Equity Bank Sees Profit Doubling in Congo as Accounts Surge
- Lender adding 3,000 accounts a day; open to acquisitions
- Equity’s Congo unit to offer commercial paper in mid-2023
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Equity Group Holdings Plc’s unit in Democratic Republic of Congo is opening as many as 3,000 new accounts a day and management expects to double profit this year.
Accounts at EquityBCDC have climbed to 1.6 million from 1.1 million when it completed its merger with Banque Commerciale du Congoat almost two years ago, helped by using an agency banking model from its Kenyan parent, according to Managing Director Celestin Mukeba.