A US-based business and public policy expert has lauded Equity Bank’s business model for easing access to formal financial services among low-income earners.
Prof Dana Redford, the author of a book titled Developing Africa’s Financial Services – The Importance of High-Impact Entrepreneurship, has featured Equity Bank as one of the best case studies in Africa for driving financial inclusion and wealth creation.
In the book, which is sponsored by the World Bank, Prof Redford notes that Equity Bank has been challenging the traditional banking norms, removing roadblocks to financial inclusion.
The bank’s business model has evolved from brick and mortar approach where it opened branches in all regions including remote areas and is currently focusing more on agency banking and mobile-based platforms.
“The cases presented in the book of high-impact entrepreneurship in the financial sector such as the stories of Banco Unico in Mozambique, Fidelity in Ghana, Banco Atlantico in Angola, and Equity Bank in Kenya shows us the opportunities that vibrant African societies present for risk takers,” said Prof Redford during launch of the book in Nairobi on Monday.