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
Networks Unlimited opens head office for Africa in MauritiusNetworks Unlimited has opened a head office servicing its African business in Mauritius. Read More
Orange completes Tigo acquisition in DRCLess than three months after signing an agreement with Millicom, Orange has completed the acquisition of 100% of the mobile operator Tigo in the Democratic Republic of the Congo (DRC). Read More
New cloud platform offers SMEs greater convenienceMTN Business has unveiled a new cloud delivery platform in Rwanda and Cameroon, which will enable SMEs to access cloud services with greater ease. Read More
Travelport appoints new regional manager for East African headquartersNita Nagi, formerly of Kenya Airways, has been named as the new lead for Kenya, Uganda, Rwanda and Burundi. Read More
Orange completes the acquisition of the Liberian mobile operator CellcomLiberia will now become the 20th country in Africa and the Middle East to join the Orange group with the acquisition by Orange of Cellcom, Liberia’s leading mobile operator. Read More
Orange invests in African e-commerce leader Africa Internet GroupOrange has announced the acquisition of a 75 million-euro equity interest in Africa Internet Group. Read More
HR departments need to keep pace with technology’s accelerating speedThe world of human resources (HR) is changing at a speed that is leaving most HR departments behind. New technology is bringing more transparency into the job market and into the performance of the HR department, creating new challenges for HR directors. Read More
Survey provides glimpse into the world of young entrepreneurs in AfricaThe Anzisha Prize, the premier award for Africa’s best young entrepreneurs, published the Anzisha Youth Entrepreneurship Survey 2016 this month, which provides a snapshot of the realities facing young entrepreneurs in Africa. Read More
Vodacom Business Nigeria appoints indigenous CEOVodacom Business, Nigeria’s leading total telecommunications provider has completely Nigerianised its operation with the appointment of Mr. Lanre Kolade as its Managing Director. Read More
FEATURED STORYCriticism over Remita borne out of ignorance, says SystemSpecs
The CEO of SystemSpecs, the company behind the revenue-saving Nigerian Single Treasury Account (TSA) system, speaks to Biztechafrica.
BEST READ NEWS
IN DEPTHIBM Opens First Cloud Data Centre in South Africa
IBM is opening a new IBM Cloud Data Centre in Johannesburg, South Africa. The new cloud center is the result of a close collaboration with Gijima and Vodacom and is designed to support cloud adoption and customer demand across the continent.
COMPANY NEWSKeeping up with the mobile banking evolution
Africa especially has witnessed the trend of mobile banking, due to the well-known fact that today more people on the continent have access to a mobile phone ...