Equity Bank enters Rwanda with promise of digital solutions
BUSINESSBy BiztechAfrica - Feb. 17, 2012, 2:14 p.m.
Equity Bank has officially launched in Rwanda, bringing a promise of technologically innovative solutions.
Rwandan President Paul Kagame met with a delegation from the Equity Bank Group led by Peter Munga, the Group Chairman who paid him a courtesy call to mark the bank’s official launch in the country.
Dr. James Mwangi, the Group Managing Director and CEO said after the meeting: “We came here to brief the President on the progress of Equity Bank since we opened our doors late last year. We have been able to open 30,000 accounts, opened 7 branches and we about to open three more. We intend to be a very technologically innovative bank, partnering with Saccos and cooperatives so as to take financial services to the rural areas. In urban centers we will focus on micro and small enterprises and at the same time looking at cooperates and long time investments.”
The Governor of the Central Bank, Claver Gatete, said: “Equity Bank is coming in to add value to Rwanda’s financial services by bringing in unique technology in the banking system whereby you combine the classical banking and technology to link up the bank and all stakeholders, regardless of where they are, using all available tools. Another thing is that Equity Bank lends across the board to big companies, SMEs and micro. With this kind of technology, there will no longer be need to handle cash, and this will mean more cash in the banks to lend out.”
Equity Bank Group has a total value base of USD2 billion and has branches in Uganda, South Sudan, Rwanda and Tanzania. Equity Bank is currently the 3rd largest company listed on the Nairobi Stock Exchange and is also cross listed on the Uganda Securities Exchange.
MORE BUSINESS NEWS
Zenith Bank, others raise USD1.2bn for EtisalatZenith Bank led 12 other banks to pull a USD1.2 billion financing deal for Emerging Markets Telecommunications Services Limited (EMTS). Read More
Signal Alliance partners SAP on asset management solutionSignal Alliance has partnered SAP to offer Business Planning and Execution solutions supporting business strategy, process design and integration, and implementation to government and industries in Nigeria. Read More
MTN highest ranked African brandMTN has topped the list as the highest ranked African brand in the prestigious Millward-Brown Brandz Top 100 Most Valuable Global Brands 2013 survey, released today. Read More
MultiChoice Zambia executives killed in road accidentTwo senior managers at pay TV MultiChoice Zambia have been killed in a road accident in Chibombo on the Great North Road. Read More
AfDB to help boost AGOA opportunitiesThe African Development Bank is working towards helping African countries better benefit from the African Growth and Opportunity Act (AGOA) opportunities. Read More
Mozambique’s TVCABO wins Golden Arrow AwardDual play operator TVCABO has won a Golden Arrow award as "Best Internet Service Provider in Mozambique" in the corporate business sector. Read More
High hopes for US missionEgypt has high hopes for closer business ties with the US, following an ICT Ministry delegation visit to the US. Read More
Most powerful and compact Samsung A3 colour and mono copiers announcedSamsung Electronics South Africa has launched its groundbreaking CLX-9201, 9251, and 9301 A3 colour and SCX-8123, CX-8128 A3 mono copiers. Read More
Orascom Board advises against Baskindale offerThe Board of Directors of Egypt’s Orascom Telecom Holding has recommended that the company’s shareholders do not accept the tender offer by Baskindale Limited to acquire up to 100% of the shares in the company. Read More
VMware SA appoints Axis Solutions Zimbabwe as Enterprise PartnerVirtualization and cloud solutions firm VMware has appointed Zimbabwe-based Axis Solutions as an Enterprise Partner. Read More
FEATURED STORYICT opens doors for Kenyan slum dwellers
A Nairobi based group is equipping high school girls from Nairobi's slums with ICT skills to help them participate meaningfully in building the economy.
BEST READ NEWS
IN DEPTHDollar-a-month broadband can change Africa
The Microsoft-led 4Afrika TV white spaces project, taking broadband to rural people for as little as a dollar a month, is now expanding in Kenya and launching in Tanzania.
COMPANY NEWSSage Pastel Evolution: the modern ERP tool for the modern Kenyan business
This week’s Sage East Africa Conference, entitled Innovation Beyond Boundaries, attracted over 100 existing and potential customers to the Sankara Hotel in Nairobi.Connected services boosts company payroll and HR administration in West Africa
Connected Services enables SMEs to extend their desktop payroll and HR with an online solution that eases the growing burden of HR managers and payroll administrators.