Anthony Kituuka announced his resignation as Managing Director of Equity Bank Uganda on Saturday. After leading the bank for two years and serving in various roles for a decade, Kituuka’s departure signals a pivotal moment for one of the country’s largest financial institutions.
Kituuka, who ascended to the Managing Director role in November 2022, leaves behind a legacy of growth and innovation. Under his stewardship, Equity Bank Uganda expanded its customer base to 2.2 million, grew deposits to nearly UGX 3 trillion, and boosted its loan portfolio to UGX 1.7 trillion. The bank’s total assets now stand at UGX 3.5 trillion, with 50 branches nationwide.
Reflecting on his journey, Kituuka stated, “It has been a privilege to serve Equity Bank and contribute to its mission of transforming lives and livelihoods. I deeply appreciate the Board, my colleagues, and stakeholders for their support. I wish the institution continued success as it pursues the ambitious Africa Recovery and Resilience Plan to impact 100 million lives by 2030.”
A Strategic Void to Fill
Equity Bank Uganda’s Board of Directors acknowledged Kituuka’s resignation with gratitude, noting his critical role in driving the bank’s performance. Board Chairman Mark Ocitti praised Kituuka’s leadership, saying, “Anthony has been instrumental in solidifying Equity Bank Uganda’s reputation as a leading financial institution.”
With Kituuka set to remain in office during the transition period, the bank now faces the strategic challenge of finding a successor capable of maintaining its trajectory. Analysts believe the selection of the next MD will be crucial in ensuring the bank’s continued growth and alignment with Equity Group Holdings Plc’s ambitious Pan-African vision.
Equity Bank’s Role in Uganda’s Economy
Kituuka’s departure also comes at a time when Equity Bank Uganda is deeply embedded in the country’s economic framework. The institution has played a significant role in advancing financial inclusion, supporting small and medium-sized enterprises (SMEs), and fostering innovations in digital banking.
Equity Group Holdings Plc, the parent company, operates as a Pan-African financial powerhouse, with banking operations across six countries and interests in insurance, telecom, fintech, and investment banking. Its Africa Recovery and Resilience Plan aims to impact 100 million lives by 2030 through economic transformation and social investment.
What Lies Ahead for Equity Bank Uganda?
Kituuka’s resignation raises questions about the future leadership direction of the bank. Will the new MD continue to prioritize digital transformation and SME financing, or will they steer the institution toward new horizons?
As Equity Bank Uganda prepares for this leadership transition, its performance and ability to retain its competitive edge in Uganda’s financial sector will remain under close scrutiny. For now, stakeholders can only wait and watch as the bank navigates this critical juncture.
