Equity Bank has been recognised as the Best Bank Stand in the just concluded 2019 Nairobi International Trade Fair held at the Jamhuri ASK Showground.
Under the theme “Promoting Innovation and Technology in Agriculture and Trade”, Equity was also ranked position two in the Youth Support and Capacity Building Initiative and Best in Mobile and Data Services after taking the third position The recognition is a clear validation of the Equity’s strategy to adopt numerous innovative financial solutions that are contributing to the transformation of the agribusiness landscape.
During the week-long event, which coincided with Equity’s rebranding, the Bank laid emphasis on increased customers’ education of Agriculture Insurance which includes Bima ya Mifugo, Dog and Pets Insurance, Green House Insurance and Crop Insurance.
Through protecting their farming activities from natural disasters, many farmers have been able to cushion themselves from the ever erratic weather conditions. Over 638,000 farmers have been able to transform from peasant farmers to agribusinesses.
Bima ya Mifugo provides protection against loss arising from death of specified livestock due to unavoidable or uncontrolled circumstances like accidental death from lightning, internal/external injury, fire, windstorm, snake bites and flooding, diseases of terminal nature, emergency slaughter, theft by use of force when in paddock or under zero grazing, epidemics occurring prior to government declaration, calving/ farrowing complications, and transit risks within a radius of 250 kilometres. It covers dairy & beef cattle, poultry, piggery, goats, sheep, horses, any other livestock of economic value. The coverage is based on veterinary report.
There is also crop insurance which is based on Index Based Weather Insurance (IBWI) which covers against excessive rainfall and drought. The Multi-peril crop insurance covers crop against multi-perils including drought excessive rainfall, hailstones, fire and disease.
Equity has been contributing to the UN Sustainable Development Goals SDG2 Zero Hunger policy through its Value Chain Agriculture Financing Model. The bank has disbursed through its Kilimo Biashara loan product, USD 521 million to 849,148 farmer as at December 31, 2018.
Through its subsidiary, Equity Insurance Agency, Equity has continued to offer weather and Index Based Livestock Insurance. Equity has also partnered with the government of Kenya and IFAD to provide agricultural subsidies through the Kenya Cereals Enhancement Program that supports over 40,000 smallholder farmers to increase productivity and profitability through the adoption of value-added agricultural practices.
The bank has renewed the contract and will implement KCEP-CRAL for the next 3 years. In the new phase, an additional 32,746 farmers and 87 agro dealers will be enrolled in the program.