Equity Bank Uganda has launched a new digital platform aimed at transforming how businesses manage their finances, with regulators praising the move as a step towards a more efficient and inclusive banking system.
The platform, dubbed Equity Online for Business, was unveiled at Protea Hotel in Kampala, marking a major upgrade from the bank’s previous EazzyBiz system.
Officials from the Bank of Uganda welcomed the development, saying it aligns with the country’s broader push towards digital financial services.
Dr Twinemanzi Tumwebeine, executive director for national payment systems at the central bank, said the platform goes beyond traditional online banking.
“According to what I have heard, it appears more than a platform, but rather making banking a reality where there is convenience, speed of transactions with 24/7 access and security for customers,” Tumwebeine told journalists.
He, however, cautioned both the bank and its customers about the risks associated with internet dependence. He advised users to plan for disruptions by postponing non-urgent transactions in case of connectivity challenges, noting that the platform relies entirely on internet access.
The launch signals a significant digital shift by Equity Bank Uganda as it seeks to meet the demands of modern businesses operating in a fast-paced and increasingly interconnected economy.
Speaking at the event, the bank’s executive director, Claver Serumaga, said the platform was designed to respond to evolving customer needs.
“Commerce is evolving rapidly, with customers expecting immediacy, reliability, and seamless integration. Equity Online for Business responds to these needs by consolidating all essential financial tools into one platform,” he said.
Serumaga revealed that the bank has spent the past year investing heavily in infrastructure, including relocating its data processing centre from Nairobi to Kampala.
He said the bank has installed new servers supported by HP-led infrastructure to improve system performance, speed, and reliability.
“With this innovation, we can compete with current banking trends where business cycles are much faster, and value chains are highly interconnected,” he added.
The new platform allows businesses to manage accounts, make supplier payments, process payroll, handle recurring bills, and conduct foreign transactions in real time. It also offers tools for cash flow management, including multi-currency visibility and automated transfers.
Corporate customers will benefit from enhanced control features, enabling administrators to manage user access independently, as well as improved security systems such as one-time passwords, token authentication, and structured approval workflows.
Serumaga warned that banks can no longer rely on outdated systems if they are to remain competitive.
“Banks cannot operate while sitting on old infrastructure,” he said, adding that the platform will enable accountants to process salaries and reconcile payments without the need to physically visit banking halls.
The system also supports real-time analytics, automated reconciliations, and audit trails, helping businesses reduce accounting inefficiencies and make informed financial decisions.
Equity Bank said all business customers will transition to the new platform to continue accessing its digital services.
The bank has also called on users to provide feedback to help improve the system, noting that future upgrades will focus on enhancing integration between different business platforms, as well as improving speed, reconciliation, and uptime.
