Equity Bank wins Micro Finance Award

by Richard Kilner

Story link: Equity Bank wins Micro Finance Award

Equity Bank has won the best Micro Finance Bank in Africa award at the African Bankers Awards in Washington DC.

Equity Bank was successful in seeing off three rival nominees for the award, which goes to the bank which, through micro finance lending, has done the most to combat poverty in Africa.

The African Bankers Awards began in 2007, and seek to recognise African banks who excel not only at the business aspect of their operations but also innovation, equality and social responsibility.

Equity Bank is the largest Kenyan bank in terms of account share, holding 48% of bank accounts in the entire nation.

Its award is one more piece of good news in an excellent year that has seen pre-tax profit skyrocket by 116% and total operating income soar by 73%.

In June this year it was capitalised to the tune of US$1.8bn.

Dr James Mwangi, CEO and MD of Equity Bank, has stated the firm is humbled by the recognition it has received, adding that the organisation’s unique model meant that thousands of Kenyans who would otherwise be outside the banking system were now a part of it.