Equity Group has announced that it has crossed the Ksh. 1 trillion ($10 billion) balance sheet mark after the successful migration of BCDC Bank to Equity’s Finacle core banking platform.
Equity Group Holdings completed the acquisition of a 66.53% stake in the Banque Commerciale Du Congo (BCDC) in August this year in a transaction worth USD 95 Million. BCDC is the oldest bank in the country, having been established in 1909.
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.
Speaking when announcing this milestone from Kinshasa Congo where he was witnessing the migration of BCDC to Equity’s core banking platform, Dr. Mwangi said, “We are delighted to witness this milestone that has shattered the psychological barrier of a trillion-shilling balance sheet. ” 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”.
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.”
Equity has accelerated its technology capability to deliver self-service banking across its markets through mobile banking, agency banking and online banking.
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. It has other subsidiaries in investment banking, insurance, telecom, fintech and social impact investments. Since 2008, the Group’s corporate foundation, Equity Group Foundation (EGF), has delivered humanitarian programs in Education and Leadership, Food and Agriculture, Social Protection, Health, Clean Energy and the Environment, Enterprise Development and Financial Inclusion to millions of Africans. EGF has a networked health care provider, Equity Afia which has been supporting COVID-19 relief efforts.