Bank Prepares for Major Purchases in Angola and Mozambique
Equity Group, a leading titan in the African financial industry, has reaffirmed that its strategy for entering new markets will remain firmly rooted in acquisitions. Dr. James Mwangi, the Group’s Chief Executive Officer, stated in a recent briefing that the bank believes purchasing established local lenders is a more reliable and faster route to growth than building new operations from the ground up, known as “greenfield expansion.”
The bank cites its remarkable success in the Democratic Republic of Congo (DRC) as the primary reason for doubling down on this strategy. After acquiring and merging two banks in the DRC between 2015 and 2020, Equity has risen to become the second-largest lender in that country. Dr. Mwangi noted that the DRC branch saw a 58% increase in profit during the 2025 fiscal year alone, adding that this experience has proven the Group’s high level of competence in executing mergers and acquisitions.
Currently, Equity Group has set its sights on Southern African nations. It is reportedly in negotiations to acquire a majority stake in an Angolan bank, a deal expected to conclude within 2026. Beyond Angola, the group plans to expand along trade routes in Zambia and Mozambique. “It is not just about the countries; we want to follow our customers and established trade corridors,” Mwangi explained. These nations’ vast deposits of copper, cobalt, and natural gas serve as major attractions for the bank’s regional expansion.
Regarding the Ethiopian market, Equity Group has maintained a representative office in Addis Ababa for seven years and is closely monitoring the liberalization of the banking sector. While current regulatory frameworks regarding foreign ownership caps (up to 40%) have moderated the pace, Mwangi confirmed that the group remains eager to enter the market through an acquisition. With a population exceeding 100 million, Ethiopia represents a massive opportunity for regional lenders.
The group’s resilience is also bolstered by technology. Equity recorded a historic profit of 75.5 billion Kenyan Shillings (approximately half a billion USD) in the 2025 fiscal year. Dr. Mwangi attributed this success to the use of Artificial Intelligence (AI) to slash operational costs. He emphasized that adopting tech-driven systems and diversifying into sectors like insurance are essential strategies to buffer the bank against global economic shocks and geopolitical volatility.
Equity Group is currently operating in Kenya, Uganda, Tanzania, South Sudan, Rwanda, and the DRC. It aims to expand its reach to 15 African countries and serve 100 million customers by the year 2030.
