Africa Award Banking Finance Rwanda

Equity Bank Rwanda scoops top honours at The Banker’s Bank of the Year Awards 2020

Equity Bank Rwanda has received the Bank of the Year Rwanda 2020 award by The Banker, during the Bank of the Year Awards 2020.

The Bank emerged top in class for clearly exhibiting a strong fiscal performance in the financial year of 2019.

In the year under review, Equity Bank Rwanda increased its Tier 1 capital by 27% from Rwf 28.6 Billion (£21,6M) in 2018 to Rwf 36.2 Billion (£27,3M) in 2019, assets by 18% from Rwf 233.1 Billion (£176,2M) in 2018 to Rwf 276.1 Billion (£208,7M) in 2019 and net profits by 54% from Rwf 6 Billion (£4,5M) in 2018 up to Rwf 9.2 Billion (£6,95M) in 2019.

Commenting on the award, Equity Bank Rwanda Managing Director, Hannington Namara said, “We are delighted to be recipients of Bank of the Year Rwanda 2020 award by The Banker.”

He said that the award affirms the bank’s commitment to provide inclusive financial services that transform livelihoods, give dignity and expand opportunities.

“We have rolled out financial solutions that have enabled our customers to self-service and access banking services 24 hours, 7days in a week, making banking something you do rather than a place you go to,” Namara added.

The awarding entity, The Banker, also considered the difficult operating environment occasioned by the COVID-19 pandemic and the role banks played in delivering much-needed government funding, as well as providing specific measures themselves.

Also read: Equity Bank ranks number 7 in Africa

The Equity Bank contributed 22,225 testing kits worth US$1.06M to the government of Rwanda in support of national efforts to combat the spread of the virus.

The Bank also contributed to efforts of dealing with the negative effects of COVID-19 and helped to create a support programme for small and medium-sized enterprises (SMEs) that were heavily affected by the pandemic.

The Bank partnered with Enterprise Partner Solutions and the Mastercard Foundation to set up a COVID-19 Recovery and Resilience programme to support SMEs and their value chains in the tourism and hospitality sector, one of the hardest hit by the pandemic.

The commitment from Mastercard Foundation worth US$2.5M will be used to provide financial support and technical assistance, with Equity Bank Rwanda as a financing partner.

Incubation support will be given to 60 start-ups and another 50 established SMEs will benefit from an accelerator programme.

According to The Banker, the investment which banks have been making in their digital transformation efforts have truly paid off and will continue to reap rewards in the years to come, in terms of lowering service costs, improving customer experience and driving the financial inclusion agenda.

As part of an upgrade to the EazzyBanking App, Equity Bank introduced EazzyPay, an interoperable retail last mile payment platform which eliminates the risks associated with carrying cash.

The bank also introduced an instant-opening account mobile-based platform dubbed “Akokanya” which helps customers self-board via an app or USSD.

Original article on Taarifa Rwanda

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