Equity Bank is set to roll out agency banking in Zanzibar, where it commenced operations last week with its first branch on the island.
The lender is now operating 14 branches in Tanzania, where it set up shop in 2012 with an initial two branches. Equity Bank Tanzania managing director, Joseph Iha said the lender will embrace the agency banking model adopted by its parent bank in Kenya, where over 25,000 agents processed 46 million transactions in the first nine months of 2016.
