Equity Group has become the first bank in Eastern and Central Africa to cross the Ksh1 trillion balance sheet mark.
Speaking in Kinshasa, DR Congo, during the migration of the country’s BCDC to Equity’s core banking platform, Group CEO Dr. James Mwangi said, “We are delighted to witness this milestone that has shattered the psychological barrier of a trillion-shilling balance sheet.”
The milestone was achieved following this successful migration. This milestone shores up Equity’s visibility to compete with other financial institutions notably in South Africa, West Africa, and North Africa, particularly in financing projects.
“The benefits to our customers will be immense. The bank is also the most capitalized in East and Central Africa with over Ksh142 billion…. Equity banking subsidiaries will now be in a position to leverage the Group’s strength to extend large corporate loans across all the countries where Equity operates.”
BCDC, said Dr. Mwangi, brings a century old experience in corporate banking to Equity. “We are excited at the possibilities that Equity Group Holdings brings to our BCDC customers,” said Yves Cuypers, BCDC Managing Director. “By becoming part of a large international financial services Group, our customers will enjoy a wider choice of products and services and most importantly, they will immediately be able to access modern technologically driven banking, including a versatile mobile banking experience, international card payment options and merchants, access to a wide range of payment outlets and a broad digital banking footprint.”
Dr. Mwangi said Equity’s success has been out of the passion exhibited by the staff, and the revolutionary, customer-driven products.