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#MadeInAfrica #PulseAfricaDay
Ahead of Africa Day, it would be remiss if we didn't cast a spotlight on brands that have overcome the various challenges the continent faces to spread their footprint in different markets, especially Uganda.
While these brands are not Ugandan, they have played a huge role in Uganda's socio-economic development through creating jobs, paying taxes, and other contributions such as Corporate Social Responsibility.
That being said, below let's look at four Pan-African brands that are thriving in Uganda. They are arranged in no particular order.
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1. Equity Bank
Founded in 1984, Equity Group Holdings Limited is headquartered in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, the Democratic Republic of the Congo, and a representative office in Ethiopia.
It launched as a commercial bank in Uganda in 2008 after Equity Group Holdings Limited purchased Uganda Microfinance Limited, a Tier II Ugandan microfinance company, for an all-share price of US$27 million.
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Equity Bank
Equity Group Holdings registered 12% growth in Profit After Tax to US$377 million, up from US$337 million for the period ended 31st December 2024, reinforcing the continued success of the Group’s diversified business model and prudent financial management.
The Group’s Profit Before Tax grew by 17% to US$468 million, while Earnings Per Share (EPS) rose by 11% to US$0.095, signifying the Group’s robust financial performance. Regional operations contributed 49% of total assets and 54% of profit before tax.
Equity Bank Uganda Limited is the 14th most profitable bank in Uganda.
2. Stanbic Bank
Stanbic Bank Uganda Limited, which is the largest commercial bank in the country by assets, is owned by Standard Bank Group Limited, which is headquartered in Johannesburg, South Africa.
Stanbic Uganda Holdings Limited (SUHL), the parent company of Stanbic Bank Uganda and its subsidiaries, posted a 16.2% growth in Profit After Tax (PAT) to Shs478 billion for 2024, driven by growth in interest and non-interest income, coupled with prudent cost management.
Tax contributions for the year rose to Shs427.8 billion, reinforcing Stanbic Uganda’s position as a leading taxpayer in the financial sector. This contribution supported the Uganda Revenue Authority (URA) in surpassing Shs10 trillion in domestic revenue collection, up from Shs8 trillion in 2023.
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Stanbic Bank
Small and medium-sized enterprises (SMEs) also received substantial support through the Stanbic Business Incubator. In 2024, the incubator enabled over 3,000 businesses to access Shs76 billion in credit, up from Shs51 billion in 2023.
Nearly half of these businesses formalised their operations through registration with the Uganda Registration Services Bureau (URSB), improving their financial inclusion and long-term growth prospects.
3. Ecobank
Ecobank, whose official name is Ecobank Transnational Inc. (ETI), was founded in 1985.
The bank began operations in Uganda on January 19, 2009, as a full-service bank.
Ecobank Uganda provides wholesale, retail, investment, and transaction banking services and products to governments, financial institutions, multinationals, international organisations, businesses, and individuals.
For the year ended December 31, 2024, the bank reported a net profit after tax of Shs10.8 billion, its highest profit in over a decade, since 2012. The performance marks a sharp recovery from the Shs878 million net profit recorded in 2023.
Gross revenue for Ecobank Uganda rose by 15% in 2024, reaching Shs76.0 billion, up from Shs66.0 billion in 2023. This growth was broad-based across all major income streams: lending, investments, foreign exchange income, as well as fees and commission income.
Growth in revenue was powered by a 12% growth in lending from Shs180.1 billion in 2023 to Shs201.9 billion in 2024.
Customer deposits stood at Shs528.2 billion, a strategic adjustment from the peak of Shs667.1 billion in 2023, as the bank deliberately optimised its deposit mix for sustainability and profitability.
4. MTN Uganda
MTN Uganda is the largest telecom company in Uganda and was launched on 21 October 1998, as a subsidiary of MTN Group, a multinational telecommunications group headquartered in Johannesburg, South Africa.
MTN Uganda delivered a 30.1% surge in net profit to Shs641.5 billion for FY 2024. It recorded a 19.5% increase in service revenue to Shs3.1 trillion, fuelled by a 30.5% rise in data revenue and 22.8% growth in fintech earnings.
Additionally, MTN Uganda invested Shs4.6 billion in community initiatives focused on education, youth empowerment, healthcare, and disaster relief, impacting thousands of people.