Running a business in Uganda is not easy. For many small and medium enterprises, survival means battling delays financing, risky cash handling and limited access to markets.
Nuhu Kanyike, the Managing Director of Falkan Investments Ltd, knew these struggles all too well, until he found a banking partner that not only understood his challenges, but also believed in his vision.
Kanyike’s journey with Equity Bank began in 2017 during a critical period in his career as a Unilever distributor. Frustrated by delays in renewing a bank guarantee with a previous provider, “I had waited for weeks and couldn’t get any help,” he said.
He was introduced to Equity Bank by a fellow distributor, and within a week everything was sorted, “I had my guarantee sorted at the Equity Bank. They handled everything quickly and professionally,” Kanyike recalls. That was the start of a new chapter for his business.
For SME distributors like Falkan Investments, Equity Bank’s responsiveness and tailor-made financial products have been game changers. The guarantee facility enabled the business to access Unilever stock on flexible 17-day payment terms, easing working capital pressures and supporting sustainable growth. “Equity didn’t just offer credit- they provided a solution that worked for my cash flow cycle,” Kanyike reflects.
But the true impact of Equity Bank lies in how it integrates digital innovation with practical SME needs. Before joining Equity, Kanyike’s sales team handled large amounts of cash after every trip, creating delays and safety risks. “We would spend hours counting money in the warehouse. It was risky and tiring,” he said. But through Equity Bank’s agency banking network with over 9,310 ‘Equi-Duuka’ gents, his field teams now deposit cash in real time with local agents, eliminating security risks and saving valuable operational hours. “That one change has streamlined our operations and enabled us to scale faster,” he notes.
Now, his team deposits money directly with Equity Bank agents in the field, and it reflects instantly in their accounts. “It has saved us a lot of time and removed the stress of carrying cash,” he added.
This system has also allowed the business to expand into new areas like Ishaka and Karenga, which were previously avoided due to the risks of transporting money over long distances. With agents available across the country, the company’s trucks now return without any cash on board- money is deposited and secured on the spot.
Beyond transaction support, Equity Bank has also provided flexible working capital loans, allowing Kanyike to stock up when needed and pay back within a month. “Even when we need short-term funds to meet monthly sales targets, I can rely on Equity to provide credit I can repay within a month. That kind of agility is essential in our line of work,” Kanyike shares.
For Kanyike, Equity Bank is more than just a lender. “They understand how SMEs operate and give us tools that really make a difference,” he said.
His story highlights the importance of banks going beyond traditional services. “Uganda’s SMEs need partners who listen and offer real-time solutions. Equity Bank has done that for us,” Kanyike concluded.
As more entrepreneurs look for ways to grow, Kanyike’s experience shows that with the right financial partner, small businesses can overcome challenges and succeed.