This archive report was first published on 27 October 2021.
Published on October 27, 2021, Equity Bank Group has allocated Ksh500 billion to finance investment by South African and Kenyan firms in Africa.
The plan, which aims to increase the bank's revenues and presence in Southern Africa without necessarily opening a branch, will see Equity provide credit for South African firms exporting to the countries Equity operates in as well as Kenyan importers looking to expand.
Equity is leading a four-day business networking meeting with high-powered South African and Kenyan delegations among others to strengthen connections and explore possibilities.
Equity CEO James Mwangi disclosed that the bank has put Ksh500 billion at the disposal of the private sector and business community to facilitate trade.
‘We will be funding Kenyan importers or South African firms that want to export into the regions we operate in or those that want to do partnership in the region. We are inviting them as new investors in the regions,' Mwangi said.
The move is also expected to enable Equity take on the likes of Standard Bank and Absa Bank who count South African firms among their biggest clients.
Headquartered in Nairobi, Equity Bank Group currently has subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, and Democratic Republic of the Congo (DRC) as well as a representative office in Ethiopia.
