Equity Bank Kenya Limited

{{Short description|Financial services provider}} {{Use British English|date=May 2013}} {{Use dmy dates|date=November 2021}} {{Infobox company | name = Equity Bank Kenya Limited | logo = Equity_Bank_Logo.png | image = | image_caption = | trading_name = Equity Bank | traded_as = | predecessor = | founded = {{start date and age |2014}} (following corporate restructure) | area_served = Kenya | key_people = Vijay Gidoomal<br/>(Chairman) <br/> Moses Okoth Nyabanda<br/>(Managing Director). | industry = Banking | products = Loans, Mortgages Investments, Debit Cards, Credit cards | revenue = {{profit}}:Aftertax: US$308.32 million (KES:33.9 billion) (2021)<ref>{{cite web|url=http://equitybankgroup.com/index.php/investor-relations/financial-results|title=Audited December 2013 Annual Report|date=March 2014|access-date=23 November 2014|publisher=Equity Bank Group (EBG)|archive-date=2 September 2022|archive-url=https://web.archive.org/web/20220902080134/http://equitybankgroup.com/index.php/investor-relations/financial-results|url-status=dead}}</ref> | assets = KES 960,938,706,000 (2024){{cn|date=September 2024}} {{Unbulleted list| {{Increase}} KES 903,308,779,000 (2023)|KES 894,011,760,000 (2022)}}{{cn|date=September 2024}} | equity = {{Unbulleted list| {{Decrease}} KES 97,430,969,000 (2023)|KES 97,527,391,000 (2022)}}{{cn|date=September 2024}} | num_employees = 7,763 (December 2023)<ref name="StaffR">{{cite web| url=https://www.businessdailyafrica.com/bd/corporate/companies/equity-bank-kenya-staff-numbers-fall-for-first-time-4749884 |title=Equity Bank Kenya staff numbers fall for first time in four years |work=Business Daily |date=4 September 2024 | author=Kabui Mwangi |access-date=5 September 2024 |location=Nairobi, Kenya}}</ref> | parent = Equity Group | hq_location = Britam Tower, Upper Hill | location_city = Nairobi | hq_location_country = Kenya | homepage = {{URL|https://equitygroupholdings.com/ke/}} }}

'''Equity Bank Kenya Limited''' is a Kenyan bank and financial services provider headquartered in Nairobi providing retail banking and commercial banking services. The bank is licensed as a commercial bank by the Central Bank of Kenya, which is the national banking regulator of Kenya.<ref>{{cite web |access-date=23 November 2014 |url=https://www.centralbank.go.ke/index.php/bank-supervision/commercial-banks-mortgage-finance-institutions |title=Central Bank of Kenya: Directory of Commercial Banks And Mortgage Finance Companies |publisher=Central Bank of Kenya |url-status=dead |archive-url=https://web.archive.org/web/20140701161422/https://centralbank.go.ke/index.php/bank-supervision/commercial-banks-mortgage-finance-institutions |archive-date=1 July 2014 }}</ref>

In 2010 the bank introduced the Agency banking model,<ref>{{cite news|url=http://www.businessdailyafrica.com/539546-1087220-epl15xz/index.html|title=New agency banking system deepens access to financial services|work=Business Daily|access-date=2017-08-23|language=en-UK|archive-date=31 December 2016|archive-url=https://web.archive.org/web/20161231075445/http://www.businessdailyafrica.com/539546-1087220-epl15xz/index.html|url-status=dead}}</ref> which has proved a success<ref>{{Cite web|url=http://bankelele.blogspot.co.ke/2015/11/equity-bank-30-agency-banking-equitel.html?m=1|title=Equity Bank 3.0: Agency Banking & Equitel|website=bankelele.blogspot.co.ke|date=16 November 2015 |access-date=2017-08-23}}</ref> {{clarify|date=December 2020 |reason= }} and is regulated by Central Bank of Kenya Prudential guidelines.<ref>{{Cite news|url=https://www.centralbank.go.ke/policy-procedures/legislation-and-guidelines/|title=Legislation and Guidelines – CBK|work=CBK|access-date=2017-08-23|language=en-US}}</ref>

== History == Equity Bank Kenya Limited was incorporated in 2014, as a result of the corporate restructure of its parent company Equity Group Holdings Limited.<ref name=":0">{{cite web |url=http://ke.equitybankgroup.com/index.php/files/download/1259 |title=Circular To Shareholders for The Transfer of The Kenyan Banking Business to a Newly Created, Wholly Owned Subsidiary |date=31 October 2014 |access-date=23 November 2014 |publisher=Equity Bank Group |url-status=dead |archive-url=https://web.archive.org/web/20141112215815/http://ke.equitybankgroup.com/index.php/files/download/1259 |archive-date=12 November 2014 }}</ref> Prior to November 2014, Equity Group Holdings Limited operated both as a licensed bank and a holding company for its subsidiaries.

On 31 October 2014, Equity Bank announced its intention to incorporate a new, wholly owned subsidiary Equity Bank Kenya Limited, to which it would transfer its Kenyan banking business, assets and liabilities. By converting Equity Group Holdings Limited into a non-trading holding company (as defined under the Banking Act) that owns both banking and non-banking subsidiary companies and provides strategic, brand, risk and personnel management to its subsidiaries, the group would be better able to invest and develop the businesses.<ref name=":0" />

During an extraordinary shareholders general meeting held on 24 November 2014, it was resolved to restructure the firm, leading to the formation of Equity Bank Kenya Limited.<ref>{{cite web|access-date=20 September 2018 |date=31 October 2014 | url=https://www.capitalfm.co.ke/business/2014/10/equity-bank-restructuring-to-form-new-holding-company/ |title=Equity Bank restructuring to form new holding company |first=Margaret | last=Wahito |publisher=98.4 Capital FM |location=Nairobi}}</ref>

According to the business daily, the bank rebranded in 2019 in a bid to do business under one brand for the next phase of growth as the bank was marking 35 years.<ref>{{cite web |title=Equity rebrands in growth push |date=8 December 2020 |url=https://www.businessdailyafrica.com/bd/corporate/companies/equity-rebrands-in-growth-push-2266642 |access-date=6 September 2021}}</ref> In 2020, Equity Bank acquired Banque Commercial Du Congo (BCDC).<ref>{{Cite web|last=Omondi|first=Dominic|title=Equity Bank value crosses Sh1tr after Congo acquisition|url=https://www.standardmedia.co.ke/business/news/article/2001398157/equity-bank-value-crosses-sh1tr-after-congo-acquisition|access-date=2022-01-20|website=The Standard|language=en}}</ref>

==Awards== Equity Bank Kenya won the most Socially Responsible Bank of the Year by the African Banker Awards for the year of 2019 and also Bank of the Year in Kenya award by The Banker for the year 2019.<ref>{{cite web |title=Winners Announced for African Banker Awards 2019 {{!}} Les gagnants pour les Trophées African Banker 2019 |url=https://african.business/2019/06/economy/winners-announced-for-african-banker-awards-2019-les-gagnants-pour-les-trophees-african-banker-2019/ |website=African Business |access-date=1 September 2021 |date=13 June 2019}}</ref>

On 24 April 2026, at the 22nd Think Business Banking Awards, it was named as the best overall Kenyan bank.<ref>{{Cite news |title=Equity named overall best bank in Kenya at 2026 Think Business Banking Awards |date=25 April 2026 |url=https://citizen.digital/article/equity-named-overall-best-bank-in-kenya-at-2026-think-business-banking-awards-n381547 |work=Citizen Digital |archive-url=https://web.archive.org/web/20260426032954/https://citizen.digital/article/equity-named-overall-best-bank-in-kenya-at-2026-think-business-banking-awards-n381547 |archive-date=26 April 2026 |url-status=live}}</ref><ref>{{Cite web |title=Banking Awards 2026 |url=https://thinkbusinessafrica.com/awards/banking-awards-2026/ |date=April 2026 |work=Think Business |access-date=26 April 2026 |archive-url=https://web.archive.org/web/20260426153516/https://thinkbusinessafrica.com/awards/banking-awards-2026/ |archive-date=26 April 2026 |url-status=live}}</ref>

== Ownership == The Equity Bank Kenya Limited is wholly owned by the Equity Group Holdings, which has a customer base in excess of 14 million in six East African countries, making it one of the largest commercial banks on the African continent by number of customers.<ref>{{cite web|title=Kenya's Mobile Innovation Brings Digital Money Closer|url=https://www.bbc.com/news/business-28142515|first=Zoe|last=Flood|publisher=BBC News|date=3 July 2014|access-date=23 November 2014}}</ref>

==Branch network== thumb|right|alt=Photo of Equity Branch Fourways Branch in Nairobi, Kenya|Equity Branch Fourways Branch in Nairobi, Kenya Equity Bank maintains a network of 190 branches across Kenya, which includes 52 branches in Nairobi.<ref>{{Cite web|title=Equity Bank Branches {{!}} Equity Bank Branches Kenya {{!}} Branches Equity Bank Kenya|url=http://www.banks-kenya.com/branches-equity-bank-banks-kenya.html|access-date=2021-05-20|website=banks-kenya.com}}</ref>

==Governance== The eight-member board of directors is chaired by Vijay Gidoomal. Moses Nyabanda, serves as the managing director of the bank.<ref>{{cite web |title=Equity Appoints Veteran Insider for Managing Director Position {{!}} Equity Group Holdings |url=https://equitygroupholdings.com/equity-appoints-veteran-insider-for-managing-director-position/ |access-date=6 September 2021 |language=en}}</ref>

==Controversies and fraud== Equity Bank has found itself in the midst of controversies, especially cyber fraud associated with its ATM cards, Equitel SIM cards, and Eazzybanking (a mobile banking platform) services that lead to the loss of clients' savings.<ref>{{cite web|title=The Tale of Fraud Cases at Equity, and What the Bank is Doing About It|url=https://techweez.com/2020/09/30/equity-bank-fraud-cases/|first=Kenn|last=Abuya|publisher=Techweez|date=30 September 2020|access-date=27 June 2023}}</ref> Although the cases are scattered, they have been relatively consistent recently, prompting the bank to issue statements warning customers about the same and adding more security layers to its services. For instance, the bank introduced a one-time PIN to its mobile banking and internet banking services.<ref>{{cite web|title=Equity Bank Asks Customers To Be Alert As Scammers Run Amork|url=https://www.the-star.co.ke/business/kenya/2023-02-09-equity-bank-asks-customers-to-be-alert-as-scammers-run-a-muck/|first=Alfred|last=Onyango|publisher=The Star Kenya|date=9 February 2023|access-date=27 June 2023}}</ref><ref>{{cite web|title=Relax, We've Dealt With Fraud Cases, Equity Bank Assures|url=https://www.the-star.co.ke/news/2023-02-04-relax-weve-dealt-with-fraud-cases-equity-bank-assures/|first=Sharon|last=Mwende|publisher=The Star Kenya|date=4 February 2023|access-date=27 June 2023}}</ref><ref>{{cite web|title=How Latest Eazzy Banking Update Shields Customers From Scammers|url=https://techweez.com/2020/08/12/eazzy-banking-app-updated/|first=Kenn|last=Abuya|publisher=Techweez|date=12 August 2020|access-date=27 June 2023}}</ref> It is also suspected that some cases are a result of inside job from unethical employees and agents and that refunds are not guaranteed with some clients reporting threats and intimidation when making followups.<ref>{{cite web|title=Bank customer spends months chasing her defrauded Shs21m|url=https://www.monitor.co.ug/uganda/business/finance/bank-customer-spends-months-chasing-her-defrauded-shs21m--3516610|first=Ismail|last=Ladu|publisher=Daily Monitor|date=19 August 2021|access-date=27 June 2023}}</ref>

In the past, Equity Bank employees have also been implicated in tax evasion scandals. In 2016, the bank surrendered two of its employees to the KRA for prosecution over their role in facilitating tax evasion, in which Ksh.124 million in import duty was lost.<ref>{{cite web|title=Equity Bank surrenders staff to KRA over fraud|url=https://www.standardmedia.co.ke/article/2000195162/equity-bank-surrenders-staff-to-kra-over-fraud|first=Paul|last=Wafula|publisher=The Standard|date=17 March 2016|access-date=27 June 2023}}</ref>

In January 2021, Equity Bank Congo was embroiled in a controversy with the Congolese Central Bank after its merger with the country’s second-largest bank, Banque Commerciale du Congo (BCDC). In the middle of the controversy was a memo in which James Mwangi unilaterally announced plans to integrate BCDC's operations and data into Equity Group's database, set up an initial management committee, and appoint two managing directors. The Banque Centrale du Congo disapproved of the decisions arguing that the "Legal and regulatory requirements do not allow for two managing directors to oversee one institution" and that Mr. Mwangi had no capacity to make the decisions as he was only a "representative of a shareholder and has not been mandated by the acquiring company to make decisions on its behalf."<ref>{{cite web|title=DRC's problems with Kenya's Equity Bank and James Mwangi|url=https://www.theafricareport.com/62075/what-is-the-reason-for-the-drcs-problems-with-kenyas-equity-bank-and-james-mwangi/|first1=Stanis|last1=Bujakera|first2=Aurélie|last2=M’Bida|publisher=The Africa Report|date=28 January 2021|access-date=27 June 2023}}</ref>

In May 2023, a customer sued the lender for an alleged breach of their privacy after the bank shared his information with an unauthorized third party without consent.<ref>{{cite web|title=Customer Sues Equity Bank for Data Breach Dispute|url=https://www.businessdailyafrica.com/bd/corporate/companies/customer-sues-equity-bank-for-data-breach-dispute--4234702|first=Sam|last=Kiplagat|publisher=Business Daily|date=15 May 2023|access-date=27 June 2023}}</ref>

In April 2024, reports emerged that a 7-day hackers expedition made away with Ksh 179,677,736 from 551 customers through debit card fraud.<ref>{{Cite web |date=17 April 2024 |title=How hackers stole Sh179 million from Equity Bank in seven days |last=Kimuyu |first=Hillary|url=https://nairobinews.nation.africa/how-hackers-stole-sh179-million-from-equity-bank-in-seven-days/ |access-date=17 April 2024|website=Nairobi News |language=en-US}}</ref>

==See also== * List of banks in Kenya * Central Bank of Kenya {{Portal|Banks}}

==References== {{reflist}}

{{Authority control}} {{Equity Group Holdings Limited |state=collapsed}} {{Banking in Kenya}}

Category:Banks of Kenya Category:Banks established in 2014 Category:Banks established in 1984 Category:Kenyan companies established in 2014 Category:Kenyan companies established in 1984 Category:1984 establishments