This archive report was first published on 4 October 2019.
Equity Bank has unveiled a new brand identity as it celebrated 35 years of operations in Kenya on Wednesday, October 4, 2019. The lender, which has been in operation since 1984, will now be referred to as 'Equity.'
Equity Chief Executive James Mwangi said the bank has 'matured' and is projecting to hit the Sh1 trillion mark in its balance sheet by the end of the year. The revamp followed a three-year process of 'sounding out' its current and future customer segments.
According to Mwangi, the new-look entity will present itself as a unified brand with 'one basket of products and services under one roof - ranging from banking to insurance and investment.'
Equity started as a small building society in Murang'a in 1984 by former Chairman Peter Munga and has evolved into a financial behemoth with a presence in eight countries. The new-look entity will first roll out in Kenya and eventually in Uganda, Tanzania, South Sudan, Rwanda, Democratic Republic of Congo, Zambia, Mozambique, and Ethiopia.
Central Bank Deputy Governor Sheila M'Mbijjewe lauded the sector, saying Kenya was becoming a powerhouse in African banking. 'In the African continent, we need our own banks,' she said. 'To protect our futures, our economies, we must have our own bank and obviously they have to be substantive.'
