Kigali, 16 February 2012
President Kagame today met with a delegation from the Equity Bank Group led by Mr. Peter Munga, the Group Chairman who paid him a courtesy call. The delegation is in the country for the official launch of Equity Bank Rwanda on Friday, February 17.
Dr. James Mwangi, the Group Managing Director and CEO told press 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 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 US $ 2 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.