Equity Bank Rwanda on Wednesday unveiled its new brand identity as part of Equity Group Holdings Plc transformation which will see them diversify beyond banking operations.
The lender will now be branded as Equity Rwanda.
According to Hannington Namara, the Managing Director of Equity Bank Rwanda, the group is rolling out insurance services starting with brokerage and will soon commence full-scale insurance services.
"We have started insurance already as brokerage. We will also be looking at starting insurance services in full swing," he said.
Rwanda’s insurance industry has below 2 per cent penetration despite having 12 players.
Patrick Uwizeye, Board Director and Hannington Namara, Managing Director, Equity Bank Rwanda unveil the new brand identity in Kigali on December 30.
Equity hopes to use their expansive branch network and agency network to increase countrywide access of insurance services.
Namara said that their entrance in the insurance sector was informed by the current market setup which avails opportunities for a player with a countrywide presence.
"Our customers have vast requirements and needs. If someone is applying for a loan for an investment venture, they also need insurance. Imagine how easy it can be if we provide a one stop shop that allows all their needs to be met," he said.
This, he said, will also allow affordability of their insurance services as the group’s cost of operation will be relatively low.
With a customer base of over 700,000 clients across the country and countrywide branch network and agencies, the firm will have relatively low cost of service delivery."We have a wide branch network and agency network which can further drive penetration of insurance services in the country. Our cost of entering markets across the country is not as high as we already have countrywide presence.We have a robust IT platform that will ease the rollout of products and services. We have data and can use AI to determine the best and most relevant," he said.The rebranded outfit is also looking to have much more impact in the local market beyond traditional banking including investment banking and is seeking opportunities in the treasury to serve the local market.Equity Group recently crossed the $10B balance sheet mark becoming the first bank in Eastern and Central Africa to cross this mark.This new capacity Namara said has increased capacity to support clients as well as increase investments consequently driving growth."With the $10B balance sheet, we espoused about a week ago, there is nothing we cannot […]