This archive report was first published on 21 May 2020.
Published on May 21, 2020, Equity Bank has deepened its investment in technology and innovation to meet the emergent needs of its business clients.
The bank's new and robust trade finance system aims to improve turn-around time and boost supply chain financing, with a recorded increase in earnings through non-funded income business revenue and growth in contingent liabilities over the past year.
Equity Bank is shifting its focus from large corporate clients to include MSMEs and SMEs in its business mix, expanding its international outreach through collaborations with top global correspondent banks.
The technology has enabled the digitization of services, real-time exchange of data and assets, faster processing, and more efficient verification of compliance with customs and international trade regulations.
MSMEs and SMEs will benefit from a range of solutions, including collateral-free services such as bid bonds, performance guarantees, and letters of credit, available at any Equity branch in the country.
Small and medium-sized enterprises are a pivotal economic growth engine for the country, creating 30 percent of jobs annually and contributing 34 percent to Kenya's GDP.
