Equity Bank Kenya partners Tanzania’s payment processing startup NALA

TANZANIA – Equity Bank Kenya, a financial services provider, has signed a partnership with NALA Payments Limited, a Tanzanian-based remittance payment processing startup to facilitate diaspora remittances into Kenya. This partnership will allow Kenyans living in the United Kingdom and the United States to send money directly from their banks, through the NALA app, instantly and at the most competitive…

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Equity Bank gets yet another US$50.4m from BII for lending to small businesses

KENYA – Kenyan lender Equity Bank is set to receive Sh5.66 billion (US$50.4 million) from United Kingdom’s development finance institution British International Investment (BII), formerly known as CDC Group, for onward lending to small businesses, reports Business Daily. United Kingdom’s Minister for Africa, Vicky Ford MP said the funds will be used to help the bank serve more Kenyans, especially…

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Equity Bank slashes cash payment on PayPal to 24 hours

KENYA – Equity Bank has reduced the duration it takes to settle PayPal withdrawals from 3 Business days to just 24 hours allowing it to offer the fastest PayPal settlement period in the country enhancing efficiency for the increasing number of Kenyans who receive payment through the international payment solutions provider. Equity Bank, which currently offers the only bank withdrawal…

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Equity Group diversifies to insurance business with launch of life assurance unit

KENYA – Financial services holding company Equity Group is officially venturing into the insurance business after being issued with life insurance license by the country’s industry regulator, Insurance Regulatory Authority (IRA). The life insurance license was issued to Equity Life Assurance (Kenya) (ELAK) which is fully owned by Equity Group Insurance Holdings Limited (EGIHL), a subsidiary of Equity Group. The…

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Equity Bank gets US$45.5m guarantee facilities from Proparco to support MSMEs

KENYA – French development finance institution Proparco, has granted Equity Bank two guarantee facilities, ARIZ and EURIZ totaling €39 million (US$45.5 million) to help the Kenyan bank further support job-creating MSMEs. Proparco also granted a €550,000 (US$641,432) technical assistance facility to support Equity Group Foundation’s health projects. The EURIZ guarantee and the technical assistance grant benefited from support from the…

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Equity Bank revamps its online banking solutions to drive customer convenience

KENYA – Equity Bank has revamped its online banking offering, previously known as Eazzy Net, in line with the bank’s One Equity strategy to provide a seamless customer experience across all banking channels. The newly revamped platform dubbed Equity Online provides a unified service offering across channels, an improved customer experience with simpler customer journeys, fresh and user-friendly interface and…

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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…

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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.…

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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…

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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…

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