Thursday, April 26, 2007

Equitable banking

In the last year, Equity Bank has grown from a small, hardly heard of establishment to a large bank that is in many ways leading the market and causing something of a revolution in the banking sector. Tribute must be paid to the vision and resilience of the Muranga farmers who came together to moot the community building society idea and to the leadership of Peter Munga and his successors. This vision that targets the small depositors is now leading rival banks like Barclays and Standard Chartered to rethink their evaluation of the lower end of the market.

Equity's persistent efforts have proved that there is black ink at the bottom of the rung. In the event, the customer has benefited as even proud Barclays has been compelled to slash its banking costs and accede to the forces of banking democratization, a path previously shunned and left as scraps for the likes of Equity.

Peter Ndiangui, " It is in this field that market-share in the banking sector will be decided. Even if they do not come out as market leaders, these institutions have done a sterling job for the Kenyan consumer and deserve credit for their continued efforts to democratize banking."

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