How Equity bank transformed Kanyike’s business into success story

Running a business in Uganda is no easy feat.

For many small and medium enterprises (SMEs), survival means navigating delayed financing, risky cash handling, and limited access to markets. But for Falkan Investments Ltd, a household name in the distribution sector, partnering with Equity bank became a turning point, reshaping how they operate and grow.

Nuhu Kanyike, managing director of Falkan Investments, vividly recalls the challenges before teaming up with Equity bank.

“Running a business in Uganda is not easy. We dealt with delays in financing, risky cash handling, and had little access to markets,” he said.

These hurdles stifled growth, endangered his staff, and slowed operations. The frustration reached its peak when bank guarantees from his previous provider took weeks to process, crippling his ability to keep the business moving. The breakthrough came in 2017.

“I was frustrated by delays in renewing a bank guarantee with my previous provider. I waited weeks and couldn’t get help,” he recalled.

A fellow distributor introduced him to Equity bank, and within a week, his bank guarantee was approved. From that moment, a strategic partnership was born. One of Equity bank’s most impactful solutions was its digital agency banking network, with over 9,310 ‘Equi-Duuka’ agents across Uganda.

Previously, Kanyike’s sales teams returned from distribution trips with large sums of cash, posing risks of theft, delays, and inefficiency.

“We would spend hours counting money in the warehouse. It was risky and tiring,” Kanyike said.

Now, sales teams deposit cash instantly at local agents, with funds reflecting in real time. This has eliminated the need for trucks to carry large amounts of cash over long distances.

With agents in even the most remote areas, Falkan Investments has expanded into places like Ishaka and Karenga, previously avoided due to security concerns. Beyond safe transactions, Equity bank has provided short-term working capital loans, enabling 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 quickly. That kind of agility is essential in our line of work,” he said.

From faster guarantees to safer cash handling and flexible financing, Equity bank has not only solved operational challenges but also fueled Falkan Investments’ expansion, turning a struggling operation into a thriving business.