Gift Shoko, the Manging director of Equity Bank and Professor Augustus Nuwagaba, the deputy Govenor Bank of Uganda
Ugandans living abroad have been urged to move beyond sending money home for family upkeep and instead invest in businesses and other productive sectors that create wealth and support the country’s economic growth.
The call was made during an Equity Bank Uganda webinar for the diaspora, where officials from the Bank of Uganda, the Ministry of Finance and Equity Bank shared opportunities available to Ugandans interested in investing back home.
Speaking during the webinar, Prof. Augustus Nuwagaba, Deputy Governor of the Bank of Uganda, said the diaspora has an important role to play in Uganda’s economic transformation by investing in sectors that deliver long-term value.
He encouraged Ugandans abroad to become ambassadors for their country by promoting Uganda as an investment destination while making informed investment decisions of their own.
“I urge the diaspora to confidently promote Uganda’s potential, invest wisely and build assets that create lasting value. Personal growth, financial discipline and ownership of your own journey are the essential foundations for success,” Prof. Nuwagaba said.
He said Uganda’s growing economy continues to present opportunities for diaspora investors, particularly in real estate, where government reforms have made property ownership more secure.
According to Prof. Nuwagaba, improvements in land administration, digital land services and property registration have increased confidence among investors and addressed many of the challenges that previously discouraged investment in the sector.
Beyond real estate, he pointed to financial technology, digital infrastructure and payment systems as areas with strong growth potential as Uganda continues to expand its digital economy.
Prof. Nuwagaba advised diaspora investors to put their money into sectors they understand rather than businesses that require constant supervision from abroad. He said successful investments should be able to generate steady returns without forcing investors to abandon their careers overseas.
Drawing from his own experience, he encouraged participants to keep investing in their education and professional development. He said learning should not stop after attaining academic or professional success, noting that new knowledge and skills help people remain relevant in a changing economy.
He also encouraged Ugandans abroad to develop specialised expertise that sets them apart instead of competing in already crowded markets.
The Deputy Governor said Uganda’s fast-growing urban centres, including Jinja and Gulu, are creating new opportunities in housing, commercial property and infrastructure development. He added that the diaspora could also play a bigger role in financing infrastructure projects, especially in sectors such as energy, where larger investments have the potential to lower production costs and stimulate economic growth.
Prof. Nuwagaba said Uganda has made significant progress in expanding financial inclusion through digital payments and mobile money, but stressed the need for diaspora funds to continue flowing through secure and regulated financial systems.
He cited countries such as the Philippines, where diaspora remittances have become an important source of investment and economic growth, saying Uganda can adopt similar approaches to channel remittances into productive investments.
“As the Bank of Uganda, we remain committed to supporting financial stability, digital payment innovation, investment facilitation and policies that create a more enabling environment for diaspora participation in Uganda’s economic transformation,” he said.
During the webinar, Joseph Enyimu, Commissioner at the Ministry of Finance, Planning and Economic Development, presented Uganda’s long-term savings and investment trends and highlighted the contribution diaspora capital can make in narrowing the country’s savings-investment gap.
He also outlined Uganda’s investment opportunities, citing a stable macroeconomic environment, a young population, an expanding private sector and abundant natural resources as some of the country’s strengths.
Enyimu shared government’s ambition of growing Uganda into a US$500 billion economy through investments in agro-industrialisation, tourism, minerals, oil and gas, as well as science, technology, innovation, ICT and the creative industries.
He encouraged Ugandans abroad to gradually shift from sending money mainly for household consumption to investing in businesses, agriculture, real estate, government securities and collective investment schemes.
He also asked diaspora communities to organise themselves into investment groups that can benefit from available government incentives and participate in larger investment opportunities. “As you continue supporting families through remittances, increasingly channel resources into formal investments that create wealth and grow businesses. By doing so, Ugandans in the diaspora can play a stronger role in driving Uganda’s economic transformation while building lasting personal and community wealth,” Enyimu said.
The webinar also featured a presentation by Winfred Wanjiru, Senior Manager for International Banking and Cross-Border Payments at Equity Bank Uganda, who took participants through the bank’s diaspora banking products.
She demonstrated how customers living abroad can use Equity Bank’s online banking platform and mobile app to manage their accounts, transfer money internationally and send funds directly to MTN and Airtel mobile wallets, Equity Bank accounts and other local banks in Uganda.
Wanjiru said the bank’s Visa debit cards also enable customers to access their money conveniently from anywhere in the world.
The webinar formed part of Equity Bank Uganda’s efforts to connect Ugandans living abroad with investment opportunities and financial services that make it easier to save, invest and do business back home.
Throughout the discussions, speakers agreed that Uganda’s diaspora is well placed to contribute more than remittances. By investing in productive sectors, supporting businesses and taking advantage of available financial services, they said, Ugandans abroad can build wealth while contributing to the country’s long-term development.
