Rwanda’s New Equity bank Boss Pledges new Financial market innovations

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logoEquity Bank Rwanda’s new boss, Hannington Namara, has pledged to bring to the financial market new innovative and customer friendly products.

Namara was officially announced as the new Equity Bank Rwanda Chief executive officer and managing Director by the Bank’s Group Director, Dr. James Mwangi, yesterday.

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Namara who served as Trademark East Africa’s country manager for Rwanda for two years before joining Equity Bank Rwanda, committed to champion efficiency and innovation towards strengthening the banking sector.

Namara has vast experience in business-related issues, and holds a degree in Business Administration from Makerere University Business School in Uganda. He also previously served as chief executive of Private Sector Federation (PSF), worked at Rwanda Development Board, and I&M Bank.

Namara pledged to continue supporting efforts to boost cashless economy and financial inclusion in the country.
Namara takes over leadership of one of the most well capitalised Banks in the region.

The Bank registered a 66 per cent growth pre-tax profit in 2015, according to the outgoing Managing Director, Samuel Kirubi.

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“In its best financial results yet, Equity Bank Rwanda, posted a profit before tax of Rwf2.1billion up from Rwf 1.2billion recorded the previous year,” he said.

Kirubi, attributed the bank’s growth to profitability in just 4 years to a steady growth trajectory on its customers’ deposits from Rwf4.3 billion as at end of December 2011 to Rwf68.5billion recorded in 2015.

Kirubi thanked the Government of Rwanda for creating a conducive business environment that has seen the bank’s customer base grow to over 390,000.

Equity Bank Rwanda, which recently listed on the Rwanda Stock Exchange, saw its total assets grow from Rwf12.1 billion in December 2011 to 92.8 billion last year.

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