For the third consecutive year, Equity has won the 2020
Speaking on receiving the award, Equity Group MD and CEO Dr.
Mwangi noted that the accolade reinforced the Group's commitment and purpose of, transforming lives, giving dignity, and expanding opportunities for wealth creation.
"Equity, through its products and services, has continued to empower small and medium sized businesses and has transformed them into instruments of driving value across the society. COVID-19 has challenged the normal operations for many SMEs in
"We hope the winners of the Global SME Finance Awards will inspire SME financiers all over the world to learn from their good practices," he said.
By the end year of 2019, SME banking portfolio contributed to 62% of Equity's loan book. The lender has managed to cut a niche across the SME financing sector in
Equity was recognized for its ingenuity in tailor-making solutions through its offering for the diverse SME groups across its portfolio. The bank's digitization and innovation strategy has increased SMEs access to digital credit and disbursement through innovations such as EazzyBiz, EazzyFx, Eazzy Banking App and Equitel. Further, Equity has continued to support SMEs by equipping them with relevant skills through training and mentorship programs.
"We recognize that this award would not have come if it was not for our partners who responded to our call of championing the social-economic prosperity of the people of
The SME business forms the spine of
As at end year 2019, SMEs accounted for 60 percent of the bank's total loan book and 78 percent of total deposits with the lender.
"The responsibility of developing communities is larger than what an institution can do on its own and we want to place a rallying call of championing social economic responsibility of the people of
The Global SME Finance Awards, which is managed by
Copyright Capital FM. Distributed by AllAfrica Global Media (allAfrica.com)., source