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Equity Bank Rwanda Limited

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Equity Rwanda
EQTY
FormerlyEquity Bank Rwanda Limited
Company typePrivate
IndustryFinancial services
Founded2011
HeadquartersGrand Pension Plaza
Kigali, Rwanda
Number of locations
47 Branches, 6,000+ Agents, 56 ATMs[1] (2024)
Key people
Eugene Haguma
Non–Executive Chairman
Hannington Namara
Managing Director
ProductsLoans, Checking, Savings, Investments, Debit Cards, Insurance
RevenueIncrease Profit After tax:US$20.9 (RWF:21.06) (July 2021)
Total assetsUS$386.54 million (RWF:389.29 billion) (July 2021)
Number of employees
700+ (2024)
ParentEquity Group Holdings Limited
Websiterw.equitybankgroup.com

Equity Bank Rwanda Limited (EBRL), is a commercial bank in Rwanda. The bank is licensed by the National Bank of Rwanda, the central bank and national banking regulator.[2]

Overview

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EBRL is a medium-sized financial services provider in Rwanda, with an estimated total asset valuation of about US$363.39 million (RWF:366.39 billion), as of 31 March 2021. The shareholders' equity was US$52.42 million (RWF: 52.86 billion).[3]

History

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The bank was granted a banking license by the National Bank of Rwanda, in 2011 and commenced banking services in the fourth quarter of 2011.[4] Rwanda was the fourth East African country where the Equity Bank Group has opened a subsidiary. Operations in Tanzania commenced during the first quarter of 2012. The bank group maintains financial services subsidiaries in Kenya, Rwanda, South Sudan, Democratic Republic of Congo Uganda and Tanzania. Operations in Burundi are planned to begin in the next five years.

According to the New Times Rwanda, Equity Bank Rwanda received the Bank of the Year-Rwanda 2020 award by The Banker during the Bank of the Year Awards.[5] In 2020 the bank rebranded to Equity Rwanda as it diversified into insurance, it began by being an insurance brokerage firm.[6]

Ownership

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Equity Bank Rwanda Limited is a 100 percent subsidiary of the Equity Group Holdings Limited. Headquartered in Nairobi, Kenya, Equity Group Holdings Limited is the largest financial services provider in East Africa. As of 30 September 2021, Equity Group Holdings' asset base was valued at over US$10.2 billion (KES:1.12 Trillion), with shareholders' equity in excess of US$3.83 billion (KES:339.44 billion) .[3] At this time, the group's customer base was estimated at over 14 million in the five East African countries that it served, making it the largest commercial bank on the African continent, by customer numbers.[7]

Developments

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On 30 November 2023, Equity Group Holdings paid US$47 million to acquire 99.125 percent shares of stock of Cogebanque. More minority shareholders agreed to sell under the original contract price executed in June 2023. Under a separate agreement, Equity Group agreed to buy the Cogebanque headquarters building for KSh1.4 billion (US$9.2 million) within one year from the completion of the transaction.[8]

In January 2024, following the acquisition of 99.8 percent of Cogebanque, Equity Group began the process of merging Cogebanque with Equity Bank Rwanda. The process is expected to last six months and will lead to the new combined bank, known as Equity Bank Rwanda, with 47 brick-and-motor branches, 56 ATMs, and 6,000 banking agents. The combined entity will employ about 700 staff.[1]

Branch Network

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Equity Bank Rwanda Limited maintains the following branches, as of January 2024.[1]

Equity Rwanda Branch Network
No Location Number
1 Kigali
2 Branches outside Kigali
Total 47

Equity Group Holdings Limited

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The companies that compose the Equity Group Holdings Limitedinclude but are not limited to the following:

  1. Equity Bank Kenya Limited – Nairobi, Kenya Kenya – 100% Shareholding – A commercial bank in Kenya, serving individuals and businesses.
  2. Equity Bank Rwanda Limited – Kigali, Rwanda Rwanda[9][10] – 100% Shareholding – A commercial bank in Rwanda, serving both individuals and businesses.
  3. Equity Bank South Sudan Limited – Juba, South Sudan South Sudan – 100% Shareholding – A commercial bank in South Sudan.[11]
  4. Equity Bank Tanzania Limited – Dar es Salaam, Tanzania Tanzania[12] – 100% Shareholding – A commercial bank in Tanzania.
  5. Equity Bank Uganda Limited – Kampala, Uganda Uganda – 100% Shareholding – A commercial bank in Uganda.
  6. Equity BCDC – Kinshasa, Democratic Republic of the Congo Democratic Republic of the Congo: 77.5 percent Shareholding – A commercial bank in DR Congo.[11][13]
  7. Equity Consulting Group Limited – Nairobi, Kenya Kenya
  8. Equity Insurance Agency Limited – Nairobi, Kenya Kenya – 100% Shareholding – The insurance agency arm of the group. Offering bancassurance services to customers
  9. Equity Nominees Limited – Nairobi, Kenya Kenya – 100% Shareholding – A Nominee company.[14] Holding investments on behalf of customers.
  10. Equity Investment Bank Limited – Nairobi, Kenya Kenya[15] – 100% Shareholding – An investment bank in Kenya. A member of the Nairobi Securities Exchange and licensed by the Capital Markets Authority.
  11. Finserve Africa Limited – Nairobi, Kenya Kenya – 100% Shareholding – A mobile virtual network operator (MVNO) in the Kenya.
  12. Equity Group Foundation – Nairobi, Kenya Kenya – 100% Shareholding – The philanthropy and corporate social responsibility arm of the group.
  13. Azenia - Nairobi, Kenya—100% Shareholding – A technological affiliate for developing digital solutions to the group.

The stock of Equity Group Holdings Limited is traded on the Nairobi Stock Exchange, under the symbol: EQTY. On Thursday 18 June 2009, the Group's stock cross listed on the Uganda Securities Exchange (USE), and started trading that day, under the symbol: EBL.[16] Equity Bank Rwanda started trading at the Rwanda Stock Exchange in 2015 under the symbol EQTY.[17]

See also

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References

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  1. ^ a b c Alice Kagina (3 January 2024). "Rwanda: Equity Bank Rwanda Boss Outlines Priorities After Cogebanque Acquisition" (via AllAfrica.com). The New Times (Rwanda). Kigali, Rwanda. Retrieved 4 January 2024.
  2. ^ "BNR Supervision: List of Licensed Banks". National Bank of Rwanda (BNR). 2014. Archived from the original (PDF) on 12 July 2014.
  3. ^ a b "Equity Bank Rwanda PLC (31 March 2021)". Retrieved 1 September 2021.
  4. ^ "Rwanda: Equity Bank Enters Rwanda". East African Business Week (Kampala) via AllAfrica.com. Retrieved 2 December 2014.
  5. ^ "Equity Rwanda named Bank of the Year 2020". The New Times | Rwanda. 5 January 2021. Retrieved 1 September 2021.
  6. ^ "Equity rebrands, diversifies into insurance". The New Times | Rwanda. 31 December 2020. Retrieved 7 September 2021.
  7. ^ Zoe Flood (3 July 2014). "Kenya's Mobile Innovation Brings Digital Money Closer". British Broadcasting Corporation. London, United Kingdom. Retrieved 5 January 2024.
  8. ^ "Equity's Rwanda bank buy deal hits $47m". The EastAfrican Quoting Business Daily Africa. Nairobi, Kenya. 2 December 2023. Retrieved 4 December 2023.
  9. ^ Namata, Berna (4 April 2011). "Equity Gets Kigali's Nod To Set Up Shop In Rwanda". The EastAfrican (Nairobi). Archived from the original on 15 August 2016. Retrieved 23 November 2014.
  10. ^ "Rwanda: Equity Bank Enters Rwanda". East African Business Week (Kampala). 7 November 2011. Retrieved 23 November 2014.
  11. ^ a b Juma, Victor (20 April 2017). "Equity Group now raises stake in its Congo unit to 86 percent". Business Daily Africa. Nairobi. Retrieved 24 March 2018.
  12. ^ Kimani, Mwaura (31 January 2011). "Equity Bank Eyes 20 Percent Profits Outside Kenya". The EastAfrican (Nairobi). Retrieved 28 November 2014.
  13. ^ Adonijah Ochieng (9 September 2019). "Equity To Expand In DRC With Acquisition of Second-Largest Bank". Business Daily Africa. Nairobi. Retrieved 8 October 2019.
  14. ^ "Nominee Director and Nominee Companies". www.offshore-islands.com. Retrieved 13 May 2015.[permanent dead link‍]
  15. ^ Kangethe, Kennedy (19 August 2013). "Kenya: CBA Capital, Equity Investment Bank Join NSE". 98.4 Capital FM (Nairobi) via AllAfrica.com. Retrieved 28 November 2014.
  16. ^ "Equity Bank Cross-Lists On USE". New Vision (Kampala). 21 June 2009. Archived from the original on 21 October 2014. Retrieved 3 December 2014.
  17. ^ February 11, 2015, Wednesday (26 December 2020). "Equity debuts at the Rwanda Stock Exchange". Business Daily. Retrieved 6 September 2021.{{cite web}}: CS1 maint: numeric names: authors list (link)
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