Equity Bank Uganda has renewed its commitment to Uganda’s mining and extractive sector, with a particular focus on helping artisanal and small-scale miners access formal financial services, equipment and markets.
The bank says the move is aimed at addressing one of the biggest challenges facing Uganda’s mining industry: the limited access to finance among thousands of small-scale miners who operate outside the formal financial system.
Christine Mukasa-Mugerwa, Senior Sector Head for Energy, Mining and Extractives at Equity Bank Uganda, said the bank wants to take financial services closer to miners while supporting safer and more productive mining practices.
She was speaking during the 15th Annual Mineral Wealth Conference and Expo held at Speke Resort Munyonyo in Kampala from September 29 to 30, 2026.
The conference, organised by the Uganda Chamber of Energy and Minerals in collaboration with the Ministry of Energy and Mineral Development, brought together government officials, investors, mining companies, financiers, development partners and other industry players.
It was held under the theme, “Beneath the Surface: Unlocking Africa’s Next Mining Powerhouse.” The organisers said the conference attracted more than 1,500 delegates, alongside investors and other stakeholders from Uganda and abroad.
Mukasa-Mugerwa said about 80 per cent of Uganda’s miners are artisanal workers who often use basic tools and face difficulties accessing conventional bank financing.
“Eighty per cent of Uganda’s miners are artisanal workers using basic sticks and basins, facing major barriers to traditional financing because they move with the mines and lack formal paperwork,” she said.
Many small-scale miners operate without fixed business premises, formal financial records or other documentation normally required by commercial lenders.
Their operations can also move from one mining area to another depending on the availability of minerals, making it difficult for them to meet some of the requirements of traditional banking.
Mukasa-Mugerwa said Equity Bank is therefore working with miner associations, refineries and other players in the mining value chain to develop ways of reaching these businesses.
The bank’s interventions include financial literacy, asset financing and support for miners to acquire modern equipment such as mini-excavators.
The approach is intended to help miners move away from basic and sometimes unsafe methods of extraction and improve their productivity.
“Our goal goes beyond lifting mining’s GDP contribution from two per cent to 10 per cent. We are championing socio-economic prosperity, safety and dignity for every Ugandan miner,” Mukasa-Mugerwa said.
Uganda is seeking to increase the contribution of mining to the economy, with government and industry stakeholders pushing for greater investment, mineral processing and value addition.
The push comes as the country seeks to move away from exporting minerals in their raw form and instead develop industries that process minerals locally.
Minister for Science, Technology and Innovation Jonard Asiimwe said Uganda must strengthen its capacity to understand, process and add value to its mineral resources.
He warned that continued export of unprocessed minerals could deny the country opportunities to create jobs, develop technology and retain more wealth from its natural resources.
“Exporting our minerals in their raw form is like exporting our future prosperity,” Asiimwe said.
He said Uganda needs better geological information, stronger mapping of mineral value chains and greater local processing capacity if the country is to benefit fully from its mineral resources.
The minister said local processing would help Uganda retain more value from its minerals while creating industrial jobs and opportunities for technology transfer.
Humphrey Asiimwe, chief executive officer of the Uganda Chamber of Energy and Minerals, said Uganda has significant opportunities for investment in the mining sector.
He said the Mineral Wealth Conference was intended to connect investors, government, mining companies, financiers and other businesses involved in the mineral value chain.
With Uganda seeking to develop its mineral resources, Asiimwe said the country must create an environment that encourages both local and international investment.
Equity Bank Uganda’s focus on mining forms part of Equity Group’s wider Africa Recovery and Resilience Plan, which identifies natural resources and extractive industries as important drivers of industrialisation and economic transformation.
The strategy places emphasis on mineral beneficiation, local value addition and stronger supply chains so that African countries can retain more of the value generated from their natural resources.
