NAIROBI, Kenya, Sept 16 – Equity Bank is the newest member of the SME Finance Forum, a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs.
Executive Director of Equity Group Mary Wamae says entrance into the forum is part of the group’s vision of becoming the champion of the socio-economic prosperity of the people of Africa.
“We value integrity, innovation, and respect for our clients. Becoming a part of the SME Finance Forum touches on each of these values as we learn of the latest innovations in SME finance and build our relationship management skills with global leaders of this industry,” she says.
According to SME Finance Forum CEO Matthew Gamser, 200 million businesses worldwide need financing to invest, grow and create new jobs.
A finding by SME Finance Forum also indicates that 131 million or 41 percent of formal MSMEs in developing countries have unmet financing needs.
Additionally, MSME finance gap in developing countries is estimated to be approximately US$5 trillion – 1.3 times the current level of MSME lending.
“We are proud to have Equity Bank join our network of more than 150 members who work to expand access to finance for small and medium businesses,” said Gamser.