Equity Group disbursed Sh73.3 billion in loans to farmers and value chain players last year in an effort to boost food security.
In its sustainability report, the lender said a total of 3.9 million farmers experienced the effects of Equity’s initiatives, while 215,512 SMEs received invaluable support and training. “With a resolute focus on financial inclusion, 3.98 million small-scale and peasant farmers accessed agricultural finance, resulting in Sh73.3 billion in loans disbursed to farmers and value chain players in 2022. The Young Africa Works Program disbursed a substantial Sh223.1 billion to MSMEs, bolstering entrepreneurship and driving economic growth.”
Besides Food and Agriculture, the report showcases Equity’s performance in education and leadership development, health, Enterprise Development and Financial Inclusion, Energy, Environment and Climate, and social protection.
The bank said, cumulative patient visits to Equity Afia clinics reached 1,299,523, it plans to open 30 clinics in the Democratic Republic of Congo (DRC) and an additional 150 new clinics in Kenya in 2023.
In 2022, the Group said it trained 2,411,105 women and youth in financial education, equipping them with essential financial skills. An additional 406,421 SMEs received training in entrepreneurship. Under the Young Africa Works Program, Equity disbursed Sh223.1 billion to MSMEs, uplifting and empowering entrepreneurs.
The report themed “Growing Together in Trust.” reflects Equity’s dedication to sustainable business practices and the integration of Environmental, Social, and Governance (ESG) aspirations into its day-to-day operations.
Chairman of Equity Group Holdings, Professor Isaac Macharia, emphasized the significance of the report in the wake of the post-pandemic recovery and the escalating global concerns surrounding climate crisis, social equity, poverty, food insecurity, and the emerging debt crisis.
“In the face of pandemic repercussions and global climate challenges, it falls upon the private sector in collaboration with governments, development and like-minded partners to lead the charge in addressing societal concerns. At Equity, our twin-engine business model drives us to seamlessly integrate sustainability into our core business strategy, propelling Africa towards an equitable and prosperous future,” said Professor Macharia.
“The future beckons us to strive beyond business as usual and embrace sustainable transformation. Technology adoption will be the cornerstone of Africa’s development in line with the fourth industrial revolution,” said Equity Group Managing Director and CEO, Dr. James Mwangi.
Inside Equity Bank’s Ambitious Plan To Transform the Economy of DR Congo – Kenyan Wallstreet
