EGHL is the largest financial services conglomerate in East and Central Africa. As of December 2024, it had assets exceeding KSh1.80 trillion (US$13.9 billion). The group has over 21.6 million customers[citation needed] in seven African Great Lakes countries, with KSh1.40 trillion (US$10.8 billion) in deposits.[citation needed]
In March 2024, EGHL was named the 2nd Strongest Bank Brand in the world by Brand Finance. Equity climbed two places to 2nd position in the World's Top 10 Strongest Banking Brands in its third consecutive appearance in the Brand Finance Banking 500 rankings, achieving a Brand Strength Index (BSI) score of 92.5 out of 100 and an elite AAA+ brand strength rating.[citation needed]
In August 2024, and for the second consecutive year, Equity Bank was recognized as Africa's best bank for corporate responsibility at the 2024 Euromoney Awards for Excellence. The bank also won awards for Best Bank for Corporate Responsibility in Africa, Best Bank for Corporate Responsibility in Kenya, Best Bank for SMEs in Kenya, and Overall Best Bank in Kenya.[citation needed]
In June 2008, EGHL was voted by Euromoney Awards for Excellence as the best bank in Kenya. EGHL was named the overall best bank in Kenya at the Renaissance Capital Bank Awards in August 2008 and was cited locally as the only stock that returned positive shareholder value during 2008 at the Nairobi Securities Exchange. EGHL was named as the Best Performing Company in Africa during the annual African Investor Index Awards, held on 21 September 2009, in New York City.[10]
As of December 2024, 85.9% of the Group's transactions by count were conducted via its digital platforms, representing over 57% of the total value of transactions by the group's customers.[citation needed] The group's mobile network operator subsidiary, Finserve Africa, had over 1.5 million Equitel subscribers as of December 2024.[citation needed]
In July 2020, the Euromoney Awards for Excellence voted EGHL as the Best Bank in Africa and, for the second consecutive year, the Best Digital Bank in Africa.[12]
Equity Life Assurance
Equity Group's insurance subsidiary was established in March 2022 to conduct life insurance business. As of March 2023, within one year of operation, Equity Life Assurance (Kenya) (ELAK) achieved the 4th position in the industry by Gross Written Premiums with a 9% market share and the 2nd position in Group Credit Business with an 18% market share.[citation needed] As of December 2024, the company had issued 14.1 million policies to 5.9 million unique customers, with over 80% of policies issued digitally.[citation needed]
In 2024, Equity Life Assurance (Kenya) Ltd was recognized as the Insurer of the Year at the 2024 Insurance Awards. The company won four awards: Most Customer-Centric Bancassurance Intermediary, Best Bancassurance Intermediary in Technology Application, Best Bancassurance Intermediary in Life Products, and Best Bancassurance Intermediary in Non-Life and Non-Embedded Products (1st Runner-up).[citation needed]
Equity Afia
Equity Afia, launched in 2015, is a subsidiary of Equity Group Holdings Limited providing healthcare services. The services include primary care, specialist consultations, laboratory tests, imaging, vaccinations, health screenings, and wellness programs. Equity Afia operates under the Equity Group Foundation using a franchising model to fund, train and monitor medical entrepreneurs who are alumni of the Equity Leaders Program (ELP). The clinics are operated independently by medical professionals with support from Equity Group.[citation needed]
As of December 2024, Equity Afia operated 132 clinics in Kenya with 3.34 million cumulative patient visits.[citation needed]
History
Foundation and early years
EGHL was founded in Kenya, the largest economy in the East African Community, as the Equity Building Society (EBS) in October 1984.[13] EBS was originally a provider of mortgage financing for customers in the low-income population. Due to its rural banking orientation, the promotion of agribusiness became a significant and strategic intervention by the bank. By September 2015, Equity Bank had more than 9.2 million customers.[14]The Banker listed Equity Bank among the Top 1,000 Banks in the World with the highest return on assets in the African continent, generating a rate of 6.84 percent on assets deployed.[15]
Corporate restructuring
Prior to November 2014, Equity Bank was both a licensed bank and a holding company for its subsidiaries. On 31 October 2014, Equity Bank Group announced its intention to incorporate a new wholly owned subsidiary, Equity Bank Kenya Limited, to which it would transfer its Kenyan banking business, assets and liabilities. The rationale for the re-organization was that by converting Equity Bank into a non-trading holding company that owns both banking and non-banking subsidiary companies and provides strategic, brand, risk and talent management to its subsidiaries, the Group would be better placed to invest in and develop existing and new businesses as part of its third phase of growth and transformation.[16] These resolutions were adopted during an extraordinary shareholders general meeting held on 24 November 2014, leading to the formation of Equity Bank Kenya Limited.[17]
Regional expansion
In September 2015, the group completed its acquisition of 79 percent of DR Congo-based ProCredit Bank Congo SARL from Procredit Group.[18] This acquisition marked the group's entry into sub-Saharan Africa's third most populous country.
In September 2019, Equity Bank Group began talks to acquire a controlling stake in Banque Commerciale du Congo (BCDC), the second-largest commercial bank in the Democratic Republic of the Congo.[19] In August 2020, Equity Group Holdings paid US$95 million (approximately KES 10.2 billion) for a 66.5 percent ownership in BCDC.[20]
On 30 December 2020, Equity Group Holdings received regulatory approval from the DRC government to merge Equity Bank Congo (EBC) and the Banque Commerciale du Congo (BCDC) into Equity BCDC.[21] In November 2023, Equity BCDC reported a profit before taxation of KSh11.4 billion ($74 million) for the nine months ending September, making it the most profitable subsidiary of the group.[citation needed] This successful acquisition enabled EGHL to surpass the KSh 1 trillion balance sheet mark, making it the first bank in East and Central Africa to achieve that milestone.[22]
Rwanda expansion
On 14 June 2023, EGH publicly disclosed its entry into a binding term sheet for the acquisition of 91.93% of COGEBANQUE's issued shares from the Government of Rwanda, Rwanda Social Security Board, Sanlam Vie Plc, and Ms. Judith Mugirasoni.[23]
On 3 January 2024, Equity Group Holdings PLC announced the merger of Cogebanque and Equity Bank Rwanda. The amalgamation, which followed the receipt of all corporate and regulatory approvals, marked a significant milestone in the ongoing strategic growth initiatives of EGH.[24]
Rebranding and milestones
In October 2019, the Group rebranded to Equity, eliminating the entity names the various subsidiaries previously carried such as Group, Bank, Insurance, or Investment Bank, thereby unifying the various brands according to the group MD and CEO, James Mwangi. This rebranding occurred as the Group commemorated its 35th anniversary.[25]
In August 2021, EGHL became the second most capitalized corporate entity at the Nairobi Securities Exchange after reaching the KSh 200 billion market capitalization mark.[26]
Ownership
The stock of Equity Group Holdings Limited is traded on the Nairobi Securities Exchange, under the symbol: EQTY. On Thursday 18 June 2009, the Group's stock cross-listed on the Uganda Securities Exchange and started trading that day, under the symbol: EBL. As of March 2023, shareholding in the group's stock was as depicted in the table below;[27]
Equity Insurance Agency Limited – Nairobi, Kenya – 100% shareholding – The insurance agency arm of the group. Offering bancassurance services to customers
Equity Nominees Limited – Nairobi, Kenya – 100% shareholding – A Nominee company.[34] Holding investments on behalf of customers.[35]
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KSh 40.9 billion (Q3 2024) [5] 
