Nuhu Kanyike sharing a personal testimony on how Equity Bank transformed his business
HABARI DAILY I Kampala, Uganda I Struggles are inherent to the journey towards success, encompassing a wide range of challenges, including internal obstacles like self-doubt and fear of failure, as well as external difficulties such as rejection, criticism, and setbacks.
But banking institutions like Equity Bank have come up with a policy of hand holding their partners in business to help them go all the way to the top.
Through the years, Equity Bank has been supportive of Small and Medium Scale Enterprises (SME’s), to enable them grow their portfolio as they strive to get into the large scale enterprises bracket.
Survival for the fittest
For many small and medium enterprises, survival means battling delayed financing, risky cash handling and limited access to markets.
Nuhu Kanyike, the Managing Director of Falkan Investments Ltd, encountered these struggles quite often, until he found a banking partner that not only understood his challenges, but also believed in his vision.
Kanyike’s journey with Equity Bank began in 2017 during a critical period in his career as a Unilever distributor. Frustrated by delays in renewing a bank guarantee with a previous provider, “I had waited for weeks and couldn’t get any help,” he said.
He was introduced to Equity Bank by a fellow distributor, and within a week everything was sorted. He says: “I had my guarantee sorted at the Equity Bank. They handled everything quickly and professionally,” Kanyike recalls. That was the start of a new chapter for his business.
For SME distributors like Falkan Investments, Equity Bank’s responsiveness and tailor-made financial products have been game changers. The guarantee facility enabled the business to access Unilever stock on flexible 17-day payment terms, easing working capital pressures and supporting sustainable growth.
Kanyike narrates that Equity didn’t just offer credit, but they provided a solution that worked for his cash flow cycle.
Equi-Duuka network
“The true impact of Equity Bank lies in how it integrates digital innovation with practical SME needs,” he said, adding that before joining Equity, his sales team handled large amounts of cash after every trip, creating delays and safety risks.
“We would spend hours counting money in the warehouse. It was risky and tiring,” he said.
He further said that through Equity Bank’s agency banking network with over 9,310 ‘Equi-Duuka’ gents, his field teams now deposit cash in real time with local agents, eliminating security risks and saving valuable operational hours.
“That one change has streamlined our operations and enabled us to scale faster,” he noted.
Now, his team deposits money directly with Equity Bank agents in the field, and it reflects instantly in their accounts. “It has saved us a lot of time and removed the stress of carrying cash,” he added.
New branches, flexible loans
This system has also allowed the business to expand into new areas like Ishaka and Karenga, which were previously avoided due to the risks of transporting money over long distances. With agents available across the country, the company’s trucks now return without any cash on board, since money is deposited and secured on the spot.
Beyond transaction support, Equity Bank has also provided flexible working capital loans, allowing Kanyike to stock up when needed and pay back within a month.
“Even when we need short-term funds to meet monthly sales targets, I can rely on Equity to provide credit I can repay within a month. That kind of agility is essential in our line of work,” Kanyike says.
For Kanyike, Equity Bank is more than just a lender. “They understand how SMEs operate and give us tools that really make a difference,” he said.
His story highlights the importance of banks going beyond traditional services. “Uganda’s SMEs need partners who listen and offer real-time solutions. Equity Bank has done that for us,” Kanyike added.
As more entrepreneurs look for ways to grow, Kanyike’s experience shows that with the right financial partner, small businesses can overcome challenges and succeed.
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