Banque du Kenya, Equity Bank, microcredit, core values, mission, social aspiration, supporting agricultural growth, pre-University Internship Program, lighting the city, clean-up, donations
This bank started its operations in 1984 as Equity Building Society in Kenya. Its establishment was motivated by the desire to create a financial service provider which would touch base with majority of the Kenyan population. The initial focus was to offer mortgage services but in the early 1990's Equity Building Society changed its business focus to micro finance services.
Unfortunately the bank experienced difficult financial times in the early 1990's and in 1992 it almost faced liquidation by Central Bank of Kenya (CBK). However, due to the Bank's record of creating easy access of financial services by ordinary Kenyans, CBK opted to apply judgement to allow EBS re-invent itself. Then Equity Building Society became Equity Bank Society (...)
[...] Then Equity Building Society became Equity Bank Society. EBS grew to become a leading micro finance institution providing a wide range of products and services. The growth in business volume necessitated the conversion to a commercial bank which was dully registered on December The Chairman, Mr Peter Munga assisted by Mr John Mwangi and the Finance Director played a key role in shaping the leadership of EBS through re-defining its mission and vision and then promoting it. For over 16 years , Equity survived the difficulties of manual system until June 2000 when it launched computerized management information system. [...]
[...] Micro capital award : in September 2007, EB was recognized by a leading news and research entity on microfinance, Micro capital. EB emerged as the Best Microfinance Institution in Africa and the 3rd best in the world in an analysis conducted by Micro Capital. It was ranked third behind Bangladeshi's ASA Bank and Compatmos of Mexico, respectively. [...]
[...] There is no doubt today that the Bank is a leader in the microcredit sector in the country . But do you know exactly what microcredit is ? Definition of microcredit Microcredit is the extension of very small loans to the unemployed, to poor entrepreneurs and to others living in poverty who are not considered bankable. Microcredit is a part of microfinance, which is the provision of financial services to the very poor; it includes savings, microinsurance and other financial innovations. [...]
[...] Ø EB present a cheque of 55 thousand euros to the National Famine Relief Fund in 2006. The bank has also launched an appeal for donation from staff and customers. Ø EB has adopted new loan guarantee schemes for women. The bank has set aside 75 million euros to fund this project. Results The bank has become one of the very few to cross ten millions Euro in terms of pre-tax profit in Africa. Actually, the Bank posted a pre-tax profit of eleven million euros in 2006, representing 120% growth compared to 5 million in 2005. [...]
[...] That's why loans and advances are proposed in high-risk economic sectors such as agriculture, consumers, micro enterprise . Achievements About its achievements, EB business model has attracted both local and international recognition. On many occasions the bank has been invited to various international forums to share on its successes. A top tax payer : Kenya Reserve Authority recognized EB for being the best tax payer in the country. Euro Money 2007 Awards for excellence : in August 2007, EB's unique business model was recognized when the best bank in Kenya was voted in the Euro Money awards. [...]
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