• About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud
Friday, May 20, 2022
  • Login
  • Register
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Lifestyle
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
  • Calendar
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Lifestyle
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
  • Calendar
No Result
View All Result
Kenyan Wallstreet
No Result
View All Result

Equity Bank Named Africa’s Best Bank for SMEs at Euromoney 2021 Awards

Jackson OkothbyJackson Okoth
October 25, 2021
in Banking, Finance, Kenyan News
Reading Time: 5 mins read


Equity Bank has been named Africa’s best bank for Small and Medium Enterprises (SMEs) in the 2021 Euromoney awards.


According to Equity Group Managing Director and CEO, Dr James Mwangi, the award reinforces and cements the Bank’s vision, of championing the socio-economic prosperity of the people of Africa.

Equity Bank has been supporting SMEs at the height of the pandemic


“With support from various partners, Equity Group has strongly positioned itself to support SMEs (Small and Medium Enterprises) to keep their lights on during the prevailing COVID-19 pandemic which slowed down the economy and negatively impacted the cashflows of enterprises,” said Dr Mwangi.

ADVERTISEMENT


Despite the heavy impact of the pandemic, Equity increased its lending to SMEs, which by the close of 2020 stood at 54% of its total loan book.

Despite the heavy impact of Covid-19 on SMEs, Equity Bank has continued to support its clients, growing lending by 30% to $4.8 billion in 2020.

Lately, Equity Bank’s SME lending has focused on unsecured working capital financing, with a specific focus on supply chain financing in agriculture, manufacturing, fast-moving consumer foods and healthcare.

It has also continued to access credit-risk guarantees as well as senior and subordinated funding from the International Finance Corporation (IFC) and development finance institutions in Europe – arrangements specifically designed for SMEs, including female entrepreneurs and agricultural value chains.


With a key focus on priority areas aligned to achieving Kenya’s Big 4 agenda, Equity put a priority on financing SMEs in Agriculture, Manufacturing, Household and value-chain banking and health sector.

MSMEs often face a host of growth challenges including managing and enabling financial transactions, access to credit and expanding their reach.

To solve some of these challenges, Equity has fortified its product offerings by providing Macro, Small and Medium-sized Enterprises with customized, flexible, and integrated banking solutions.


Equity has innovated a structured approach by deliberately supporting to transition enterprises from Micro, Small and Medium entities all the way to large corporates by offering a tailored Customer Value Proposition (CVP) for enterprises and by aligning staff and delivery channels for each segment.


The strategy put into consideration different factors including but not limited to the number of employees, loan size, total assets, and total annual revenue.

At the height of the COVID-19 pandemic restrictions and lockdowns, Equity bank accommodated loans up to Ksh 171 billion, giving customers reprieve and flexibility to adjust their business models.

The lender offers Working capital, Term Loans, Overdrafts, Asset and Equipment Financing Mortgages, Project finance among others.

To facilitate trade internationally and locally, Equity Bank offers a wide range of trade finance products such as Letters of Credit, Guarantees, Post Import Finance, Avalisation, and Commodity Finance.

Other awards won by Equity Bank

Equity Bank has in the past also received accolades as the ‘Best Bank in Africa for SMEs’- by the IFC SME Finance Forum for 3 consecutive years since 2018; ‘Best Bank in SME banking for two years running’ -Think Business Awards, and the ‘Best Bank in Retail, CSR and Digital Service’- Banker Africa, East Africa Awards 2017.


Equity provides banking services to more than 800,000 SMEs through its 190 countrywide branch network in Kenya and on its digital channels.

The Euromoney Awards for Excellence were established in 1992 and was the first of its kind in the global banking industry.

2021 Euromoney awards received entries from close to 100 countries


This year, Euromoney received almost 1,000 submissions from banks in their regional and country awards Programme that covers more than 50 regional awards and Best Bank awards in close to 100 countries.

Last year, Equity received 3 Euromoney awards in the Best Bank in Africa, Best Digital Bank and Excellence in Leadership award categories.


Equity Group Holdings Plc is a Pan-African financial services holding company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange.


The Group has banking subsidiaries in Kenya, DRC, Rwanda, Uganda, Tanzania, South Sudan, and a Commercial Representative Office in Ethiopia.


It has other subsidiaries in investment banking, insurance, telecom, fintech and social impact investments.


Equity Group has a balance sheet size of KSh 1.12 trillion, a market capitalization of US$ 2 billion and a customer base of over 15 million customers.


The Group has a footprint of 337 branches, 56,772 Agents, 32,269 Merchants, 697 ATMs and extensive adoption of digital banking channels.

The Banker Top 1000 World Banks 2020 ranked Equity Bank 754 overall in its global ranking, 62nd in soundness (Capital Assets to Assets ratio), 55th in terms of Profits on Capital and 20th on Return on Assets.

The Banker’s Top 100 African Banks 2020 placed the Bank in position 7 overall among the top 10 Banks in Africa, 5th place on soundness, position 9 on growth performance, 8th on return on risk and position 6th in terms of profitability and on leverage category.

In the same year, Moody’s gave the Bank a global rating of B2 with a negative outlook same as the sovereign rating of the Kenyan government due to the Bank’s strong brand recognition, solid liquidity buffers and resilient funding profile, established domestic franchise and extensive adoption of digital and alternative distribution channels.

ALSO READ: Equity’s Half Year Pre-tax Profit Doubles to KSh23.8 Billion


Hisa App Hisa App Hisa App
Previous Post

Nigeria unveils the eNaira Central Bank Digital Currency

Next Post

NSE Daily Equity Turnover rises 13.6% to KSh 488.9 Million

Related Posts

Postal Corporation of Kenya Signs Deal with Somaliland

May 20, 2022

Safaricom Investment Cooperative Issues 150 titles in Nanyuki Project

May 20, 2022

Ascent Capital Acquires Majority Stake in Valley Hospital

May 20, 2022

Stanbic Holdings Announces Retirement of Ruth Ngobi as Director

May 20, 2022

Bamba Secures $3.2M to Upscale its App

May 20, 2022

CBK Accepts KSh 22.9B at Weekly T-Bills Auction

May 20, 2022

Mastercard Inks Deal with Opay to Grow Digital Payments

May 20, 2022

Madison Announces Plans to Quit the Annuity Business

May 20, 2022
Load More
Next Post

NSE Daily Equity Turnover rises 13.6% to KSh 488.9 Million

ADVERTISEMENT

Follow Us

  • 136.4k Followers
  • 2.4k Subscribers
  • 1.1k Followers

WhatsApp

Subscribe

Telegram  

Subscribe

Podcasts

Upcoming Events

May
20
Fri
all-day Equity Group Book Closure
Equity Group Book Closure
May 20 all-day
 
all-day Stanbic Holdings Book Closure
Stanbic Holdings Book Closure
May 20 all-day
 
May
24
Tue
all-day BAT Kenya Payment of Final Dividend
BAT Kenya Payment of Final Dividend
May 24 all-day
payment of final dividend of kes 50.00
May
25
Wed
6:09 am Standard Chartered Dividend Payment
Standard Chartered Dividend Payment
May 25 @ 6:09 am – 8:30 pm
payment of final dividend of kes 14
May
26
Thu
all-day ABSA Bank Kenya Dividend Payment
ABSA Bank Kenya Dividend Payment
May 26 all-day
 
all-day I&M Group Final Dividend Payment
I&M Group Final Dividend Payment
May 26 all-day
 
View Calendar
Add
  • Add to Timely Calendar
  • Add to Google
  • Add to Outlook
  • Add to Apple Calendar
  • Add to other calendar
  • Export to XML

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. Kenyanwallstreet.com is a property of Hisa Technologies Ltd, a financial media & software company.

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..

  • About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud

Copyright 2021. Hisa Technologies. 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 2021. Hisa Technologies. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

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

Log In