- Over 85% of customer transactions are now completed via digital channels
- Equity Bank partners with fintechs and global brands to improve financial access
Equity Bank Ltd: transformation through digital banking
Founded in 1982 as a small building society, Equity Bank Ltd has evolved into Kenya’s largest bank by customer base, now serving over 21.6 million people across seven African countries. With assets exceeding US $13.9 billion, it operates 190 branches locally, supported by over 53,000 agents, 34,000 merchants, and 725 ATMs. At the heart of its strategy is a mission to promote inclusive economic prosperity by offering accessible financial services.
Over recent years, the bank has shifted decisively toward digital transformation. By the end of 2024, nearly 86% of its transactions were handled through mobile and online platforms, accounting for more than half of its total transaction value. Approximately 90% of its loans and customer interactions are now fully automated. As a result, physical branches have become financial advice hubs rather than transaction centres.
Equity also operates Finserve Africa—trading as Equitel—a mobile virtual network operator that provides seamless banking, loans, and mobile money through SIM-based services. Notably, it was the first African bank to adopt this model, blending telecommunications with banking to reach underserved populations more effectively.
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Equity Bank Ltd: industry challenges and innovative responses
The bank has secured a dominant 73.5% share in Kenya’s microfinance market, serving more than 715,000 active borrowers and managing a gross loan portfolio close to KSh925 billion. It has been recognised internationally, with Euromoney naming it Africa’s best bank for corporate responsibility and for SMEs in 2024.
Despite this success, East Africa’s banking sector faces persistent challenges—including cybersecurity threats, regulatory demands, and financial exclusion in rural areas. Many mobile banking apps remain vulnerable to data breaches. To address this, Equity has implemented internationally recognised safeguards, earning ISO 27001:2023 and ISO 20000‑1:2018 certifications for information and service management.
Furthermore, Equity has formed strategic alliances to broaden its services. In partnership with Mastercard, it recently launched a cross-border remittance platform to simplify diaspora payments. It has also collaborated with CFAO Mobility to enhance vehicle financing options across the region.
