Equity Bank’s New Look

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Equity Bank’s New Look

Staff Writer - October 4, 2019

Equity has unveiled a refreshed identity in line with the ongoing journey of transformation and regional expansion. The new identity is aimed at creating sustainable growth...

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An opening fireside chat held during the opening ceremony of the African Energy Week (AEW): Invest in African Energies 2025 conference showcased the value of an Africa-first approach when it comes to the continent’s gas developments. Ministers from Senegal and Ghana discussed how recently-launched projects stand to drive sustainable growth in West Africa, with project developer Kosmos Energy committing to focus on domestic gas opportunities. The opening ceremony was sponsored by Kosmos Energy. In recent years, West Africa has established itself as one of the continent’s most dynamic energy markets. In 2024, Senegal became a global oil and gas producer through the commissioning of the Sangomar oil and gas field and the Greater Tortue Ahmeyim (GTA) developments. The GTA project, developed through a partnership led by BP and Kosmos Energy, boasts an initial capacity of 2.3 million tons per annum (mtpa) in the first phase, with a second phase set to increase output to 5 mtpa. While the project primarily targets exports, its partners are exploring opportunities for the domestic market. Birame Soulèye Diop, Senegal’s Minister of Energy, Petroleum and Mines, stated that, “In Senegal, we have a goal to reach universal access to energy by 2029. Today, we are a country that exports oil and gas. But the cost to access fuel is still high. We would like to produce more for the country so that we can access resources for electricity. With gas, there are a lot of opportunities.” Minister Diop elaborated on the country’s plans to convert operational oil refineries to process gas, aiming to reduce fuel costs and expand access across the country. Kosmos Energy has also shifted its focus towards the domestic market. In addition to GTA, the company is advancing the development of the Yakaar-Teranga project. Targeting a final investment decision in 2025, the project will supply gas for the domestic market, specifically power generation facilities. “Fundamental to the development of Senegal is the use of gas for domestic purposes. That is our next agenda: to work with the ministry to expand the scheme to deliver domestic gas,” said Andrew Inglis, CEO, Kosmos Energy. Regional neighbors serve as a strong example for the role that gas plays in delivering low-cost energy. Ghana, for example, has been highly effective in monetizing gas. John Abdulai Jinapor, Minister of Energy & Green Transition, Ghana, explained that “Gas is an essential commodity. We have a gas-to-power policy, with gas accounting for 90% of our fuel in Ghana. What we have achieved so far can serve as a model for other economies so that African can achieve energy security through gas.” Active in both Senegal and Ghana, Kosmos Energy plays an instrumental part in driving oil and gas projects. Inglis emphasized that aligned national policies and strong public-private partnerships have been fundamental in successfully delivering projects in both countries. He said: “An aligned national agenda is the bed-rock of investment. If you are aligned on intent, then delivery is a lot easier. With both Senegal and Ghana, there is clarity in terms of what the countries need and Kosmos Energy is ready to support that.”

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The lender’s balance sheet also strengthened, with net loans and advances growing by 14 percent to Sh105.9 billion, supported by a 19.9 percent rise in customer deposits to Sh151.88 billion. “The year 2025 marked a pivotal start of our five-year strategic plan which is anchored on compelling customer propositions & digital transformation. We continued to invest in digital capabilities and optimization of our distribution network to enhance customer experience and improve our product offering, positioning the Bank for sustainable growth,” said Family Bank CEO Nancy Njau. “Our continued investments in our employees through capacity building and enabling work environment greatly contributed to the good performance. Partnerships with Development Finance Institutions strengthened our capacity to lend to key sectors such as SMEs, agribusiness and manufacturing, contributing to the expansion of our loan book,” she said

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“This performance demonstrates the impact of the strategic efficiency measures we implemented across the business, which have enabled significant cost savings. Maintaining these efficiency levels will remain a priority going forward,” said acting Chief Executive Officer Dominic Murage. “Small and Medium Enterprises (SMEs) remain central to our business model and portfolio, and we intend to deepen our support for them. Additionally, as a government-owned institution, we are uniquely positioned to support public sector financing needs. We aim to strengthen our collaboration with government agencies, parastatals, universities and ministries to position Consolidated Bank as the preferred banking partner for the public sector,” he added. The bank’s total assets grew by 11 percent to Sh19.5 billion from Sh17.5 billion in 2024, driven largely by a 29 percent increase in investments in government securities to Sh8.2 billion from Sh6.4 billion.

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Industry players say limited access to timely financing has remained a major bottleneck in the sector, often disrupting supply chains and leading to post-harvest losses, especially for perishable goods. FPCK estimates the fresh produce sector currently supports more than three million livelihoods, with potential to scale further if structural challenges such as access to credit are addressed. Analysts note that such solutions could improve efficiency in agricultural value chains, reduce reliance on expensive informal credit and support expansion of Kenya’s horticulture exports.

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Equity Bank’s New Look

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