A new survey conducted by Think Business Magazine has ranked Equity Bank as Kenya's Top Bank, beating over 40 other Banks on the Kenyan Market.
The bank has grown rapidly over the years to become the second most profitable in the country, posting a Sh12 billion net profit last year.
It has more than half of all banking population in Kenya having revolutionised the retail banking segment with innovations such as allowing customers to open accounts without deposits. The survey also found out that Equity had the lowest charges in the industry.
The bank also emerged tops among large banks, ahead of Standard Chartered and Barclays, which were ranked second and third. KCB won the Best Bank in Micro-finance title, signifying the giant’s shift to the bottom of the pyramid market.
Dr Martin Oduor-Otieno, the former CEO of KCB, was awarded the Lifetime Achievement Award for his contributions to the industry and at KCB, which he led to become the largest and most profitable bank in the country. Top managers and bank industry leaders nominate the person they feel has had the most positive impact on the industry for this title.
The CEO of the Diamond Trust Bank Nasim Devji was declared the Chief Executive of the Year. Diamond rust Bank also scooped other awards of Best Bank in Product Innovation - joint 1st place, Best Bank in Customer Satisfaction - 2nd place, Best Bank in Retail Banking - 2nd place, Best Bank in SME Banking - 3rd place
The Banking survey comprised of 43 commercial banks and seven deposit-taking micro-finance institutions (DTM).
Kenya Women Finance Trust (KWFT DTM) was awarded the special award for deposit-taking MFIs, and was followed by Faulu DTM and SMEP DTM. Century DTM got the award for product innovation for their Mazao Factor Loan.
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