This archive report was first published on 25 October 2021.
On October 25, 2021, Equity Bank made history by clinching the prestigious title of Africa's best bank for Small and Medium Enterprises (SMEs) at the 2021 Euromoney awards.
East African banks have been commended for leading the way in SME financing in Africa, with Equity Bank standing out for its continued support of its clients. The bank's lending rose by 30 percent to USD 4.8 billion in 2020, a testament to its commitment to the sector.
According to Euromoney, Equity Bank has focused on unsecured working capital financing, particularly in agriculture, manufacturing, fast-moving consumer foods, and healthcare. The bank has also accessed credit-risk guarantees and funding from the International Finance Corporation (IFC) and development finance institutions in Europe, specifically designed for SMEs, including female entrepreneurs and agricultural value chains.
Equity Group Managing Director and CEO, Dr. James Mwangi, attributed the award to the bank's vision of championing the socio-economic prosperity of the people of Africa. He noted that the bank's support for SMEs during the COVID-19 pandemic had been instrumental in keeping their lights on during a challenging period.
Dr. Mwangi emphasized that the bank's commitment to walking the journey with its customers and empathy with their socio-economic situation necessitated by the pandemic had been key to its success. He added that the bank had fortified its product offerings by providing customized, flexible, and integrated banking solutions for both business owners and employees.
Equity Bank's recognition as Africa's best bank for SMEs is a testament to its dedication to the sector and its commitment to supporting the growth and development of small businesses in Africa.
