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Equity Bank honored by World Bank

Equity Group CEO James Mwangi.[Photo/businessdaily]

In a 286 page book, the World Bank has dedicated a chapter to commend the transformation of Equity Bank into a banking powerhouse with a Pan-African dimension and further urged other companies in the continent to adopt the model used by the bank.

The disclosure came yesterday when it unveiled a book based on Equity Bank’s successful turnaround strategy, in a bid to awaken Africas on the global economic stage.

Titled “Developing Africa’s Financial Services – The Importance of High Impact Entrepreneurship”, the book provides inspiring success stories of financial sector ventures making a lasting contribution to the economic development of various sub-Saharan African countries.

According to the book, sub-Saharan Africa presents an atmosphere highly conducive to crowdfunding in supplying the capital needed for entrepreneurial ventures to grow.

Speaking yesterday, during the launch in Nairobi, Equity Bank chief executive James Mwangi said the main challenge facing Kenya as a country is methods used to teach entrepreneurship in learning institutions.

Equity Bank sponsors 1000 students in Wings to Fly scholarship

The Wings To Fly Programme has sponsored over 15,000 students since inception, with at least a thousand benefitting from the sponsorship this year.

The initiative offers comprehensive secondary school scholarships to academically gifted children from needy backgrounds, which covers tuition fees, books, school uniforms, accommodation, pocket money, transport costs among other expenses.

James Mwangi, Equity Bank Group CEO said the success of the programme has prompted and encouraged other organisations to also start offering education scholarships to needy students.

Last year, 1,309 Wings to Fly scholars qualified for university having attained the entry grade of C+ and above, representing 68.9 per cent of the 1,899 who sat the exam, compared to the national qualifying rate of 11.5 per cent.

Of these, nine candidates scored plain A grade while 107 others got A minus in 2017 Kenya Certificate of Secondary Education examination.

Those who scored A and A minus, along with the another 133 who scored A nationally in the 2017 KCSE, will join the Equity Bank paid internship programme alongside the top boy and girl with an A minus from each sub-county where Equity Bank has a branch.

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