Table of Contents
Key Points
- Equity Group secures UAE approval, advancing James Mwangi’s global expansion drive and boosting Africa–Middle East trade finance opportunities.
- Shareholders approve Ksh16 billion ($123.6 million) dividend at AGM, reinforcing investor confidence in Equity’s strong growth and regional leadership.
- Equity wins $495 million guarantee from AGF, unlocking $1B in SME lending across Africa despite Q1 profit dip.
Equity Group, East and Central Africa’s leading financial services group, led by Kenyan banker James Mwangi, is poised to extend its footprint beyond Africa, receiving regulatory approval to open a representative office in the United Arab Emirates (UAE). This is a milestone in the bank’s international expansion strategy as it seeks to deepen global connectivity and access new markets.
During its recent 21st Annual General Meeting (AGM), Equity Group’s shareholders endorsed the UAE office launch, reflecting confidence in the bank’s growth trajectory. The group also announced a substantial dividend payout of Ksh16 billion ($123.6 million), scheduled for distribution around June 30, 2025.
Strategic expansion and leadership enhancements
Prof. Isaac Macharia, Chairman of Equity Group Holdings Plc, described the UAE office as a “strategic step in deepening regional and global connectivity.” He emphasized the bank’s commitment to sustainable development and long-term value creation across Africa and beyond.
The AGM also introduced new board members with strong expertise in emerging markets and development finance, including Farida Khambata and Nick O’Donohoe. These appointments aim to reinforce Equity’s governance and strategic direction amid rapid growth.
Pan-African growth under James Mwangi
Under Mwangi’s leadership, Equity Group has aggressively expanded across East and Central Africa, with operations in Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of Congo. Mwangi, the largest individual shareholder with a 3.39 percent stake (127.8 million shares), continues to drive the bank’s transformation and regional dominance.
Despite a slight profit decline—Equity reported a Q1 2025 profit of $119.2 million, down 4.24 percent year-on-year due to weak income growth and currency losses in South Sudan—the group remains focused on strategic growth.
Key financial wins and market position
A Kenyan court recently cleared Equity Bank, the group’s flagship subsidiary, to sell East African Ceramics’ (EAC) assets, resolving a long-standing legal dispute over a $17 million loan. Additionally, Equity secured a $495 million guarantee from the African Guarantee Fund (AGF) to unlock $1 billion in MSME lending across five African countries, strengthening its support for small and medium enterprises.
As Equity Group positions itself for global expansion, the UAE office is expected to enhance cross-border trade finance, investment facilitation, and strengthen ties between Africa and the Middle East.
