Equity Bank, the second largest bank in Kenya through its size, was set up in 1984 as a mortgage financing company for low-income populations and SMEs. It subsequently became a microfinance institution, then a bank in 2004.
The holding company for all the Group’s banking and non-banking subsidiaries (fintechs, insurance, consultancy services, foundations) was set up in 2014.
It is one of the largest banks in East Africa and operates in 6 countries in the region.
The project involves a USD 22.8m loan and is part of a broader financing of USD 100m arranged by Proparco’s German counterpart, DEG, to strengthen the equity and resources for growth of the bank, which is a strong driver for SMEs.
The project will support the development of the range of loans for the country’s SMEs. Equity Bank today has over 19,500 SMEs in its portfolio. Proparco’s financing is expected to support some 2,100 additional SMEs.
Equity Bank also operates in remote regions, via its network of some 177 branches and 36,000 officers. In addition, the bank offers microfinance products for disadvantaged populations.
This information is given at the time of signature, without prejudice to any developments in the operation/project