MICROCAPITAL STORY: Equity Bank Wins Best Micro Finance Bank in Africa Award at the African Bankers Awards In Washington DC

Equity Bank, the largest Kenyan bank with 48% of the nation’s bank accounts, has won the Best Micro Finance Bank in Africa award at the African Bankers Awards in Washington DC.  Other nominees for the award were ACCION  Microfinance Bank, Barclays, Development Bank of Mauritius, and Swazibank.  The event, the second of its kind, was hosted by London-based IC Publications, publishers of African Banker magazine and endorsed by the World BankSponsors included the African Development Bank3i Infotech, Ecobank, and the Bank of Industry

Equity Bank has experienced a year of record profits that saw pre-tax profits up by 116 percent and total operating income increase by 73 percent.  In June, total capitalization was roughly USD 1.8 billion.  These record profits follow some strategic developments within the firm.  In 2007, Equity Bank sold a 25 percent stake in the company for USD 175.7 million to Helios EB, a limited partnership managed by Helios Investors, LP and advised by Helios Investment Partners, LLP, an investment firm making private equity investments in sub-Saharan Africa.  In April, the company announced the acquisition of Uganda Microfinance Ltd., a non-bank microfinance institution, in a deal worth USD 26.9 million. 

Last year’s winner of the Best Micro Finance Bank in Africa Award was Banque Tunisienne de Solidarité.  The 3rd Annual African Banker Awards will be held in Istanbul, Turkey in 2009 and will coincide with the IMF/World Bank Annual meeting.

By Iyanna Holmes, Research Assistant

Additional Resources:

Africasia.com:  African Bankers Awards 2008: Winners Announced

Banking Times: Equity Bank Wins Micro Finance Award 

Bizcommunity.com:  Nominees Announced for African Banker Awards 2008 

Equity Bank

MicroCapital.org Article: July 22, 2008, Equity Bank of Kenya to Acquire Microfinance Institution (MFI) Uganda Microfinance in $26.9m Deal: December 19, 2007, Equity Bank of Kenya to Expand Microfinance Services to Uganda, Tanzania, and Rwanda Backed by Investment from Helios EB 

MIX Market: Uganda Microfinance Limited  

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