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Equity Bank, which has a commercial representative office in Ethiopia, won the award for the best regional bank in East Africa and the award for Socially Responsible Bank of the Year for Africa.
The Bank won the 2020 African Banker Awards and became the best regional bank in East Africa, as it demonstrated high performance on various qualitative and quantitative metrics.
According to the African Banker panel of judges, Equity stood out in terms of reaching new clients, offering new services, embracing inclusivity by reaching the unbanked, embracing new technologies, and contributing to a stronger financial sector across the globe. region.
Speaking during a virtual awards ceremony, Equity Group CEO and Chief Executive Officer James Mwangi (PhD) expressed his satisfaction at Equity’s victory and welcomed the recognition it has been given in all six East and Central African countries. in which it operates.
The Bank won the award for the Socially Responsible African Bank of the Year for concrete examples of projects and initiatives within institutions that have had a sustainable impact on the communities they serve.
The group, through its subsidiary – Equity Group Foundation, identified seven thematic areas on which to focus; These include: education and leadership development, food and agriculture, health business development and financial education, social protection, energy and environment, and innovation. So far, the foundation has mobilized more than $ 447 million to support these initiatives.
Suraphel Wube, Deputy Trade Representative for Equity, said the Reporter that the Bank pays attention mainly to the Banking Extension system that benefits those who do not have access to banks.
According to Suraphel, during its brief time in Ethiopia, Equity has been working on Alternative Channel Banking systems with the Commercial Bank of Ethiopia, while trade and finance, the provision of correspondent services and remittances make up its collaboration with others. Ethiopian banks.
Ethiopia’s legal framework protects the growing banking sector by excluding foreign banks from its market, forcing international lenders to enter the economy through representative offices.
However, foreign investors have been encouraged by the extensive economic reforms of the current administration. Consequently, Ethiopia has allowed some foreign banks such as Equity to open liaison offices in Addis Ababa to facilitate credit to companies in their home countries.
The African Banker Award is a continental award that recognizes reforms, rapid modernization, consolidation, integration and expansion of Africa’s banking and financial system.
This is the second time in a row that Equity has won the award for Socially Responsible African Bank of the Year.
The Kenyan Equity Group has an asset base of $ 9.3 billion with more than 14.2 million clients. The group is one of the largest banks in the region by customer base, with a footprint of 335 branches, 52,742 agents and 35,386 stores, and 720 ATMs.
By Elias Tegegn
