We Will Close Financial Year With a Balance Sheet of One Trillion Shillings – Equity Group

David Indeje is Khusoko’s Digital Editor, covering East African markets.
Equity Group has acquired a US$ 165 million (Ksh 18.6 billion) loan from the International Finance Corporation (IFC) to help it increase working capital and trade-related lending to its small and medium-sized enterprise (SME) clients in Kenya, especially those facing COVID-19 related challenges.

Equity Group CEO and Managing Director Dr. James Mwangi

Equity Group Holdings Plc (NSE: EQTY) has announced its commitment to scaling its services to establish a firm footprint across Africa.

Equity Group Managing Director and CEO Dr. James Mwangi said the bank is now a ‘mature brand’ on Wednesday when celebrating 35 years of existence.

“Our story will be about economic transformation…by the end of this financial year, we shall close with a trillion balance sheet…that is equivalent to 30% of Kenya’s budget and 10% size of Kenya’s economy.”

“We are committing ourselves to scale our services across Africa,” he announced.

The bank, with operations in  Kenya, Uganda, Rwanda, Tanzania, South Sudan and the Democratic Republic of Congo
intends to leverage on efficiency and its digital platform in existing markets and 10 market prospects that it’s focusing on entering by the end of this year.

This was also announced when it set up a commercial representative office in Addis Ababa, Ethiopia to complete its Phase one of expansion.

“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,” Dr. Mwangi said then.

During the celebration, Equity unveiled a refreshed identity in line with the ongoing journey of transformation and regional expansion.

The new identity is aimed at creating a sustainable growth path and service delivery in today’s rapidly changing financial services environment.

Going forward, Dr. Mwangi said the bank will present itself as a unified brand, with one basket of products and services under one roof; ranging from banking to insurance and investment.

From an identity perspective, the new logo now features “Equity” without an entity name such as Group, Bank, Insurance, or Investment Bank.

“The refreshed brand identity reflects the future we envision, one which communicates our global capability, strong heritage, innovative culture and agile business model that will carry and give the brand momentum to scale its strengths across Africa and the world,” Dr. James Mwangi added.

The refreshed look will first roll out in Kenya and eventually in all other markets where the Group has established its presence including Uganda, Tanzania, South Sudan, Rwanda, Democratic Republic of Congo (DRC) and now, Zambia, Mozambique and Ethiopia.

David Indeje is Khusoko’s Digital Editor, covering East African markets.

In my role as Community Engagement Editor For Khusoko, I care about our audience. engaging them, getting news delivered to them across a variety of platforms, and expanding the diversity of voices on our website.

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