Equity Bank has appointed global consulting firm, McKinsey to drive its 3.0 strategy of acquiring more customers than any other commercial bank in Kenya.
The strategy seeks to offer financial services to all Kenyans on a single platform and making banking services more accessible, flexible, convenient and affordable.
It is hinged around the bank’s mobile virtual network operator (MVNO) services it plans to provide through a subsidiary company, Fineserve Africa Limited aimed at making banking a lifestyle.
“The engagement with McKinsey will guarantee us access to a pool of global management resources required to fuel our transformational 3.0 strategy…of turning Equity from the conventional banking model of – ‘Somewhere you go; to Something You Do’,” said Group Managing Director, James Mwangi.
The MVNO roll-out plan, earlier set for June has been delayed pending the hearing of a court case filed by Safaricom Ltd.
Dr. Mwangi said the Bank’s success is down to formulating solutions that address challenges that prevent local financial inclusivity. “We think global and act local in innovation and delivery of our services,” he said.
He said growth of third world countries to middle income economies will depend on how fast they integrate local and global value systems like shared prosperity, financial literacy and social cohesion.
“We are happy to work with a partner such as Equity Bank that promotes a unique, globally recognized business model anchored on values and purpose driven principles,” said the McKinsey Global Managing Director, Dominic Barton, in an apparent reference to the MVNO service.
Financial experts have projected growth of more than 2.2bn middle class and highly urbanized consumer base in the next 20 years, shifting the world’s economic powerbase fundamentally.