Equity Becomes the first bank in Eastern and Central Africa to achieve the trillion-shilling balance sheet milestone after migrating Banque Commercial Du Congo (BCDC) to Equity’s core banking platform
Nairobi, Kenya | THE INDEPENDENT | Equity Group has crossed the Ksh.1 trillion rubicon (UgSh33 trillion), becoming the first bank in Eastern and Central Africa to cross this mark.
The milestone was achieved upon successful migration of BCDC to Equity’s Finacle core banking platform. The one trillion mark by Equity lifts the visibility of the financial sector in Eastern Africa significantly to compete favorably with financial institutions in South Africa, West Africa and North Africa for project and development finance.
“We are delighted to witness this milestone that has shattered the psychological barrier of a trillion-shilling balance sheet, ” Equity Group Managing Director and CEO Dr James Mwangi, said while speaking when announcing the milestone in Kinshasa Congo. He was there to witness the migration of BCDC to Equity’s core banking platform, said,
He added, “The benefits to our customers will be immense. The bank is also the most capitalized in East and Central Africa with over Ksh. 142 billion giving it a single lending obligor of Ksh. 35 billion. Equity banking subsidiaries will now be in a position to leverage the Group’s strength to extend large corporate loans across all the countries where Equity operates.”
Equity Group Holdings (EGHL) is a Pan-African financial services holding company listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange. The Group has banking subsidiaries in Kenya, Rwanda, Uganda, South Sudan, Tanzania, and DRC and a representative office in Ethiopia.
Dr. Mwangi said BCDC brings to the Group 112 years of corporate banking experience and will be instrumental in strengthening Equity’s supreme banking experience.
In return, BCDC will benefit from the agility of a dynamic and disruptive business model. The two brands will create a formidable financial institution in DRC with a tested and trusted BCDC brand that has proven itself for 112 years and the global reputation of Equity Bank, its capitalization, advanced technology allowing digital, online banking and sophisticated security systems.
Speaking during the migration of BCDC to Equity’s Finacle platform, Yves Cuypers, BCDC’s Managing Director said, “We are excited at the possibilities that Equity Group Holdings brings to our BCDC customers. By becoming part of a large international financial services Group, our customers will enjoy a wider choice of products and services and most importantly, they will immediately be able to access modern technologically driven banking, including a versatile mobile banking experience, international card payment options and merchants, access to a wide range of payment outlets and a broad digital banking footprint.”
Experts say BCDC will now enjoy a versatile world class core banking system that has state of the art security features including Anti Money Laundering (AML) transaction monitoring and Know Your Customer screening capabilities. BCDC customers will enjoy a shared platform that Equity Group operates in six countries, giving them access to a multi-currency and multi-country platform that supports real time cross border transactions.