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Equity named microfinance bank of the year

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by David Masters
Equity named microfinance bank of the year

Equity Bank has secured the accolade of Africa’s microfinance bank of the year for the second year running.

The Kenyan microfinance provider was announced as the winner at the 2009 African Bankers Awards in Istanbul, Turkey.

Equity knocked out other leading contenders to take the award, including Accion, Nigeria, Blue Financial Services of South Africa and UBA Nigeria.

Award judges recognised Equity for helping local communities and aspiring entrepreneurs to raise finance.

Gerald Warui, Equity spokesperson, said: “I wish to thank the more than 4.1 million members of Equity Bank for having stood with us because it is their support that has enabled the bank to be rewarded; and together we will continue to transform lives and livelihoods socially and economically in line with our vision.”

He added that competition for the award demonstrates the resilience of the microfinance sector for reducing poverty.

The African Bankers Awards 2009, organised by African Banker magazine, recognised the continent’s success in banking

A total of 14 awards were presented at this year’s ceremony.

Ecobank Transnational Incorporated (ETI) took the overall award of African Bank of the year.

Omar Ben Yedder, publisher of African Banker magazine, said African banks have proved resilient through the financial crisis.

“Whereas banks and financial institutions of yesteryears in Africa would have previously yielded and vanished in such turmoil, the banks of today with stronger capital bases and stronger regulatory bodies have suffered severe challenges, but on the whole managed to withstand these external shocks,” he said.

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News posted: October 12, 2009

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