Equity lauded for financial inclusion
Published Sat, May 12th 2018 at 00:00, Updated May 11th 2018 at 18:27 GMT +3
Equity Bank has been cited as an enabler for entrepreneurs in the Kakuma refugee camp to access formal financial services.
The IFC says in a recent study that the bank’s agency business model as well as mobile money through the Equitel platform have played a role in deepening financial inclusion for the community.
Equity Bank also works with development agencies and NGOs to disburse funding to select beneficiaries.
The study shows that access to basic financial services is critical to personal financial security within the host and refugee communities.
Equity Bank has served to address some of the gaps by offering financial literacy programmes, especially basic economic concepts on how to use a range of financial services.
These include savings, bookkeeping and credit products, thus formalising banking at the camp.
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