May 19, 2020

Equity Bank forex trade earnings rise to Sh819m

remittances
Equity Bank
forex trading income
Maureen Maingi
2 min
Equity Bank forex trade earnings rise to Sh819m

Equity bank shared that its forex trading income has risen by 22% to Sh819mn in the first quarter of the year. In their report they confirmed that they had made Sh30.93bn worth of remittances during the quarter. This was an increase of 27% on the Sh24.4bn from this period in 2018.

Equity Bank chief executive James Mwangi said: “This rise in forex trading income is tied up to our success in diaspora banking. Since the remittances come in dollars, it is allowing us to build a sizeable pool of hard currency to drive our forex trading in the market.”

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Mwangi went onto say that Equity Bank was prioritising forex trading commissions rather than remittance fees. This is largely as it wants to increase the volume sent home through lender’s channels. As a result the handling fees increased at a much lower rate at five % or Sh9mn to Sh192mn.

Equity Bank has relied on its partnership with PayPal, and MoneyGram, World Remit to increase remittance volumes. Remittances have been the primary source of firegn exchange income for the country.

In 2018, remittances stood at Sh273bn. This was just ahead of receipts at Sh157.36bn, and horticulture exports at Sh153.68bn and tea at Sh140.86bn.

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Jun 14, 2021

5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly

Tapoly
Insurance
Leadership
Digital
Kate Birch
3 min
Heading up Europe’s first on-demand insurance platform for the gig economy, Janthana Kaenprakhamroy is winning awards and leading with diversity

Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.

Here, Business Chief talks to Janthana about her leadership style and skills. 

What do you do, in a nutshell?

I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.

How would you describe your leadership style?

I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.

What’s the best leadership advice you’ve received?

Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.

How do you see leadership changing in a COVID world?

I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.

They say ‘from every crisis comes opportunity’, what opportunities do you see?

The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless. 

What advice would you give to your younger self just starting out in the industry?

Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.

 

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