KAMPALA, Uganda — Equity Bank Uganda has reaffirmed its commitment to supporting Uganda’s mining and extractive sector, with a particular focus on expanding financial inclusion among artisanal and small-scale miners who make up the majority of the country’s active mining workforce.
The commitment was highlighted during the 15th Annual Mineral Wealth Conference and Expo, held from September 29 to 30 at Speke Resort Munyonyo 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, brought together government officials, international and regional experts, industry players, financial institutions and other stakeholders to discuss ways of unlocking Uganda’s mineral wealth and accelerating development of the sector.
Christine Mukasa Mugerwa, Senior Sector Head for Energy, Mining and Extractives at Equity Bank Uganda, said the bank is working to bring financial services closer to miners while supporting the transition towards safer, more productive and modern mining practices.
Mugerwa said about 80 per cent of Uganda’s miners are artisanal workers, many of whom operate with basic tools and face difficulties accessing conventional 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,” Mugerwa said.
She explained that the mobile nature of mining operations, lack of fixed addresses, limited documentation and informal cash-flow records often make it difficult for small-scale miners to meet the requirements of traditional lenders.
According to Mugerwa, Equity Bank is working with miner associations, off-takers and refineries to address these barriers through financial literacy, asset financing and access to modern mining 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 targeting an increase in the contribution of mining to the economy from about two per cent of GDP to 10 per cent, a goal that stakeholders say will require increased investment, technology, infrastructure, value addition and access to affordable financing across the mining value chain.
State Minister for Science, Technology and Innovation, Jonard Asiimwe, stressed the need for Uganda to move away from exporting minerals in their raw form and instead develop local processing capacity.
“Exporting our minerals in their raw form is like exporting our future prosperity,” Asiimwe said.
He said Uganda must strengthen geological data, map mineral value chains and develop domestic processing capacity so that the country can retain more value from its natural resources while creating sustainable industrial jobs and promoting technology transfer.
Asiimwe argued that a stronger mining sector should not be measured only by the volume of minerals extracted but also by the economic opportunities created through processing and value addition.
Humphrey Asiimwe, Chief Executive Officer of the Uganda Chamber of Energy and Minerals, said the country has significant opportunities to attract both local and foreign investment into the mining sector.
He noted that more than 1,000 delegates from 30 countries attended the conference, while Uganda has identified 58 minerals with potential for further 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,” he said.
He pointed to developments such as the Wagagai Gold Mine as examples of investments that could contribute to mineral value addition and the transformation of Uganda’s extractive sector.
Despite their importance to the sector, artisanal and small-scale miners continue to face significant financing challenges.
Many rely on informal arrangements and middlemen because they lack the documentation, fixed business locations and formal financial records required by conventional lenders.
The financing gap can limit their ability to purchase modern equipment, improve productivity and adopt safer mining practices.
Equity Bank says it is seeking to bridge this gap by partnering with miner associations, off-takers and refineries while providing financial education and asset-financing solutions.
The bank is also working with players further along the mining value chain to strengthen the relationship between miners and markets.
Through partnerships with major off-takers and refineries, including Wagagai, the bank aims to support more structured cash flows and improve the ability of small-scale miners to receive transparent and fair payments for their mineral output.
Equity Bank’s focus on Uganda’s extractive sector 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.
The strategy places emphasis on mineral beneficiation, local value addition and stronger primary supply chains, with the objective of enabling African countries to retain more value from their natural resources instead of exporting raw materials with limited processing.
For Uganda, the strategy comes as the country seeks to unlock greater economic value from its mineral resources while creating opportunities for local businesses, workers and communities.
Stakeholders at the Mineral Wealth Conference therefore focused on how investment, technology, infrastructure, regulation and financing can work together to transform Uganda’s mining industry.
For artisanal miners, access to appropriate equipment and financial services could help improve productivity, safety and working conditions. Equity Bank says its interventions also promote 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, stakeholders say the sector’s success will depend not only on attracting large-scale investors but also on strengthening the thousands of small-scale miners who form the foundation of the industry.
For Equity Bank, expanding financial inclusion among these miners is part of a broader effort to ensure that Uganda’s mineral wealth generates economic value across the entire extraction, processing and supply chain.
