Equity Bank Uganda Limited appoints Gift Shoko as Managing Director

Equity Bank Uganda, a subsidiary of Equity Group Holdings Plc has announced the appointment of Mr. Gift Shoko as the new Managing Director, subject to regulatory approval. Prior to his appointment as MD, Mr. Shoko served as the Executive Director of Equity Bank Uganda.

With over 26 years of experience in the banking industry, Mr. Shoko is a seasoned professional with a rich background in commercial multi-regional banking and leadership across Southern and Eastern Africa.

He holds a Bachelor of Business Studies and Computer Science degree from the University of Zimbabwe, a Masters in Business Administration (Banking and Finance) from CIMA in Nicosia, Cyprus, and several certifications in banking, finance, and leadership.

He is also a certified Executive Coach and a certified Genos Emotional Intelligence Coach, among other professional certifications. Before joining Equity, Mr. Shoko was the NCBA Group Director for Regional Business, overseeing all banking subsidiaries in East Africa.

Earlier in his career, he also served as the Chief Executive Officer of Commercial Bank of Africa (Tanzania) Limited for five years, where he was instrumental in steering its growth. His career in banking began at Nedbank Zimbabwe, where he participated in the Graduate Management Training program before advancing through various senior management roles.

He also served as the Group Chief Operating Officer and Group Chief Executive Officer at Trust Holdings Limited (THL), a Zimbabwe Stock Exchange-listed diversified financial services group, where he successfully reorganized the company and led its re-listing on the stock exchange. He has a wealth of experience in corporate governance, having served on various boards across Zimbabwe, Zambia, and Malawi.

 The announcement, which was made by the Board of Directors, follows the resignation of Mr. Anthony Kituuka as the Managing Director of Equity Bank Uganda. Speaking on behalf of the Board and Management of Equity Bank Uganda, the Board Chairman, Mr. Mark Ocitti, said, “We are pleased to announce the appointment of Mr. Gift Shoko as the new Managing Director of Equity Bank Uganda, subject to regulatory approval.

Mr. Shoko brings with him a wealth of experience, proven- track-record of leadership and expertise in banking, corporate strategy, and digital transformation which aligns perfectly with our mission to continue delivering innovative and inclusive financial solutions to our customers. We are confident that under Mr. Shoko’s leadership, Equity Bank Uganda will strengthen its commitment to enhancing customer experience and expanding our reach in Uganda.

We wish Mr. Shoko success as he embarks on this exciting journey and look forward to the positive impact he will undoubtedly have on our Bank, our customers, and the communities we serve.” The Board congratulates Mr. Shoko on his appointment.

Equity Bank Uganda Limited has a current customer base of 2.2 million, customer deposits of nearly UGX 3 Trillion, a loan book close to UGX 1.7 Trillion and a balance sheet of nearly UGX 3.5 Trillion. Equity Bank is the industry leader in agency banking with nearly 9000 Equi-duuka and has 50 branches. It is a top 5 bank in many parameters and is a Domestic Systemically Important Bank.

The Equity brand is a widely recognized and respected one in the industry. Equity Bank Uganda is 100% owned subsidiary of Equity Group Holdings Plc a Pan-African financial services holding public company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange.

The Group has other banking subsidiaries in DRC, Rwanda, Tanzania, South Sudan, Kenya and a Commercial Representative Office in Ethiopia. It has other subsidiaries in investment banking, insurance, telecom, fintech and social impact investments. Equity Group is the largest integrated financial services firm in the region with a market capitalization of USD 1.4 Billion.

The Group has an asset base of USD 14 Billion, customer base of 22 million supported by a footprint of 397 branches, 82,936 Agents, over 1.1 million Pay with Equity (PWE) merchants, 44,794 Point-of-Sale (POS) Merchants, 889 ATMs and an extensive adoption of digital banking channel.

The Group’s strong brand recognition, solid liquidity buffers and resilient funding profile, established domestic franchise and extensive adoption of digital and alternative distribution channels have earned it the honor of being the Second Strongest Financial Brand on Earth in 2024 by Brand Finance. It has also been recognized as the strongest financial brand in Africa by Brand Africa in 2024 and the most valuable brand in the region