Equity Bank launches in Rwanda
Equity Bank has opened in Rwanda, a country it claims has a strong economic past.Equity Bank has opened in Rwanda, a country it claims has a strong economic past.
The regional banking institution will join Kenya Commercial Bank, Ecobank and West Africa's Access Bank to boost competitiveness in the Rwandan market, the New Times reports.
Banks currently control more than 73 percent of total assets in the country and the sector is made up of nine commercial banks, three microfinance institutions, one development bank and one cooperative.
Equity's Group Managing Director Dr James Mwangi said: "We exist to transform the lives and livelihoods of the people socially and economically and we moved to Rwanda with a clear mission to avail modern and inclusive financial services."
Equity Bank already has branches in Kenya, Uganda and South Sudan.
The move could benefit those living in Rwanda as a greater number of financial institutions will lead to more competition and potentially decreased costs for consumers.
It also creates the need for greater regional integration and can strengthen links between different areas by consolidating smaller markets.