Equity Bank scoops IFC/FT award

by Richard Kilner

Story link: Equity Bank scoops IFC/FT award

The Financial Times (FT) and the International Finance Corporation (IFC) have named Kenyan firm Equity Bank as the emerging markets’ most sustainable bank of the year in Africa and the Middle East.

Equity Bank took the prize, beating off competition from Nedbank from South Africa and Access Bank of Nigeria.

The FT Sustainable Banking Awards are now in their fourth year and aim to recognise innovation and leadership in financial institutions.

Dr James Mwangi, Equity Bank’s chief executive officer, has responded to the bank’s award success by citing its first quarter financial performance, which remains strong despite persistent uncertainty in the world’s economy and financial sector.

Dr Mwangi put the robust Q1 performance down to the bank’s unique business model that incorporated a sustainable approach aimed at supporting low income earners.

This year is also the second in a row that Equity Bank won the Best Bank in Kenya award at the 2009 Kenya Banking awards.