Equity Group has been ranked the 5th strongest banking brand in the world through a press released by the company’s CEO, David Mwangi in Nairobi.
Speaking about the achievement of equity being ranked the 5th, Dr. James Mwangi, the equity Group Managing Director and CEO Said, “The ranking of equity as the 5th strongest banking brand in the world is a strong validation of our twin engine business model that has positioned equity as a social banking brand, driven by our vision by our vision of championing the social economic prosperity of the people of Africa.”
Mwangi also noted that amidst the COVID 19 pandemic and its challenges and consequences basing on normal disruptions, Equity Group Holdings demonstrated resilience in execution of an offensive and defensive strategy, a versatile business model, leadership agility and innovation and diversification all aimed at supporting customers and the community to survive, recover and thrive post the pandemic.
“A moment to celebrate Africa’s rise in bank investments in digital banking has resulted in the digital bank handling 97% of all transactions with mobile channels processing 90% of digital transactions. This showcase’s Africa’s capacity to develop its local and regional manufacturing and supply chains to replace the broken global supply chains as a result of the covid 19. Through this commitment of digitalization, our services continue to drive the groups growth in birth customer satisfaction and also lead in Kenya’s global financial sector which has given customers the freedom, choice and control to access banking services anytime anywhere and has taken convenience and customer experience to another level.” Dr. Mwangi said.
Equity Holdings has developed a corporate social arm and has scaled its operations to reach and spend up to USD $513 million in social investments program reaching 37,000 secondary school wings to fly scholarships, 17,000 university scholarships under the equity leadership program, 3,000 TVET schools and nearly 700 Global; while 54 Equity Afia clinics are now in operation with 572,707 unique patients visits. To support global initiatives which combat climate change, Equity has planted 7.1 million trees and finance and distributed 303,000 clean energy products.
With Covid 19 disrupting the norms, the group is currently rolling out an audacious post recovery and resilience program across East Africa and Central Africa which entails in supporting 5 million SMEs with loans of up to Kshs. 500 billion to accelerate growth in a post pandemic economy. This program is in partnership with governments of 6 countries and has also gained support of the United Nations (UN) under sustainable development Goals initiative under Development Finance Institutions (DFIs), the Mastercard Foundation under Young Africa Works in partnership with Kenya and DRC to organize a 15-day Kenya-DRC Trade mission that was done in November- December last year.
Equity bank size, capitalization and holdings
Equity group being the biggest bank in Kenya with KSHS. 1.18 trillion in total assets as at 30th Sep. 2021, as at 31st Dec. 2021, it stood at 199.1 billion as at 30th Sep. 2021 the profit after Tax posted were 26.9 billion.
Equity Group holdings is a Pan- African Financial Services Holding Company listed at the Nairobi securities exchange in Uganda and Rwanda stock exchange. The group also has banking subsidiaries in Kenya, DRC, Rwanda, Uganda, Tanzania South Sudan and a commercial representative office in Ethiopia. Also, it has other subsidiaries in investments Banking, Insurance, Telecom, Fintech and Social Impact Investments.
Equity group is the largest bank in the region in assets of Kshs. 1.12 trillion, biggest in bank deposits, market capitalization of USD 2 billion with a customer base of over 15million with a footprint of 337 branches, 56,772 agents, 32,269 merchants, 697 ATMs with an extensive adoption of digital banking channel.
By Purity Nyang’ara
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