East African banks have led the way in SME financing in Africa and none more so than Equity Bank. Nigerian banks often struggle to get to a double-digit percentage allocation of their loan books to SMEs. That’s partly due to a less diversified, oil-dependent economy. But even by east African standards, Equity Bank is impressive. Most of its loan book (54%) is with SME clients.
Despite the heavy impact of Covid-19 on SMEs, under chief executive James Mwangi, Equity Bank has continued to support its clients, growing lending by 30% to $4.8
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