Equity Bank, a subsidiary of Equity Group that has commercial representative offices in Ethiopia and other East African nations, won the awards for ‘Best Regional Bank in East Africa’ and ‘African Socially Responsible Bank of the Year’ at the 2020 African Banker Awards. The Kenya based bank won the social responsibility award for the second year in a row.
Speaking at the virtually-held award ceremony, Equity Group Managing Director and CEO James Mwangi showed his appreciation for the six Eastern and Central African countries that it operates in.
The African Banker judges panel commended the bank for the concrete initiatives and projects it has undertaken to drive societal development. Equity Group identifies seven areas that it directs its resources and efforts towards including education and leadership development, food and agriculture, energy and environment, and innovation.
Deputy Commercial Representative to the bank, Suraphel Wube, told press that one of the main avenues through which Equity Bank assists communities is through its Extension Banking System; a system that allows those lacking access to banks to nevertheless use banking services.
In Ethiopia, according to Suraphel, Alternative Channel Banking systems are being developed in collaboration with the Commercial Bank of Ethiopia while trade, finance, remittance, and facility provision are some of the many cooperatives that Equity Bank is currently engaged in.