URUGWIRO VILLAGE - Equity Bank of Kenya intends to start up operations in Rwanda before the end of this year, a top official announced yesterday.

Following the launch of Kenya Commercial Bank (KCB) last week and Fina Bank earlier on, Equity bank will become the third Nairobi based commercial bank to enter the Rwandan market.

The bank’s delegation yesterday met President Paul Kagame who assured them of government’s support in fulfilling their business interests in the country.

Though no exact date could be given when the bank would open its doors in Kigali, Finance Minister James Musoni noted that the bank’s entrance would not take long.

"This is a specialized bank, a bank that reaches the local population in rural areas, especially assisting the agricultural sector. It is a bank that works like the microfinance institutions around,” Musoni said.

"It has supplementary advantages, reaching those who have been left behind by these other banks, with a network reaching all the population and providing not very costly loans.”

Equity’s Chief Executive Officer Dr. James Mwangi said his bank was one of the biggest in the region, with over four million customers in Kenya, Uganda and Sudan.

By capital base, he noted, it is the most capitalized bank in the region, and the fourth biggest company on the Nairobi stock exchange.

"We have been mandated by the President to work with the Minister of Finance and the Governor (Central Bank) to look at the options. His desired position is to see the Bank within the shortest possible time. So, we will focus on working on that,” Dr. Mwangi said, adding that hopefully, this year would see them here.

In terms of size, the CEO said Equity has an asset base in excess of USD 1.1 bn. It was founded in 1984, with its main customers being small scale tea and coffee farmers.

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