Equity Group has crossed the Ksh.1,000,000,000,000 rubicon becoming the first bank in Eastern and Central Africa to cross this mark. The milestone was achieved upon successful migration of BCDC to Equity’s Finacle core banking platform.
The one trillion mark by Equity lifts the visibility of the financial sector in Eastern Africa significantly to compete favorably with financial institutions in South Africa, West Africa and North Africa for project and development finance.
Speaking when announcing this milestone from Kinshasa Congo where he was witnessing the migration of BCDC to Equity’s core banking platform, Dr. Mwangi said, “We are delighted to witness this milestone that has shattered the psychological barrier of a trillion-shilling balance sheet. ” He added, “The benefits to our customers will be immense. The bank is also the most capitalized in East and Central Africa with over Ksh. 142 billion giving it a single lending obligor of Ksh. 35 billion. Equity banking subsidiaries will now be in a position to leverage the Group’s strength to extend large corporate loans across all the countries where Equity operates.
Dr. Mwangi said BCDC brings to the Group 112 years of corporate banking experience and will be instrumental in strengthening Equity’s supreme banking experience. In return, BCDC will benefit from the agility of a dynamic and disruptive business model. The two brands will create a formidable financial institution in DRC with a tested and trusted BCDC brand that has proven itself for 112 years and the global reputation of Equity Bank, its capitalization, advanced technology allowing digital, online banking and sophisticated security systems.
Dr Mwangi applauded staff for their passion and enthusiasm, putting the customers first and delivering exceptional service in line with the Equity dream of transforming lives and livelihoods. By embracing a self-disruptive culture, staff have continued to deliver innovative products and services that give customers convenience and freedom of modern banking. At the same time, he thanked customers for their continued faith and trust in our partnership which gives Equity the necessary resources and inspiration to scale its impact in the region.
BCDC will now enjoy a versatile world class core banking system that has state of the art security features including Anti Money Laundering (AML) transaction monitoring and Know Your Customer screening capabilities. BCDC customers will enjoy a shared platform that Equity Group operates in six countries, giving them access to a multi-currency and multi-country platform that supports real time cross border transactions.
Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]