Equity Bank Wins Africa Investor Award

Equity Bank scoops Africa Investor award as the Best Initiative in Support of SMEs and the Millennium Development Goals

Equity Bank Group has closed the month of September on a high note having managed to bag a total of three internationally coveted awards and recognitions.

Coming hot on the heels of its recent recognitions by the World Economic Forum and the African Banker Awards, Equity Bank Group has picked yet another award following its naming by the Africa Investor as the Best Initiative in Support of SMEs and the Millennium Development Goals.

An elated Equity Bank Group CEO Dr. James Mwangi received the award early this week during the World Bank Annual Meetings in Washington DC.

During the awards ceremony, Dr. Mwangi reiterated the bank’s commitment to enhance its customer product and service offering that has the capacity to transform their lives and livelihoods. Already, Equity Bank, Dr. Mwangi disclosed has managed to rollout more than 2,500 fully-fledged Equity Agents outlets across the country.

“At Equity Bank, our commitment is to make banking convenient and accessible to all our people so that they can become agents of their social economic transformation. Meaningful progress can be achieved on the attainment of the Millennium Development Goals if organizations and institutions can develop pro-growth and pro-development products and services and then ensure that they are easily accessible and affordable.”

Equity Bank has continued to innovate customer focused products and services that have played a key roled in supporting the growth of most of its customers from start up and small businesses to become small and medium enterprises. Key among the products is the Fanikisha Women Loan, which provides access to financial services and business information to women entrepreneurs. Fanikisha targets women with flexible terms and collateral. Women have benefited both as individuals and through enterprise clubs/groups. Loans amounting to over Kshs 10 Billion have been disbursed to 136,000 women owned and managed businesses. The youth have been able to access Credit through a well designed program “Vijana Biashara Loans” that have supported youth that are starting their businesses as well as growing their business through accessibility to credit, business training and mentorship.

Equity Bank supports farmers by targeting them with products that help them commercialize agriculture. For example Equity has partnered with the government for Kenya, and other stakeholders in the rehabilitation of irrigation schemes where Equity finances farmers, government provides the land and water for irrigation while other stakeholders provide market for the produce. Again in partnership with the Government of Kenya, Alliance for a Green Revolution in Africa (AGRA), and International Fund for Agricultural Development (IFAD) Equity is supporting in commercializingagriculture for food security and in promotion of sustainable farming methods through Kilimo Biashara Loans.

Equity has been at the forefront in promoting the growth of micro businesses to small medium enterprises. The China Development Bank extended Equity a long term loan of USD 50m. The Kenya government has in this year’s budget created an SME /MSE fund that will focus on this sector.

“By investing in the education, health, agriculture and business empowerment of our people, we lay a strongfoundation for the future of Africa. A prosperous Africa will not only benefit its people but also contribute meaningfully to global trade,” Dr. Mwangi said. This way Equity believes we will be securing the future of the continent.

The awards programme organized by Africa investor (Ai), a leading international investment research and communications group, are the longest-standing internationally acclaimed awards geared at rewarding exceptional business practices, economic achievements and investments across Africa. The Africa Investor awards recognize institutions and individuals serving to improve the continent’s investment climate.

Speaking during the awards presentation ceremony, First Bank of Nigeria Chief Executive Officer Mr. Bisi Onasanya commended Equity Bank Group for embracing a business model geared at raising financial services inclusivity particularly amongst the unbanked masses.

“It is through your efforts that Africa is beginning to be recognized as a viable investment destination,” Onasanya noted. And added: “Let us continue to improve on all levels and further develop the continent’s investment climate.”

Photo Courtesy of Equitybank.co.ke