MINERAL WEALTH DRIVE! Equity Bank Digs Deep Into Uganda’s Mining Goldmine
Delegates pose for a photo during the 15th Annual Mineral Wealth Conference held from 29th to 30th September at Speke Resort Munyonyo
Our Reporter
Equity bank has reaffirmed its commitment to Uganda’s mining and extractive sector, with a particular focus on expanding financial inclusion among artisanal and small-scale miners.
The Bank’s commitment comes as more than 1,500 delegates gather at Speke Resort Munyonyo for the 15th Annual Mineral Wealth Conference and Expo, held from September 29 to 30 under the theme, “Beneath the Surface: Unlocking Africa’s Next Mining Powerhouse.”
The conference, organised by the Uganda Chamber of Energy and Minerals in partnership with the Ministry of Energy and Mineral Development, brings together government officials, international and regional experts, industry players, financial institutions and other stakeholders to discuss the future of Uganda’s mining industry.
Christine Mukasa Mugerwa, Senior Sector Head, Energy, Mining and Extractives at Equity Bank Uganda, said the bank is focusing on bringing financial services closer to miners while supporting the transition towards safer and more productive mining practices.
“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,” Mugerwa said.
She said the Bank is working with miner associations and refineries to provide financial literacy, asset financing and access to modern equipment, including mini-excavators.
“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,” she said.
Uganda is seeking to increase the contribution of mining to the economy from about two per cent of GDP to 10 per cent, a target that will require greater investment, value addition and access to finance across the mining value chain.
Jonard Asiimwe, the State Minister for Science, Technology and Innovation, emphasised the urgent need to transition away from exporting unprocessed materials.
“Exporting our minerals in their raw form is like exporting our future prosperity. A thriving mining sector requires more than extraction; it demands precision and foresight,” Asiimwe said. “From accurate geological data to comprehensive value-chain mapping, we must ensure every strategic mineral is thoroughly understood and processed right here at home, building local processing capacity so we aren’t just retaining wealth, but creating sustainable industrial jobs and technology transfer for generations of Ugandans.”
Humphrey Asiimwe, the Chief Executive Officer for Uganda Chamber of Energy and Minerals, noted that as industry leaders and government officials map out the nation’s resource future, the event highlights a thriving landscape ripe for development.
“With over 1,000 delegates from 30 nations convening in Kampala and 58 identified minerals waiting to be unlocked, Uganda is proving that it is a premier destination for both local and foreign investment, paving the way for landmark operations like Wagagai Gold Mine to drive true mineral value addition,” Asiimwe said.
A significant part of this effort lies with artisanal and small-scale miners, who account for an estimated 80 per cent of active miners in the country.
However, access to formal financing remains a major challenge for many of them. The mobile nature of mining operations, limited formal documentation, lack of fixed addresses, and informal cash-flow records can make it difficult for miners to meet the requirements of conventional lending.
This financing gap can leave small-scale miners dependent on middlemen and limit their ability to invest in safer and more productive equipment.
Equity bank is seeking to address some of these challenges through partnerships with miner associations, off-takers and refineries, alongside financial literacy and asset-financing initiatives.
Equity bank’s approach also includes working with players further along the value chain to strengthen the link between miners and markets.
Through partnerships with major off-takers and refineries, including Wagagai, Equity Bank seeks to support more structured cash flows and improve the ability of small-scale miners to receive transparent and fair payments for their output.
Beyond access to credit, the bank is positioning financial literacy as an important part of building a more sustainable mining sector. Working through miner associations provides an avenue for reaching workers who may otherwise remain outside the formal financial system.
The focus on Uganda’s extractive sector also forms part of Equity Group’s wider Africa Recovery and Resilience Plan (ARRP), which identifies natural resources and extractives as important drivers of industrialisation and economic transformation across the continent.
The strategy places emphasis on mineral beneficiation, local value addition and stronger primary supply chains, with the aim of enabling African economies to capture more value from their natural resources rather than exporting raw materials with limited processing.
For Uganda, the push comes at a time when the country is seeking to unlock greater economic value from its mineral resources while creating opportunities for local businesses and communities.
Stakeholders at the conference are therefore examining how investment, technology, infrastructure, regulation and financing can work together to support the sector’s growth.
For artisanal miners, access to appropriate equipment and financial services could also help improve productivity and working conditions. Equity Bank says its interventions include promoting safer mining practices and the use of appropriate personal protective equipment.
As Uganda pursues its ambition of becoming a stronger mining and mineral-processing hub, the industry’s growth will depend not only on attracting large-scale investment but also on strengthening the thousands of small-scale operators who form the foundation of the sector.
For Equity bank, extending financial inclusion to this segment is part of a broader effort to ensure that Uganda’s mineral wealth generates value across the entire extraction and supply chain.
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