Equity Bank Kenya has been named the Best Trade Finance Bank in Kenya at the 2023 GTR (Global Trade Review) Leaders in Trade Awards for Africa.
“This prestigious accolade underscores Equity Bank’s steadfast commitment to market leadership and its unwavering dedication to delivering top-tier trade finance solutions,” the bank said.
The GTR Awards, renowned for their capacity to identify industry trailblazers and top performers on a global scale, are a testament to Equity Bank’s exceptional contributions to the realms of trade, commodities, supply chain, export finance, and fintech. This esteemed honour solidifies Equity Bank Kenya’s pivotal role in facilitating international trade and economic growth, further cementing its position as a frontrunner in the banking industry.
Equity Group’s 2030 strategy, known as the Africa Recovery and Resilience Plan, represents a multi-pronged and holistic solution aimed at achieving socio-economic transformation across Africa. This plan outlines the bank’s objectives in facilitating trade and investment, providing broader market access, supporting factor mobility, expanding markets, and enhancing access to technology to advance products and services.
Equity Group’s trade finance performance remains robust.
In the announcement of the 2023 half-year results, the Group reported an impressive 117% increase in gross trade finance revenue, amounting to Kes. 5.7 billion, up from Kes. 2.6 billion. Trade finance-related lending also saw significant growth, increasing by 46% to Kes. 50.1 billion, up from Kes. 34.4 billion.
Equity Bank Kenya trade missions
Recent trade missions, organized by Equity Bank Kenya and its partners in the Democratic Republic of Congo, Tanzania, as well as Kenya, have brought together delegates representing various institutions. These missions aimed to engage local entrepreneurs, micro, small, and medium-sized enterprises (MSMEs), and corporates in pursuit of partnerships and investment opportunities in the East African Community (EAC).
Equity Bank Kenya Managing Director, Gerald Warui, expressed his thoughts on this recognition, stating, “This recognition underscores our steadfast dedication to advancing global trade, not only within Africa but also across continents. We are particularly proud of our achievements in trade finance, which play a pivotal role in enabling businesses to navigate borders seamlessly, thereby fostering job creation and a multitude of opportunities for wealth generation. Our commitment to leading the way in shaping Africa’s financial landscape and propelling economic growth remains unwavering.”
Cross-border trade within the continent has been a key imperative, driving the pursuit of agreements with trade blocs such as the Africa Continental Free Trade Area (AfCFTA) and the East African Community (EAC), as well as national governments in the region.
The Best Trade Finance Bank in Kenya award further serves as a testament to the Group’s unwavering commitment to supporting Kenyan businesses in trading internationally through accessible financial services.
This commitment also aims to catalyze sustainable economic growth across the continent.
