Equity Bank Employs Over 1.2 Million Workers Under Sustainability Programme

• Equity Bank released its third annual sustainability report for 2023, showing the lender's unwavering commitment to socio-economic and environmental transformation
• Under the people component, the report showed that Equity employed more than 1,000,000 people in 2023
• The bank has also established an Employee Share Ownership Programme to recognise the significant roles played by its workers

TUKO.co.ke journalist Wycliffe Musalia has over five years of experience in financial, business, and technology reporting and offers deep insights into Kenyan and global economic trends.

Equity Bank has employed more than one million people under the Young Africa Works Programme.

How many jobs did Equity Bank create in 2023

The lender recruited 1,266,182 workers under the programme across its subsidiaries in Africa in 2023, compared to 375 new staff reported in 2022.

The bank revealed this in its third annual sustainability report for the year 2023, which was unveiled on Tuesday, September 3.

"The group’s focus on sustainability is demonstrated by its continuous initiatives in social interventions, economic resilience and staff empowerment efforts," read that report in part.

Equity Bank's employee support

The report noted that Equity Group recognises the important role that its staff play in its success.

The Group established an Employee Share Ownership Programme with 198,614,463 ordinary shares at KSh 0.5 each, which amounts to 5% of the Company's share capital.

The shareholders approved the programme, driving a strong sense of ownership.

"We specifically improved our Employer Value Proposition through a competitive reward mix (Guaranteed pay and benefits, Annual Performance Bonus, and Employee Share Ownership Plan), Learning for Growth Opportunities, world-class HR Policies, automated processes, and overall employee experience.

"We are now ably and increasingly attracting best-in-class talent from all over the world," said the lender.

Equity Bank employs fraud specialists

The bank spent over KSh 316.5 million on employee training on modern financial challenges.

In May 2024, the group's managing director and CEO, James Mwangi, said Equity is a leading global brand, and fraud cases need to stop.

Mwangi introduced a team of strategists employed by the bank to curb cybersecurity threats and fraud.

Proofreading by Asher Omondi, current affairs journalist and copy editor at TUKO.co.ke.