This archive report was first published on 16 October 2019.
Equity Bank is entering a new phase of maturity as it expands across Africa, with ambitious plans to reach 100 million customers in 15 to 18 countries within the next decade.
According to the bank's CEO, the rebranding of the bank is a reflection of the changing aspirations and dreams of the youthful population, with a mean age of 24.
The bank's cross-border expansion model focuses on retaining customers as they evolve, allowing them to graduate and meet their unique financial needs.
Equity Bank's money transfer service, Equitel, has performed better than mobile banking apps, and the bank has revived a partnership with Safaricom to offer a larger space for business-to-business and business-to-persons interactions.
However, the bank has faced numerous complaints about fraud on social media, which the CEO attributes to civic education and lax regulations.
Kenya's banking sector is considered more progressive and advanced than neighboring countries, but the bank is eyeing new markets with a focus on transforming, disrupting, and democratizing banking services.
