Equity bank has been named the best Micro Finance Bank in Africa.
The bank emerged the top microfinance bank of the year, beating three other entries from the continent in the category during the annual African Bankers Awards ceremony held in Washington DC, USA.
The honour bestowed on the bank on the eve of the World Bank and International Monetary Fund finance ministers' annual meeting goes to the micro finance lender who has contributed most to reduce poverty in Africa.
The awards, started last year, reward among other things achievements, record earnings, innovative practices and their commitment to corporate social responsibility and gender equality.
They are designed to recognise the reforms, rapid modernization, consolidation, integration and expansion of the African Banking sector.
The event also rewarded the individuals, companies and institutions which have excelled in Africa's banking and financial sector over the last year.
Equity is currently the biggest bank in Kenya in terms of accounts-over 2.8 million accounting for over 48% percent of all bank accounts in the country supported by a 90 branch network, 350 VISA ATMs and 2500 Points of Sales.
The bank recorded massive growth in the year, with the annual cumulative pre-tax profit growing by 116 per cent and total operating income by 73 per cent.
In June 2008, the bank's market capitalization hit $1.8 billion, making it the biggest bank in Kenya.
Last year, Equity Bank was ranked the third best Microfinance institution in the world in an analysis conducted by MicroCapital - the leading news and research entity on Microfinance and was for the second year in a row named the Best Bank in Kenya by Euromoney Awards for Excellence.
"We at Equity Bank are humbled by this continental recognition. But more important, this award confirms that the future of banking in the continent lies in coming up with interventions that specifically target the unbanked and the informal sector," said Dr James Mwangi, Equity Bank CEO and Managing Director.
Dr Mwangi said Equity Bank's unique banking model had seen the bank reach out to thousands of Kenyans who otherwise would have been locked out of mainstream banking.
This year saw the number of entries across the various categories more than double, compared to the previous year.
Bankers from Kenya, South Africa, Tunisia, Nigeria, Togo, Ghana and Malawi, representing North, South, East, West and Central Africa, participated in the awards.
The award came on the heels of Equity Bank been recognized for its role in business and investment during the African (A.I) investor Awards held at the New York Stock Exchange last month.
Equity Bank was named the Best Performing Ai 100 Company in Africa and was recognized as a banking Superbrand, in the first ever published Superbrands East Africa Vol. 1 this year.
This year's event, hosted by the London-based IC Publications Ltd, publishers of African Banker magazine, was held on the eve of the World Bank's critical global discussions on the state of the world's financial systems. "For once we can say the world can learn from Africa," said Chukwuma Soludo, the Governor of the Nigerian Central Bank.
Africa's banking sector has grown by over 28 per cent over the past year and continues to grow despite the global financial crisis.
Stephen Hayes, President and CEO of the Corporate Council on Africa (CCA), strategic partners to the event, reiterated the importance of the banking sector in Africa. "Africa's emerging financial markets are more secure and dynamic. In today's global marketplace the success of Africa's banking industry is pivotal to the success of the investment climate on the continent."
A total of 17 awards were presented at the grand ceremony, which was endorsed by the World Bank and supported by the Corporate Council on Africa and African Development Bank of Industry, Nigeria.
The third African Bankers Awards will be held in Istanbul, Turkey, to coincide with the IMF/World Bank Annual meeting next year.
