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
Gaborone to host inaugural Botswana Seedstars challengeSeedstars World, the global seed-stage startup competition for emerging markets and fast-growing startups, is coming to Botswana for the first time this week. Read More
Nigeria needs $25b investment in broadband, says WoodTelecoms executive Adrian Wood speaks to Kokumo Goodie about investment potential in Nigeria. Read More
Networks Unlimited partners with ProLabsSouth Africa's leading value-added distributor, Networks Unlimited, has announced that it has become a distribution partner of ProLabs, the leading global independent provider of network infrastructure and connectivity products. Read More
British Airways, Safaricom launch SME initiativeBritish Airways and Safaricom have partnered to launch an initiative that will provide international exposure for five business owners in Kenya's Small and Medium Enterprise (SME) sector. Read More
MTN Botswana to widen its servicesMTN Business Botswana has reaffirmed its commitment to use its extensive capabilities in the telecommunications sector to provide relevant, quality and affordable ICT solutions to local businesses. Read More
Yet another date for BTCL IPOBotswana's Minister of Transport and Communications says the long awaited Botswana Telecommunications Corporation Limited (BTCL) Initial Public Offering (IPO) will be settled before the end of this year. Read More
NCC gives MTN fresh window to pay N1.4tr fineThe Nigerian Communications Commission (NCC) has opened a new window to MTN Nigeria for the payment of N1.4 trillion fine imposed on the telco. Read More
MTN Nigerian fine deadline extendedThe deadline for the payment of the $5.2 billion fine imposed on MTN in Nigeria has been extended until negotiations between MTN and the NCC have been concluded. Read More
Vodacom, Tracker SA unveil fleet solution in NigeriaVodacom Business Nigeria and Tracker South Africa have unveiled their Fleet Management solution in Nigeria. Read More
Innovative payment solutions a hot topic in SSA: studyThe first shopping and retail social listening study, released by MasterCard, reveals consumer trends in three sub-Saharan African markets. Read More
FEATURED STORYeCommerce in Africa urged to take advantage of mobile
The Executive Chairman of Alltel has urged operators of eCommerce in Ghana and Africa as a whole to take advantage of the current trend for Africans to trade online via their mobile handsets.
BEST READ NEWS
IN DEPTHNigeria needs $25b investment in broadband, says Wood
Telecoms executive Adrian Wood speaks to Kokumo Goodie about investment potential in Nigeria.