Equity emerges as the best bank in East Africa

By Samuel Ouma

The African Banker Awards has named Equity the best regional bank in East Africa due to its strong and consistent financial performance.

The financial institution emerged victorious as the best bank in Financial Inclusion Award category. In a statement released on Monday, Equity was reported to be playing a significant role in delivering financial products and services to all in society, including those at the bottom of the pyramid.

Apart from providing financial services, it also drives economic growth in the larger East African region.

Regardless of the challenges posed by the Covid-19 pandemic, Equity is said to have demonstrated strong and consistent financial performances in all of its subsidiary countries with improvements in revenue, profits, capital, assets and market share.

Group Publisher of African Banker Omar Ben Yedder stated, "What will be fundamental to our recovery is the support of the real economy, especially SMEs, and also a focus on more equity investments and investments in general. For that, as our African Banker Icon suggested, we will also need to increase our savings rate across the continent.”

Yedder said all the institutions recognized in the 2021 African Banker Awards ceremony had strong gender programmes, both in terms of supporting women-led businesses and strong programmes to promote women and have women leaders within their organizations.

Equity CEO James Mwangi said the award is a testament to the success of their digital strategy and regional presence as they continue to drive financial integration, inclusive banking and play a catalytic role in championing the socio-economic prosperity of the people of Africa.

"Our operations in the six East and Central African countries that we operate in have been standardized to reflect the One Equity brand, providing inclusive financial services and cementing our positioning as a local bank with a strong regional presence,” said CEO James Mwangi.