Sunday, March 29, 2009

Equity Bank Spreading Prosperity in Kenya

Contrary to the pessimistic financial news coming out of most banks lately, Equity Bank of Kenya recently reported record pre-tax profits and expansion plans for Nyanza Province. Equity Bank provides financial services to poor customers in Kenya and Uganda who have never previously had a bank account. According to CEO James Mwangi, the bank's high volume/low margin business model has been successfully attracting customers despite the difficult economic times, making it home to 49% of Kenya's bank accounts. Using its success for a greater good, Equity Bank will be signing a partnership with BAACH (Business Alliance Against Chronic Hunger) to provide Kenyans with access to financial credit, improving their farming activities in an effort to meet the Millennium Development Goals.
More info.