Ugandans living and working in Kenya have been urged to move beyond sending money to their families and instead invest in businesses, property and other income-generating ventures in Uganda to build long-term wealth.
Equity Bank Uganda and the Uganda Network (UGNET) made the call during a Diaspora Investment Forum organised in Nairobi, Kenya.
The forum brought together Ugandan professionals, entrepreneurs and investors living in Kenya to discuss investment opportunities in Uganda and financial services that can help them grow their businesses across borders.
UGNET Chairperson Dr Phionah Atuhebwe said Ugandans abroad could contribute much more to the country’s economic development than the money they regularly send home.
She said their professional skills, business experience, innovation and international networks could play an important role in attracting investment and creating employment in Uganda.
“The diaspora is far more than just remittances; we are a powerhouse of investment capital, professional expertise, innovation and global networks building wealth across borders,” Atuhebwe said.
She added that Ugandans abroad needed to shift from relying mainly on remittances to building sustainable assets that would generate income for their families and contribute to the country’s development.
Equity Bank Uganda Executive Director Claver Serumaga said the bank was seeking to establish long-term relationships with Ugandans living abroad by providing financial services that support their investment plans.
He said diaspora banking should not be limited to transferring money to relatives but should also help customers acquire property, establish businesses and invest in Uganda.
“True diaspora banking goes beyond simple transactions; it is about building a solid financial partnership that supports your long-term goals and secures your future back home,” Serumaga said.
He said the bank was committed to maintaining regular engagement with Ugandans in the diaspora and providing dedicated support to those interested in investing in their home country.
Delivering the keynote address, Richard Byarugaba, Managing Director of Equity Group Asset Management, urged participants to adopt disciplined financial habits to protect and grow their wealth.
He advised them to save consistently, spread their investments across different sectors, make financial decisions based on long-term goals, and seek guidance from regulated financial institutions.
Byarugaba said relying on a single investment could expose people to financial risks, while diversification could provide more stable returns over time.
To support Ugandans abroad, Equity Bank Uganda presented a range of financial products designed for customers who want to invest in their home country while continuing to work in Kenya.
These include diaspora savings and current accounts, investment and construction loans, insurance products, investment club accounts and foreign exchange services.
The bank also highlighted its regional banking network, which enables customers to access accounts, transfer money and conduct transactions in different countries where Equity operates.
Winfred Warui, the bank’s Senior Manager for International Banking and Cross-Border Payments, said the services were intended to make it easier for Ugandans abroad to finance projects at home without facing unnecessary difficulties when moving money across borders.
She said customers could use the facilities to purchase land, complete residential houses, develop rental properties, invest in agriculture and expand existing businesses.
The forum also highlighted the importance of government support and diplomatic cooperation in encouraging Ugandans abroad to invest with confidence.
Eunice Kigenyi, Uganda’s Chargé d’Affaires at the High Commission in Nairobi, said the mission had a responsibility to guide Ugandans living in Kenya on secure and legally recognised ways of investing in their home country.
She said the government wanted Ugandans abroad to build their lives in their host countries while maintaining economic links with Uganda.
“Our role is to ensure that as you build your future here, you also build your home. We provide the legal and secure pathways to ensure that your hard-earned investments are protected, authenticated, and anchored in trust,” Kigenyi said.
Kenya’s High Commissioner to Uganda, Ababu Namwamba, commended Equity Bank for bringing together Ugandan and Kenyan business communities and encouraging cross-border investments.
He recalled a similar engagement held recently in Kampala, where Kenyans living and working in Uganda were encouraged to move beyond sending money to their families and consider structured investments that could generate long-term wealth.
Namwamba said such initiatives were important in strengthening regional economic integration by creating connections between people, businesses, and investment opportunities in the two countries.
