This archive report was first published on 3 December 2019.
Equity Bank has made history by being named the Bank of the Year in three East African countries: Kenya, Uganda, and South Sudan.
According to the Financial Times Banker's Bank of the Year annual awards, Equity Bank Kenya was awarded Kenya's top bank for the second year running in 2019, while also leading in Uganda and South Sudan.
Equity Bank's CEO, James Mwangi, attributed the success to the bank's focus on innovation and digitization, with 97% of transactions being conducted on digital platforms.
"Instead of just providing banking services, we provide financial solutions with a business model that is economically viable, socially sound and has become very successful in shared prosperity," Mwangi said.
Equity Bank's success in Uganda was also recognized, with the bank being feted for its stellar financial performance and its customized banking services for the country's refugee community.
The bank has partnered with UN agencies to digitize payments to Uganda's 1.2 million refugees, opening UN-funded accounts for refugees who use the money to access different services.
Equity Bank's Managing Director in Uganda, Samuel Kirubi, reaffirmed the bank's commitment to social and economic transformation.
"Equity Uganda has primarily focused on the deployment of innovative financial solutions through world-class digital and agency banking channels that enhance financial inclusion and deepen financial access," Kirubi said.
Equity Bank also emerged as the winner of the award for Bank of the Year in South Sudan, with the judges admiring the bank's adaptation in a market marred by high inflation and currency depreciation.
Profits surged by 240% in 2018, with the bank's NPL's ratio being trimmed down from 70.5% to 14.3% in the same year.
Commenting on the award, Addis Ababa Othow, Managing Director Equity Bank South Sudan, said the bank had invested in innovative technologies and had also extended its services closer to the people.
