• Advertise with Us
Thursday, December 7, 2023
  • Login
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Technology
    • Startups
  • Money Matters
  • Podcast
  • Videos
  • Digital Assets
  • Calendar
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Technology
    • Startups
  • Money Matters
  • Podcast
  • Videos
  • Digital Assets
  • Calendar
No Result
View All Result
Kenyan Wallstreet
No Result
View All Result

Equity Group gets Ethiopian Banking licence, plans to begin operations in July

Miriam WanguibyMiriam Wangui
June 14, 2019
in Kenyan News
Reading Time: 2 mins read
Mary Wamae Equity Bank James Mwangi Equity Bank

Equity Bank has acquired a license to operate in Ethiopia, a huge achievement for the regional institution. The bank has opened a Representative Office in Addis Ababa as it prepares to start operating in the neighbouring country by July 2019.

The Representative office will be headed by Hassan Maalim, an insider at the banking with extensive knowledge of the financial sector.

ADVERTISEMENT

Equity Bank’s entry into Ethiopia is a big move for a country that previously guarded its banking sector tightly. Equity bank will benefit from the large unbanked population and the high rate of economic expansion in the country. IMF predicts that Ethiopia’s economy will grow at 7.7 per cent in 2019, the fastest economic growth rate in the East African region. Equity group intends to use digital platforms and virtual banking to reach the millions of Ethiopians who lack access to financial services.

Equity Group CEO Dr. James Mwangi noted that the move into Ethiopia is part of the group’s expansion plan. “Having completed Phase One of our expansion, the entry into Ethiopia is part of our Phase two expansion in pursuit of our aspiration of being a Pan African Bank with presence in 10 African countries by the end of the year,” he said.

Equity Group moved into Zambia and Mozambique in May 2019, through a partnership with Atlas Mara Limited. The lender already has subsidiaries in South Sudan, Uganda, Tanzania, Rwanda, and DR Congo. After the entry into Ethiopia, Equity Group will now have a presence in an area covering more than 500 million residents.

Related; Ethiopia opens its telecommunications industry to foreign firms


Previous Post

Kenya Budget; Treasury Allots Sh450 Billion to Big 4 Agenda

Next Post

DRC Expresses Interest to Join the East Africa Community

Related Posts

BasiGo Secures $5 million Debt Facility for Electric Buses in Kenya

December 7, 2023
nse 2

African Stock Exchanges Urged to Improve On ESG Ratings

December 7, 2023

Kenya, India Sign 5 MoU to Enhance Relations

December 6, 2023

Africa’s Climate-Aligned Infrastructure Receives $175m Pledge

December 5, 2023

Job Losses Up in November as Private Sector Activity Contracts-PMI Index

December 5, 2023

Dr Githinji Gitahi Resigns From Standard Group Plc Board

December 5, 2023

Kenyan Companies Restructure in Tough Business Environment

December 5, 2023

Explainer: Why Your Company Needs a Balance Sheet

December 4, 2023
Load More
Next Post
East Africa

DRC Expresses Interest to Join the East Africa Community

Follow Us

  • 167.4k Followers
  • 4.1k Subscribers
  • 1.2k Followers

WhatsApp

Subscribe

Telegram  

Subscribe

Podcasts

Featured

No Content Available

About Us

We are a leading integrated digital content platform providing in-depth business and financial news across Sub-Saharan Africa & the globe.

Contact Us

Kenyan Wall Street
Email: [email protected]
Website: www.kenyanwallstreet.com

Disclaimer

The information contained in this website is for general information purposes only.
Read more..

  • Advertise with Us

Copyright 2023. The Kenyan Wall Street LTD. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Aviation
    • Banking
    • Energy
    • Infrastructure
    • Insurance
    • Investment
    • Manufacturing
    • Markets
    • Public Policy
    • Real Estate
    • Startups
    • Technology
  • Podcast
  • Videos
  • Events

Copyright 2023. The Kenyan Wall Street LTD. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In