In a recent roundtable discussion, Moses Nyabanda, Managing Director of Equity Bank Kenya, engaged with key stakeholders in the pharmaceutical sector to explore the potential of ecosystem banking. The dialogue emphasized Equity bank’s dedication to addressing financial challenges across industries, especially SMEs and MSMEs. Speaking at the event, Nyabanda stated:
“We are committed to supporting SMEs and unlocking new opportunities for businesses in the pharmaceutical industry and beyond. These businesses are vital in driving economic growth and improving national prosperity. Equity Bank remains dedicated to empowering businesses, big or small, to grow, innovate, and succeed.” said Moses Nyabanda.
Financial Solutions for SMEs
Equity Bank has developed a range of financial products to meet the specific needs of SMEs. These include loans for working capital, asset financing, and business expansion. The EazzyLoan platform, for instance, offers instant loans through mobile channels, enabling businesses to manage inventory and seasonal demands efficiently.
This approach has garnered international recognition, with Equity Bank becoming a member of the SME Finance Forum managed by the International Finance Corporation (IFC). The bank’s focus extends beyond financing to include entrepreneurship and financial literacy training, particularly for women and youth.
Digital Innovation
Equity Bank’s investment in digital channels has significantly enhanced the banking experience for SMEs. Platforms such as EazzyBiz, EazzyNet, and the EazzyBanking App offer smooth online transactions, cash flow management, and mobile banking services. In 2024, Equity Bank Uganda launched advanced digital tools like Equity Online and Eazzy Stock to support cashless transactions and digital finance management.
Strengthening SMEs through Partnerships
Equity Bank’s partnerships with international development finance institutions have unlocked additional resources for SME growth. In November 2024, the bank secured a trade credit financing deal with BpiFrance, offering SMEs funding in both US dollars and Kenyan shillings. This initiative aims to strengthen trade ties between Kenya and France, enabling SMEs to scale operations and explore new markets.
Read: Equity Bank Joins Forces with Bpi France to Support SMEs in East Africa
Other funding initiatives, such as support from the European Investment Bank and the MasterCard Foundation, have provided critical resources during challenging periods like the COVID-19 pandemic.
Targeted Programs for Youth and Women Entrepreneurs
Equity Bank’s innovative programs cater to diverse SME segments. For example, the Youth Loan in Uganda provides loans of up to 40 million UGX to young entrepreneurs for startup or working capital needs.
Capacity Building and Financial Literacy
Beyond funding, Equity Bank offers training programs to enhance SME business acumen. These include financial literacy, cash flow management, and digital skills training. In collaboration with partners like KPMG and Daily Monitor, the bank has launched initiatives such as the Top 100 SME Survey and Awards, focusing on sustainability and innovation among SMEs in Uganda.
Recognitions and Industry Leadership
Equity Bank’s efforts in SME development have earned it prestigious accolades, including being named Africa’s Best Bank for SMEs for two consecutive years at the Euromoney Awards.