BANKING

Equity transforms branches into advisory centres

In Summary

•The transformation to advice-giving centres is  linked to a Sh10 billion facility given to the bank by International Finance Corporation.

• Branches will be ideal for Micro, Small and Medium Enterprises (MSME) that contribute to over 80 per cent of employment.

Equity town hall branch.PHOTO/CHARLES MUGA.
Equity town hall branch.PHOTO/CHARLES MUGA.

Increased digital banking has pushed Equity bank to transform its branches into advice-giving centres.

The bank attributes the move to a massive shift of its customers from using brick-and-mortar concept to digital banking.

“Currently, 96 per cent of our transactions are being done on digital platforms and this has informed our decision,” Equity Group CEO James Mwangi said in statement.

Mwangi said that the bank will embrace new technology and ways of working to meet the retail customer needs.

In a press statement the bank said the branches will be ideal for Micro, Small and Medium Enterprises (MSME) that contribute to over 80 per cent of employment.

The transformation to advice-giving centres is also linked to a Sh10 billion facility given to the bank by International Finance Corporation.

The loan is expected to grow Equity’s lending program to MSMEs.

According to Kenya National Bureau of Statistics, formal and informal MSMEs contribute over 80 per cent of employment opportunities in the country, yet many enterprises face a significant barrier in accessing credit due to lack of physical collateral.