The visiting World Bank President Dr Jim Yong Kim enjoyed a firsthand experience of the globally acclaimed Equity Bank Agency banking model.A visibly impressed Dr. Kim made a stopover at Francy Enterprises, Equity Bank agent store, based at the Strathmore University Student Centre for a quick briefing on the fast growing alternative banking channel geared at providing convenient banking solutions.
During his tour of the Strathmore University Innovation Lab and the Climate Innovation Center, which supports entrepreneurs working on clean technology, the World Bank President who was accompanied by National Treasury Cabinet Secretary Henry Rotich and Equity Bank Group CEO Dr. James Mwangi, also witnessed the opening of a virtual Equity Hapo Hapo account by Mr. Ian Munyoki a student at Strathmore University. From this account, Munyoki, also managed to make a cash deposit into his account through and conducting a mobile money transfer transaction.
The World Bank Group is helping scale up business and climate-start innovations in Kenya by providing knowledge and financial support.
By providing a variety of alternative banking channels including mobile phone based solutions, Equity Bank, Dr. Mwangi said, is living up to its corporate mission geared at deepening financial inclusion in East Africa by banking the unbanked. In Kenya, Dr. Mwangi noted that majority of bankable Kenyans are still unbanked or poorly banked.
“This state of affairs, presents us with an opportunity to bridge the obvious gap to foster financial inclusivity for the millions of unbanked Kenyans,” Dr. Mwangi explained. “Banking the unbanked remains a key national development agenda given that financial inclusion encourages savings and allows asset accumulation even by the poor,” he added.
The Bank, he also confirmed is gearing up for the launch of its Mobile Virtual Network Operator (MVNO) mobile phone banking service, geared at enhancing the delivery of mobile banking services in the region.