Arise Invest has acquired 12% stake in Equity Group Holdings Limited, the parent company of Equity Bank. Arise is now the single largest shareholder in this listed company, which boasts operations in six East African nations. With a client base in excess of 11.7 million the group has the largest number of deposit customers in Africa.
This acquisition speaks directly to the core mandate of Arise, which is to invest in sustainable Financial Service Providers (FSPs) in Sub Saharan Africa to boost economic growth and job creation. Arise aims to strengthen and develop effective, inclusive financial systems through collaborative long term partnerships with leading institutions such as the Equity Group.
The financial services industry plays a crucial role in facilitating infrastructural and industrial development at national and regional levels. A broader, deeper financial sector facilitates the growth and prosperity of Africa’s businesses, from small-scale entrepreneurs to large corporations and promotes financial inclusion. Having pioneered agency banking on the continent the Equity Group has an established track record, characterised by high growth and a solid financial performance and we are pleased to partner with them to advance the local banking sector.
About Arise Invest
Arise is a leading African investment company backed by three reputable cornerstone investors, namely Norfund, Rabobank, and FMO. We partner with sustainable locally owned financial services providers in Sub-Saharan Africa who are searching for a way to keep their independence but need financial expertise and long-term capital to prosper. Our in-depth local knowledge, minority shareholding and hands-on approach gives them the support they need to become financially sustainable and a strong contributor to the economy.
About Equity Group Holdings
Equity Group Holdings Limited provides retail and corporate banking products and services to individuals, and small and medium enterprises (SMEs). The company offers deposit products, including transactional, savings, social institutions, custody investment, group, jijenge member, junior member, call/fixed deposit, current, business, and foreign currency accounts; and loans, such as women’s, agricultural, SME, micro finance, asset finance, and trade finance loans