach to business had been positive and focused on finding solutions.
“Equity Bank’s team approaches business with a highly positive, solution-oriented mindset, and as our internal authorisation processes are finalised, we look forward to deepening this partnership across multiple financing areas,” he said.
Equity Bank also sees the relationship as an opportunity to support Modern Group beyond its current financing arrangements.
Ronald Nakhasanga, Equity Bank’s Regional Manager for the Eastern Region, described Modern Group as a key relationship for the bank, pointing to the company’s presence across sectors such as manufacturing, building materials and agro-processing.
“Modern Group represents a cornerstone relationship for our bank,” Nakhasanga said.
“Given their expansive footprint across diverse sectors, from manufacturing and building materials to agro-processing, the potential for shared growth is immense.”
He said the bank’s support would extend beyond traditional corporate banking, with the institution positioned to provide solutions across Modern Group’s wider business ecosystem.
“Our commitment goes beyond traditional corporate banking; we are strategically positioned to support their full ecosystem, driving value across their entire operational footprint,” he added.
The developing partnership highlights the growing importance of strong bank-business relationships as Ugandan companies expand and seek to compete in regional markets.
For businesses such as Modern Group, access to capital remains important, but having a financial institution that can respond to changing needs and provide practical, long-term support is equally critical.
