NAIROBI, Kenya October 25 – Equity Bank has clinched Africa’s best bank for Small and Medium Enterprises (SMEs) title during the 2021 Euromoney awards.
East African banks were commended for leading the way in SME financing in Africa with Equity Bank hailed for its continued support of its clients with lending rising by 30 percent to USD 4.8 billion in 2020.
“Lately, Equity Bank’s SME lending has focused on unsecured working capital financing, with a specific focus on supply chain financing in agriculture, manufacturing, fast-moving consumer foods, and healthcare,” a statement issued read in part.
Euromoney said that Equity has “continued to access credit-risk guarantees as well as senior and subordinated funding from the International Finance Corporation (IFC) and development finance institutions in Europe – arrangements specifically designed for SMEs, including female entrepreneurs and agricultural value chains.”
Equity Group Managing Director and CEO, Dr. James Mwangi, said that the award reinforces and cements the Bank’s vision, of championing the socio-economic prosperity of the people of Africa.
“With support from various partners, Equity Group has strongly positioned itself to support SMEs (Small and Medium Enterprises) to keep their lights on during the prevailing COVID-19 pandemic which slowed down the economy and negatively impacted the cashflows of enterprises.
He said that the bank demonstrated its commitment to walking the journey with its customers, and its empathy with their socio-economic situation necessitated by the pandemic.
“Equity has fortified its product offerings by providing them with customized, flexible, and integrated banking solutions, for both business owners and employees,” the bank said.
In 2020, Equity received 3 Euromoney awards in the Best Bank in Africa, Best Digital Bank, and Excellence in Leadership award categories.