Equity Group appoints Jonas Mushosho as non – executive director

KENYA – Equity Group Holdings Plc has announced the appointment of Jonas Mushosho as a non-Executive Director to its board following the retirement of Christopher Newson, non-executive director on the board. Jonas brings on board a wealth of leadership experience, having previously served in senior leadership positions in both the private and public sectors having led multi-national portfolios in different lines of business, particularly in financial services. He served as the Chief Executive Officer at Old Mutual Zimbabwe Limited between 2012 and 2019. He also doubled up as the Managing Director…

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Equity Group social impact projects investments during H1 2021 hit US$496m

KENYA – Equity Group Plc intensified its ‘shared prosperity’ business model in the first half of 2021 by investing US$ 496 million in social impact projects through Equity Group Foundation.   The projects are anchored around the Foundation’s key pillars, namely: health, energy and environment, food and agriculture, enterprise development and financial inclusion, education and leadership development, and social protection.   Equity Group Managing Director and CEO Dr. James Mwangi believes the Group’s principle of putting people before profits has greatly contributed to the Group’s impressive performance in the just-released…

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Equity Group defy Covid-19 pandemic to post 98% growth in half-year earnings

KENYA – Equity Group Holdings has defied the effects of COVID-19 pandemic on the economy to record a 98% growth in its profit after tax to Kshs 17.9 billion (US$163.5 million) in half-year, 2021 compared to Kshs 9.1 billion (US$83.1 million) over the first six months of 2020. The Nairobi Securities Exchange-listed lender attributes this sterling performance to significant growth in customer deposits, which pushed its balance sheet size to Kshs 1.1 Trillion (US$10 billion) in half-year, 2021, a 51% growth from Kshs 746.5 Billion (US$6.8 billion) in half-year, 2020.…

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Equity Bank picked to disburse funds to vulnerable communities in Kenya under the HSN program

KENYA – Equity Bank has begun the disbursement of cash transfers to vulnerable households in four Arid and Semi-Arid Lands (ASAL) counties in Kenya under the third phase of the Hunger Safety Net Programme (HSNP). The Government of Kenya its National Drought Management Authority (NDMA) handed over a cheque of KSh558 million (US$5.1 million) to Equity Bank for onward disbursement to vulnerable families in Wajir, Marsabit, Mandera and Turkana Counties. In a ceremony chaired by the country’s Cabinet Secretary for Devolution and the ASALs Eugene Wamalwa and other leaders were…

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Equity Bank’s tech unit rolls out 4G network broadband

KENYA – Equity Group’s financial technology subsidiary Finserve, has upgraded to a high-speed Internet connection network in the battle for a larger share of the fast-growing mobile data business in Kenya dominated by Safaricom. Finserve Ltd, which offers mobile telephony and Internet banking services on the Equitel platform, has rolled out 4G network broadband in a Covid-19 pandemic economy that has spurred demand for faster Internet connectivity to enable remote working and learning. Mobile data has become a major driver of revenue in the telecoms sector. Finserve says Equitel’s shift…

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Equity Bank Tanzania introduces remittance services

TANZANIA – Equity Bank Tanzania has introduced two new remittance services in an effort to boost inter-country and regional remittance transactions in Tanzania. The two platforms introduced in the market are Equity Bank Interbank transfers and Sadc Integrated Regional Electronic Settlement System (Siress) Services. The former allows real-time transactions for Equity Bank customers in any Equity Bank group branches while the latter opens up remittance transactions within the 16 Southern African Development Community (SADC) member states. Equity Bank managing director Robert Kiboti said in Dar es Salaam that the services…

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Equity Bank in new pact with UN to accelerate Sustainable Development Goals

KENYA – Equity Group and Equity Group Foundation together with the United Nations office in Kenya, and its SDG Partnership Platform have signed a strategic partnership to accelerate the achievement of the Sustainable Development Goals (SDGs) in Kenya by 2030. The strengthened partnership will promote and catalyse investments in the SDGs beyond short term cycles, enabling the UN system in Kenya to reach more people on the ground through Equity’s strong brand in the community, its infrastructure network, development expertise and local knowledge. Additionally, the partnership will promote social and…

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Equity Group DRC subsidiary to receive US$50m loan from IFC loan to support SMEs

DRC – Equity BCDC, a subsidiary of Equity Group Holdings based in the Democratic Republic of Congo, is set to receive a US$50 million loan from the International Finance Corporation (IFC) to finance cash-starved small and medium-sized enterprises (SMEs) in the country. Access to capital is one of the greatest challenges faced by small and medium-sized enterprises in the Democratic Republic of Congo and Equity BCDC, which has 74 branches spread across the DRC will use the IFC loan to help small businesses fund their operations and expansion in the aftermath of…

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Equity Group buys KfW’s US$9.3m stake in Congo bank

DRC – Equity Group  acquired an additional 7.7 per cent stake in Equity Bank Congo (EBC) from German sovereign wealth fund KfW for US$9.3 million as part of a strategy to consolidate its banking subsidiaries in the Democratic Republic of the Congo. This raised its ownership in EBC to 94.3 per cent and marked the latest investment in the subsidiary since the Kenyan banking multinational purchased its initial 79 per cent stake in September 2015 for Sh4.5 billion. “On November 27, 2020, Equity bought shares previously held by KfW in Equity…

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Equity Group injects US$31.6m in Tanzania and Uganda subsidiaries

KENYA – Financial services group Equity Group injected an additional US$31.6 million in its Ugandan and Tanzanian subsidiaries in the year ended December 2020 to boost the regional units’ capital. The Nairobi Security Exchange listed lender’s stakes in the subsidiaries remained unchanged at 100 percent. The capital support from the parent company came amid economic disruption brought by the Covid-19 pandemic that has seen lenders restructure a substantial part of their loan books. “On March 17, 2020, additional capital of 226,000 new shares with a par value of US$43 was issued…

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