Equitel positioned to spur agribusiness
Regional financial services provider Equity Group is bullish on the agricultural sector, the backbone of the Kenyan economy.
Equity Group Chief Executive Officer Dr. James Mwangi said that the good rains experienced in most parts of the country will result in increased productivity in various counties where the bulk of the bankโs customers are located.
โAgriculture is the backbone of the economy and we at Equity are a rurally-oriented bank,โ said Dr. Mwangi.
Dr. Mwangi noted that Equity, through its mobile platform Equitel, will be used to accelerate loan uptake in the agricultural sector, the biggest employer in the Kenyan economy.
Equitel allows farmers to access credit instantly which makes it possible to buy seeds, fertilizers and other inputs on a timely basis. Equitel additionally reduces transport costs as farmers do not have to travel branches and ATMs to access credit.
The bank has adopted a value chain financing approach-targeting farmers, agro dealersโ aggregators, processors, marketers etc. and these are other potential users for Equitel.
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