Equity Bank Uganda and Modern Group of Companies are strengthening their business relationship as the diversified Ugandan company looks to expand its operations and position itself for further growth in Uganda and the wider East African market.
The partnership comes at a time when Uganda’s industrial sector is expanding and businesses are seeking financial institutions that can provide timely and flexible solutions to support investment, working capital and long-term growth.
For Modern Group, the relationship with Equity Bank goes beyond access to financing. The company says the bank’s responsiveness and understanding of its operations have been important factors in developing the partnership.
Jagdish Srivastava, the chief executive of Modern Group, said the bank’s local teams had been particularly helpful in responding to the company’s needs.
“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.
Modern Group operates across several sectors, including manufacturing, building materials and agro-processing. Its diverse operations require financial services that can respond to different business needs and markets.
Srivastava said the experience had demonstrated the value of working with a financial institution that combines the resources of a major bank with an understanding of businesses operating at local level.
“As a former international banker myself, I understand the distinct strategic advantages of working with one of the country’s leading financial institutions,” he said.
“Partnering with a major bank like Equity provides the scale, stability and institutional support needed to unlock long-term business growth,” Srivastava added.
He said the company was looking forward to expanding the relationship as its internal authorisation processes are completed.
“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.
Ronald Nakhasanga, Equity Bank’s regional manager for the Eastern Region, described Modern Group as an important relationship for the bank.
“Modern Group represents a cornerstone relationship for our bank,” Nakhasanga said.
He said the bank’s approach would go beyond traditional corporate banking by supporting the different parts of Modern Group’s business operations.
“Given their expansive footprint across diverse sectors from manufacturing and building materials to agro-processing, the potential for shared growth is immense,” he said.
“Our commitment goes beyond traditional corporate banking. We are strategically positioned to support their full ecosystem, driving value across their entire operational footprint,” Nakhasanga added.
The partnership reflects the growing importance of tailored financial services for companies operating in Uganda’s competitive industrial sector.
While access to capital remains important for businesses seeking to expand, companies also need financial partners that can understand their operations, respond to changing needs and provide solutions that support growth over time.
For Modern Group and Equity Bank, the relationship could therefore develop into a wider partnership covering several areas of the company’s business as it continues to grow.
