Equity Bank enters Rwanda with promise of digital solutions
BUSINESS| 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
MasterCard grants Unified Payments acquiring licenseMasterCard has granted an acquiring license to Unified Payment Service Limited, a leading payments service provider, in a move expected to broadly increase the acceptance of MasterCard payment cards in Nigeria. Read More
MTN Business backs emerging ICT entrepreneursMTN Business has embarked on a long-term supplier development programme that will empower young, black entrepreneurs to take their place at the forefront of South Africa’s evolution to a knowledge-based economy. Read More
CNN, MultiChoice launch 20th African Journalist AwardsCNN International and MultiChoice this week officially launched the CNN MultiChoice African Journalist 2015 Awards. Read More
Cokodeal.com aims to revive ‘made in Nigeria’Cokodeal.com, describing itself as Africa’s largest medium for business exposure, is aiming to boost Nigerian manufacturers through greater online exposure. Read More
Leading African airline adds new payment optionsASKY, the leading airline in West and Central Africa, has partnered with PayGate and booking engine SITA to offer web-based booking to its customers for the first time. Read More
Francis Dufay takes the reins of Jumia in Côte d’IvoireE-commerce firm Jumia has formalised the appointment of Francis Dufay at the head of its subsidiary in Côte d’Ivoire. Read More
MTN Uganda rewards women entrepreneursThe 2015 edition of MTN Women in Business Awards have seen Mrs. Barbara Ofwono, the proprietor of Victorious Schools, scoop the overall Award of MTN Women in Business SME CEO of the year. Read More
Microsoft 4Afrika launches Biz4Afrika online SME hubMicrosoft 4Afrika used the opening of the Connected East Africa event in Diani, Kenya today to launch Biz4Afrika, an online hub providing Kenyan small and medium enterprises (SMEs) with access to locally relevant information and promote trade. Read More
BTCL, SA’s Vodafone seal partnershipBotswana Telecommunications Corporation Limited (BTCL) and South African based Vodafone have signed a non-equity partnership agreement. Read More
Mascom Derby horse race extravaganza for BotswanaMascom is doing it again this year with its annual Mascom horse racing event which has been on the Mascom calendar for at least 10 years. Each year during the Easter holidays, Botswana’s leading mobile telephony provider gets people to Botswana’s tourist resort of Maun for the race. Read More
FEATURED STORYe-commerce space untapped, says phonekings head
E-commerce is the future, says the head of a new online electronics mall launched in Nigeria. Tayo Olusanya spoke to Kokumo Goodie in Lagos.
BEST READ NEWS
IN DEPTHVillagers get solar training at Barefoot College
The Botswana Human Resource Development Council (HRDC) has seconded seven semi-illiterate mostly Ngwatle villagers for a six month solar electrification training course at the famed Barefoot College in India.