Lessons from Equity Bank Group financial inclusion success story

Equity Bank CEO James Mwangi (fourth left) on December 23, 2017 with some beneficiaries of the Wings To Fly scholarships who excelled in their 2017 KCSE exam. PHOTO | KANYIRI WAHITO | NATION MEDIA GROUP

What you need to know:

  • Today, more than 80 per cent of Kenyans have, thanks to rapid financial innovation and evolution of mobile money, agency banking and other captive financial products.
  • The first challenge that Equity turned into an opportunity was to shelter low-income Kenyans who were being kicked out of imperial banks in the early 1990s.
  • Equity has achieved a ten-fold growth every five years; Ethiopia has sustained a double-digit growth rate for a long time; and China has been growing at a consistently respectable rate.

The oft-told story of Kenya’s thunderous success in deepening financial access to the poor never loses flavour.

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