Equity Bank Kenya Limited
Equity Bank a financial services provider headquartered in Nairobi, Kenya. It is licensed as a commercial bank, by the Central Bank of Kenya, the central bank and national banking regulator. In 2010 the entity introduced Agency banking model which has proved a success and still regulated by Central Bank of Kenya Prudential guidelines
Another indigenous Kenyan bank, Equity started as a building society in 1984. Today its assets total $1.7 billion and it has over six million customers, establishing CEO James Mwangi as one of the richest bankers in the country.
This success has largely been based on a policy of targeting low-income earners in Kenya. The bank provides customers in this income bracket with cheap loans and mortgages, enabling poorer people easier access to credit. This policy has won the bank awards both locally and internationally. It was named best performing company in Africa in 2009 and voted the best bank in Kenya by Euromoney in 2008. Again the primary shareholders are foreign-based, in this case, the British American Investment Company with 14.75 percent, though current CEO Mwangi has 7.32 percent.