Kenya's Equity Bank plans 10-nation Africa expansion, says CEO James Mwangi

James Mwangi, CEO, Equity Bank

Kenya’s Equity Bank plans to enter 10 more African countries in the next decade, in addition to the five it already serves, by building operations from scratch or acquiring existing lenders, its chief executive said on Wednesday.

James Mwangi told Reuters the bank, Kenya‘s largest by number of customers, had extended his contract by 10 years in April, to steer the expansion.

During his first 10-year term as CEO, Mwangi turned a specialist in small loans with 600,000 customers in Kenya into a full-scale commercial bank with 10 million customers, now also operating in Uganda, Tanzania, Rwanda and South Sudan.

Read more: Kenya’s Equity Bank plans 10-nation Africa expansion | East & Horn Africa