Sun. Jul 5th, 2020

BUSINESS TODAY AFRICA

Aligning Results

Equity Bank ranked the best bank in Uganda

3 min read

Equity Bank recognised at International Banking Awards

By Samuel Sanya

Equity Bank was recognised as the best bank in Uganda, with the judges being impressed by its stellar financial performance and its customized banking services for the country’s refugee community.

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Equity Bank was feted at the Banker’s awards held in London winning Bank of the Year- Uganda; Bank of the Year – Kenya and Bank of the Year- South Sudan.

Equity Bank was recognised as the best bank in Uganda, with the judges being impressed by its stellar financial performance and its customized banking services for the country’s refugee community.

The Bank has partnered with UN agencies to digitize payments to Uganda’s 1.2 million refugees. This partnership involves the bank opening UN-funded accounts for refugees who use the money to access different services.

While acknowledging the recognition, Samuel Kirubi, Equity Bank Uganda, Managing Director reaffirmed the bank’s commitment to social and economic transformation.

“Equity Uganda has primarily focused on the deployment of innovative financial solutions through world class digital and agency banking channels that enhance financial inclusion and deepen financial access. We have also embraced ecosystem banking and partnerships to grow and widen our reach so as to serve more people,” he said.

Aside from the financial performance, the judges were also keen on establishing whether the banks were setting new standards in their local industry, embracing innovation and initiating cost effective ways of growing their business.

In Equity Bank’s business model and strategy, innovation and digitization feature very prominently with 97% of transactions being on digital platforms allowing the bank to transform its cost structure from fixed to variable costs with minimal investments due to use of 3rd party infrastructure.

“Instead of just providing banking services, we provide financial solutions with a business model that is economically viable, socially sound and has become very successful in shared prosperity. One of our key strengths is our investment in capacity building. Empowering society through shared prosperity has given Equity Bank a human face and a soul,” said Dr. James Mwangi, Group CEO and Managing Director Equity Group Holdings.

Similarly, Equity also emerged as the winner of the award for Bank of the Year in South Sudan.

In a market that has been marred by high inflation and currency depreciation, the judges admired Equity Bank South Sudan’s adaptation, managing to trim its NPL’s ratio down from 70.5% to 14.3% in 2018. Profits surged by 240% in the same year.

Commenting on the award, Dr. Addis Ababa Othow, Managing Director Equity Bank South Sudan said, “We continue investing in innovation and creation of new distribution and service models that seek to improve efficiency and take banking services closer to the people thereby deepening financial inclusion and broadening access. This is in line with our vision of championing the socio-economic prosperity of our people.”

Courtesy of New Vision

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