• The financing shall facilitate clean energy generation and the adoption and purchase of innovative clean energy technologies that directly impact peoples’ health, incomes and the environment.


• The intervention will support the Government of Uganda’s efforts to achieve its commitment to the Paris Agreement of reducing emissions by 22% by the year 2030

Kiboga, June 15, 2022… Households, Educational institutions and Commercial enterprises are set to benefit from a new clean energy financing product at Equity Bank Uganda that will enable them to acquire clean energy technologies for lighting, cooking, and practicing climate smart agriculture.

The affordable financing facility dubbed Equi Green loan with support from the Uganda Energy Credit Capitalization Company (UECCC), was launched on Wednesday with the goal of enabling poor and middle-income households to access clean energy for lighting, cooking and practicing climate smart agriculture.

Equity customers buy improved cook stoves, solar lighting systems, biomass systems, irrigation systems and water storage tanks through affordable, simplified loan products starting from as low as 200,000 Ugx payable in 6 or 12 months. The clean energy loan is available at all Equity Bank branches and a customer can pick up the product at the nearest Equi Green loan appointed agent.

Speaking at the launch of the Equi Green loan facility in Kiboga District, Specioza Kimera Ndagire, the Managing Director of UECCC said, “The aim of the Product is to enable Ugandans access electricity in off grid areas by addressing the affordability barrier arising from the up-front cost of solar systems. This is in line with the National Development Plan (NDPIII) Sustainable Energy Program objectives of increasing access and utilization of electricity, increasing adoption and use of clean energy and promotion of utilization of energy efficient practices and technologies.”

“Our new partnership with Equity Bank Uganda will enable us reach more people through their countrywide customer network,” she added.

Equity Bank Managing Director, Mr. Samuel Kirubi said the Bank will facilitate access to clean energy through affordable financing to purchase innovative clean energy technologies that impact people and the environment.

“Tapping into the power of the sun and the environment to provide lighting, electronic charging systems and cooking solutions makes a real difference in how communities sustain themselves. Families can re-allocate funds saved from the adoption of renewable energy technologies such as solar panels and improved cook stoves to other basic needs such as education or healthcare.”

The renewable technology systems that can be acquired under this product include solar home systems such as lighting, electronic charging, Televisions, and clean cooking systems for schools and homes. Also, water tanks, and irrigation systems.

The Equi-Green loan is implemented under the Equity Bank Energy and Environment Pillar launched in November 2021.

Equity Bank Uganda, under its Energy and Environment pillar will continue to play a leading role in climate change mitigation and adaption interventions aimed at reducing emissions and creating resilience in communities, institutions, and industries. The Bank has made available funding in the areas of renewable energy, energy efficiency, water, climate smart agriculture, circular economy and waste management, green buildings, transportation and afforestation.

In addition to funding, Equity will also address these challenges by increasing awareness of the benefits of a greener economy and encouraging SME’s to adopt cleaner production processes and operations that protect the planet.

Members of Equity Bank Uganda, UECCC and the Hon. Ruth Nankabirwa Minister of Energy and Mineral Development at the launch of the Equi-Green Loan

 

Specioza Kimera Ndagire, the Managing Director of UECCC shares her remarks

 

Equity Bank Managing Director, Mr. Samuel Kirubi speaking at the event

 

About UECCC

Uganda Energy Credit Capitalisation Company (UECCC) is a Government Institution fully owned by the Government of Uganda. The mandate of the Company is to facilitate financing of Renewable Energy Development, with a particular focus on enabling Private Sector participation. 

The Mission of the Company is to provide Innovative Financing Initiatives and Technical Assistance that enables participation of the Private Sector and other stakeholders so as to enhance development and access to Renewable Energy.

About Equity Bank Uganda

Equity Bank Uganda began its operations in 2008 and is regulated by Bank of Uganda. The Bank has its Head Office in Kampala and a network of 45 branches, 5,152 Equi Duuka agents, 6,048 merchants and 48 ATMs spread across the country and serving over 1.2 million customers.

Equity Bank Uganda is a subsidiary of Equity Group Holdings Plc, a financial services company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange. In addition to Equity Bank Uganda, the Group has banking subsidiaries in, Kenya, Rwanda, Tanzania, DRC, South Sudan and a Commercial Representative Office in Ethiopia; with additional non-banking subsidiaries engaged in the provision of investment banking, custodial, insurance agency, philanthropy, consulting, and infrastructure services.

Equity Group is the largest bank in the region with assets of USD 11.2 billion. It is also the largest bank in terms of deposits, with a market capitalisation of USD 2 billion and a customer base of over 15 million. The group has 337 branches, 56,772 agents, 32,269 merchants, 697 ATMs and has widely adopted digital banking channels.

The Banker's Top 1,000 World Banks 2020 ranked Equity Bank 754th in its global ranking, 62nd in terms of Capital Assets to Assets ratio, 55th in terms of Profits on Capital and 20th in terms of Return on Assets. The Banker's Top 100 African Banks 2020 ranked the Bank 7th among the top 10 banks in Africa, 5th for strength, 9th for growth performance, 8th for return on risk and 6th for profitability and leverage category. In the same year, Moody's gave the Bank an overall rating of B2 with a negative outlook, identical to the Kenyan government's sovereign rating, due to the Bank's strong brand recognition, strong liquidity buffers and resilient funding profile, well-established national franchise and strong adoption of digital and alternative distribution channels