Kenya, Top News

Kenya: Equity Bank ranked the first bank of Africa

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The innovations brought by Equity Bank paid off. The Kenyan bank is the first on the African continent according to the world ranking published by the Financial Times magazine. The South African Capitec Bank Holdings and the Kenya Commercial Bank, the other Kenyan bank completed the list of the top 3.

For the second consecutive year, Equity Bank has had the place of honor over the African banks. This nice performance did not surprise anyone. Equity Bank made a commitment in a policy of interest rate reduction on loans. The loans occupying the biggest volume of the assets of banks in Kenya (57 %), Equity Bank aims at being competitive. It has just signed an exclusive contract for issuing American Express Credit Cards. The growth rate of the bank is estimated at 6,84 %.

In an environment where mobile payments are very appreciated by the population, the first bank of Africa did not want to leave this market to the only telecommunication operators. It launched itself into the mobile Banking by getting one of the three licences of Mobile Virtual Network Operator (MVNO) granted by authorities.

ICTS occupy a good place in the activities of the populations of Central and East Africa. Kenya is listed among promoters of the mobile payment with the product called M-Pesa. Less expensive, it is easily accessible contrary to banks that require so many papers. More than 3 million Kenyans make purchases by mobile payment.

 

Original text by: Roger ADZAFO

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