Equity Bank was feted at the Banker’s awards held in London winning Bank of the Year- Kenya; Bank of the Year – Uganda and Bank of the Year- South Sudan.
Equity Bank Kenya was awarded Kenya’s
top bank for the second year running at the 2019 Financial Times Banker’s Bank of
the Year annual awards in London. The award reaffirms the Bank’s position as
the lender of choice having scored highly after a comprehensive analysis of its
earnings, asset and tier 1 capital growth, and return on equity. In the last
financial year, Equity reported a 4.8 % growth in net profit, alongside a 9.3 %
rise in total assets.
In Equity Bank’s business model and strategy, innovation and digitization feature very prominently with 97% of transactions being on digital platforms allowing the bank to transform its cost structure from fixed to variable costs with minimal investments due to use of 3rd party infrastructure.
“Instead of just providing banking
services, we provide financial solutions with a business model that is
economically viable, socially sound and has become very successful in shared
prosperity. One of our key strengths is our investment in capacity building.
Empowering society through shared prosperity has given Equity Bank a human face
and a soul,” said Dr. James Mwangi, Group CEO and Managing Director Equity
Group Holdings.
At the same event, Equity Bank was
also recognized as the best bank in Uganda, with the judges being impressed by
its stellar financial performance and its customized banking services for the
country’s refugee community. The Bank has partnered with UN agencies to
digitize payments to Uganda’s 1.2 million refugees. This partnership involves
the bank opening UN-funded accounts for refugees who use the money to access
different services.
While acknowledging the recognition,
Samuel Kirubi, Equity Bank Uganda, Managing Director reaffirmed the bank’s commitment
to social and economic transformation.
“Equity
Uganda has primarily focused on the deployment of innovative financial solutions
through world class digital and agency banking channels that enhance financial
inclusion and deepen financial access. We have also embraced ecosystem banking
and partnerships to grow and widen our reach so as to serve more people,” he
said.
Similarly, Equity also emerged as the
winner of the award for Bank of the Year in South Sudan. In a market that has
been marred by high inflation and currency depreciation, the judges admired Equity
Bank South Sudan’s adaptation, managing to trim its NPL’s ratio down from 70.5%
to 14.3% in 2018. Profits surged by 240% in the same year.
Commenting on the award, Dr. Addis
Ababa Othow, Managing Director Equity Bank South Sudan said, “We continue
investing in innovation and creation of new distribution and service models
that seek to improve efficiency and take banking services closer to the people
thereby deepening financial inclusion and broadening access. This is in line
with our vision of championing the socio-economic prosperity of our people.”
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