Claver Serumaga Gets Bank of Uganda Nod for ED Role at Equity Bank Uganda 

The Bank of Uganda has officially cleared the appointment of Claver Serumaga as Executive Director, Commercial Banking at Equity Bank Uganda, marking a critical step in the bank’s ongoing leadership reset.

Serumaga’s confirmation follows an earlier announcement by the bank that named him as part of a broader executive refresh aimed at reigniting Equity’s pre-2023 growth momentum. His appointment is seen as central to Equity Group’s and Managing Director Gift Shoko’s strategy to stabilise operations and rebuild the commercial banking engine that once powered the bank’s rapid expansion.

With over 17 years of pan-African banking experience, Serumaga brings a strong track record of turnaround leadership. He most recently served as Managing Director of NCBA Bank Tanzania, where he led the bank back to profitability, posting a TZS 25.5 billion net profit in 2024. Under his watch, NCBA Tanzania also slashed non-performing loans from 18.1% to 5.5%, while deploying digital platforms like NCBA Now to streamline operations and boost customer acquisition.

At Equity Bank Uganda, Serumaga replaces Kenneth Onyango, who was dismissed in 2023 after being linked to a UGX 65 billion digital fraud incident. His arrival signals a decisive step toward restoring credit discipline, rebuilding enterprise and SME lending, and enhancing operational integrity.

Prior to NCBA, Serumaga held senior roles across the Bank of Africa Group, including Deputy Managing Director at Bank of Africa Kenya, and Chief Digital Officer at the Group’s headquarters in Casablanca, Morocco. He has also served in key leadership positions at Bank of Africa Uganda and Orient Bank Uganda. He holds an Executive MBA from the University of Cape Town and is a Fellow of the Chartered Institute of Marketing (UK).

His reunion with Gift Shoko—his former NCBA Group colleague between 2022 and 2024—further strengthens a leadership pairing known for operational execution and strategic clarity. With regulatory approval now granted, Claver Serumaga officially steps into a role that will be closely watched by both the industry and Equity Group stakeholders alike.