Equity Bank backs Uganda on mining potential

What the report says

Equity Bank Uganda says it is stepping up support for Uganda’s mining and extractive sector, with a focus on bringing more formal financial services to artisanal and small-scale miners. Christine Mukasa Mugerwa, the bank’s senior sector head for energy, mining and extractives, said many miners still operate informally and struggle to qualify for conventional lending because they move with mining sites, lack paperwork and do not have fixed addresses.

Speaking at the 15th Annual Mineral Wealth Conference and Expo at Speke Resort Munyonyo in Kampala, Mugerwa said the bank is working with miner associations, off-takers and refineries to offer financial literacy, asset financing and access to equipment such as mini-excavators. She framed the effort as part of a broader push to improve safety, productivity and dignity in the sector, while helping miners move away from dependence on middlemen.

The Observer reported that Uganda wants mining to contribute more to the economy, with officials and sector stakeholders aiming to raise its share of GDP from about 2% to 10%. That goal would require more investment, better value addition and easier access to finance across the mining chain. The conference was organised by the Uganda Chamber of Energy and Minerals with the Ministry of Energy and Mineral Development, under the theme “Beneath the Surface: Unlocking Africa’s Next Mining Powerhouse.”