Equity Bank Rwanda on Wednesday unveiled its new brand identity as part of Equity Group Holdings Plc transformation which will see them diversify beyond banking operations. The lender will now be branded as Equity Rwanda. According to Hannington Namara, the Managing Director of Equity Bank Rwanda, the group is rolling out insurance services starting with brokerage and will soon commence full-scale insurance services. “We have started insurance already as brokerage. We will also be looking at starting insurance services in full swing,” he said. Rwanda’s insurance industry has below 2 per cent penetration despite having 12 players. Patrick Uwizeye, Board Director and Hannington Namara, Managing Director, Equity Bank Rwanda unveil the new brand identity in Kigali on December 30. Equity hopes to use their expansive branch network and agency network to increase countrywide access of insurance services. Namara said that their entrance in the insurance sector was informed by the current market setup which avails opportunities for a player with a countrywide presence. “Our customers have vast requirements and needs. If someone is applying for a loan for an investment venture, they also need insurance. Imagine how easy it can be if we provide a one stop shop that allows all their needs to be met,” he said. This, he said, will also allow affordability of their insurance services as the group’s cost of operation will be relatively low. With a customer base of over 700,000 clients across the country and countrywide branch network and agencies, the firm will have relatively low cost of service delivery. “We have a wide branch network and agency network which can further drive penetration of insurance services in the country. Our cost of entering markets across the country is not as high as we already have countrywide presence. We have a robust IT platform that will ease the rollout of products and services. We have data and can use AI to determine the best and most relevant,” he said. The rebranded outfit is also looking to have much more impact in the local market beyond traditional banking including investment banking and is seeking opportunities in the treasury to serve the local market. Equity Group recently crossed the $10B balance sheet mark becoming the first bank in Eastern and Central Africa to cross this mark. This new capacity Namara said has increased capacity to support clients as well as increase investments consequently driving growth. “With the $10B balance sheet, we espoused about a week ago, there is nothing we cannot do. We are a broad-based bank and are looking at all sectors that are economically important for the market. For Rwanda specifically, we are looking at sectors that will drive GDP growth without leaving anyone behind. We are open to work with partners in the government and private sector. That balance sheet gives us ability to do what most financial institutions cannot do. Single borrowers limit has gone up to $250M as a result,” he said. With the growth in balance sheet, the new entity further seeks to address the low formally banked population challenge using multiple approaches including digital services, wide branch network and agents among others. Only 36 per cent of the adult population is formally banked, about 2.6M people. Following the rebrand, Equity Rwanda will present itself as a unified brand, with one basket of products and services under one roof. Commenting on the launch of the new identity, Namara said that the new look comes with a reinforced commitment to offering innovative products and services. The new look will feature in all physical outlets and digital banking platforms, social media assets, websites, mobile applications, mobile banking platform, business online banking and ATM screens. Equity Group Holdings Plc CEO and Managing Director James Mwangi said that with the operating environment changing characterized by a dramatic shift in customers’ needs and aspirations, it’s important for the firm to evolve to remain relevant. The market demographics are embracing youth-targeted products and services and becoming more mobile and digital. As a result, customers are increasingly showing preference for self-service banking, making banking something you do, and not somewhere you go,” Mwangi said. Locally, the bank has been among leading players in metrics such as profitability. In the first half of 2020, the entity was the second in profit after tax after Bank of Kigali. Equity Group Investment arm, Equity Holding (EH) Venture Capital in November received approval to build the Kigali Financial Towers, a real estate project for the Kigali International Financial Centre (KIFC) that will be located in Nyarugenge District.
