Equity Bank has reaffirmed its commitment to Uganda's mining and extractive sector, with a focus on expanding financial inclusion among artisanal and small-scale miners. Christine Mukasa Mugerwa, Senior Sector Head, Energy, Mining and Extractives at Equity Bank Uganda, emphasized the bank's goal of bringing financial services closer to miners while supporting safer and more productive mining practices. The bank is working with miner associations and refineries to provide financial literacy, asset financing, and access to modern equipment.
Uganda is seeking to increase the contribution of mining to its economy from about 2% of GDP to 10%, a target that requires greater investment, value addition, and access to finance across the mining value chain. The 15th Annual Mineral Wealth Conference and Expo, held in Kampala, brought together government officials, international and regional experts, industry players, and financial institutions to discuss the future of Uganda's mining industry. Over 1,500 delegates attended the conference, which aimed to unlock Africa's next mining powerhouse.
Artisanal and small-scale miners account for an estimated 80% of active miners in Uganda, but access to formal financing remains a major challenge for many of them. The mobile nature of mining operations, limited formal documentation, and lack of fixed addresses make it difficult for miners to meet conventional lending requirements. Equity Bank is addressing these challenges through partnerships with miner associations, off-takers, and refineries, alongside financial literacy and asset-financing initiatives.
State Minister for Science, Technology and Innovation, Jonard Asiimwe, emphasized the need to transition away from exporting unprocessed materials. He noted that exporting raw minerals is like exporting future prosperity and that a thriving mining sector requires precision and foresight. Asiimwe called for accurate geological data, comprehensive value-chain mapping, and local processing capacity to build sustainable industrial jobs and technology transfer.
Humphrey Asiimwe, CEO of the Uganda Chamber of Energy and Minerals, highlighted the country's thriving landscape ripe for development. With over 1,000 delegates from 30 nations and 58 identified minerals waiting to be unlocked, Uganda is proving to be a premier destination for local and foreign investment. The Wagagai Gold Mine is an example of landmark operations driving true mineral value addition.
Equity Bank's approach includes working with players further along the value chain to strengthen the link between miners and markets. Through partnerships with major off-takers and refineries, including Wagagai, Equity Bank seeks to support more structured cash flows and improve the ability of small-scale miners to receive transparent and fair payments for their output. The bank is also positioning financial literacy as an important part of building a more sustainable mining sector.
The focus on Uganda's extractive sector is part of Equity Group's wider Africa Recovery and Resilience Plan (ARRP), which identifies natural resources and extractives as important drivers of industrialization and economic transformation across the continent. The strategy emphasizes mineral beneficiation, local value addition, and stronger primary supply chains to enable African economies to capture more value from their natural resources.
Key points
- Equity Bank aims to increase financial inclusion among artisanal and small-scale miners in Uganda.
- Uganda targets to increase mining's GDP contribution from 2% to 10%.
- The 15th Annual Mineral Wealth Conference and Expo brought together stakeholders to discuss Uganda's mining industry future.
