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Equity CEO James Mwangi Tells Kenyan Diaspora to Wake Up

Equity Bank’s chief executive James Mwangi has warned Kenyans living in the United Kingdom to act quickly if they want to take advantage of Kenya’s growing economy.

Speaking at a London dinner where he received the Euromoney award for Equity being named the best bank in Africa on Friday Dr Mwangi said that Kenyans should “change their mentality as foreign companies are taking over Kenya while you are sleeping. Wake up.”

The UK-based website Misterseed reported that about 500 guests attended the dinner at the Lancaster London hotel where Dr Mwangi outlined how the bank had achieved its success as well as outlining his vision for Kenya 2030.

Kenya’s Equity Bank has been ranked as the fastest growing bank in Africa. The bank was named by The Banker report earlier this year which is published by the Financial Times. It has also been named the best for retail banking, agency banking and corporate responsibility.

Equity which has branches in six countries is currently ranked as the 25th largest bank in Africa one place behind Kenya Commercial Bank but achieved nearly 30 percent growth in core capital last year.

Last week Patrick Njoroge, the governor of the Central Bank, told the UK’s Financial Times that low commodity prices, regional integration and the diversification of east Africa’s economies were “sources of resilience” for the region.

Positive storm

“We want to exploit them. We will do that by investors coming in, the economy has to be driven by the private sector,” he said. “That confluence of factors is making what would appear to be a positive storm. It won’t last for ever and it will only be there in terms of opportunities for a period of time.”
Overall, the World Bank says that East African nations, which are oil importers, “are providing a rare bright spot as they boast some of the world’s fastest expanding economies.”
Kenya, east Africa’s dominant economy, is forecast to grow about 6 per cent this year, while neighbouring Tanzania and Uganda are expected to expand by 7 per cent and 5.6 per cent, respectively.

There are a number of reasons for optimism across the region including increasing infrastructure investments, fiscal consolidation which is expected to ease pressure on domestic interest rates and a developing private sector.

The World Bank believes that Kenya in particular “has the potential to be one of Africa’s great success stories from its growing and youthful population, a dynamic private sector, a new constitution, and its pivotal role in East Africa.”

But the World Bank also warns that addressing challenges of poverty, inequality, governance, low investment and low firm productivity to achieve rapid, sustained growth rates that will transform the lives of ordinary citizens, will be a major goal.

- Business Daily

Comments

Mr Mwangi how do you know people are sleeping? We need an apology from you because we are not sleeping. We are following your dreams which might be different from your dream. Just because somebody is not doing what you are doing does not mean he/she is sleeping.

Njeri Rose KAMAU

Mon, 10/03/2016 - 10:04

Yes Sir,
I have many questions regarding the questionable growth of Equity. First, you were the CEO of Trade Bank. How couldn't it not prosper like Equity is prospering now if you were the same Mwangi? Secondly, in case Jubilee looses in the coming elections, will Equity survive? Thirdly, how far away is Equity from our village politics?

Employees of Equity Bank will tell you that: Equity Bank is one of The Wordt Banks to Work for in Kenya
It's very Oppressive and Unappreciative of the hard work the hard work the employees put in. As a matter of fact the employees "won't advice their Relatives and Friends to work for Equity Bank." It's Prospering on People's Backs. Very Oppressive!

It is true there are lots of opportunities back home but also it is very hard to invest when you are overseas, people will still your money and all kinds of shady stuff. Equity is more of a predatory lending organization than a bank. They have tricked small farmers into taking loans using goats and cows as collateral but the moment they miss one payment the interest sky rockets and the cows are gone the next day. Let us sleep

I take this opportunity to Congratulate to Equity Bank. In Kenya.
Whether we agree with the Bank Strategy or Not , atleast we Congratulate them and PRAY for them for GOD to give them wisdom.

Shalom

One thing I like about Equity is that they lowered the minimum balance required to maintain a saving account. At that time I could not afford Ksh 50K Barclays, standard chartered bank, KCB and other were requesting.

Mkenya halisi

Tue, 10/04/2016 - 00:48

Pet Al good comment!!Mwangi is telling the diasporas the painful truth they don't want to hear.We all went to the WEST countries n forgot home thinking Kenya will always be behind.Any diaspora who have gone to visit home for the last 10 yrs has seen Kenya ikonamaopportunities mingi silo Kama kitambo.Diasporas left the country wakarelaxe uko kuwa mzungu now they r getting angry when mr Mwangi is telling them the painful truth.Thanx Mwangi for reminding them n don't get tired.I decided to return home 2 yrs ago n how I wish I had done so 5 yrs ago.I sleep good,stress is less,I eat healthy food,I see my relatives when I want,I don't get scared if am gonna loose my job or my house???Invest smart n u will surely enjoy life hapa mtaani.

@Mkenya halisi, hii miaka yako ina shida mingi. Sometimes you say you returned kenya 7 yrs ago, sometime 10 yrs ago and today you said 2 yrs ago. 2 yrs ago you are still writing on mwakilishi saying you returned to kenya 7 yrs ago.

Mkenya halisi

Tue, 10/04/2016 - 21:33

Kenya cut the crap.I have never said I returned 7 yrs ago??????????I will b 2 yrs 5 months so please u need to b checked for yr dementia/yr eye sight may b it's kicking in.Hapa home nikupoa mr Kenya if u invest kiasi,don't b stuck Hii majuu full of lies.I thank God for giving me many years n opportunities to make the $$$$ in the west but I knew all along that the west life is not mine.Most of us were struggling here n there tukiwa jamhuri but my pple if u invest kiasi Kenya has changed???Hii majuu Iko na brain drain ya juu saaana.Its upto u to make up yr mind.

Peter kahura

Wed, 10/05/2016 - 02:07

Mr mwangi we suport you do you give us any intrest to the money wr gi e you & you tradr with it & we get nothing then you tell us we are sleep is a big abuse

I am in the West and while this might be good for some, it certainly isn`t for everybody. I invest where I am and can manage my own portfolio. Just because you can doesn`t mean you should. Sio kill mtu amelala - to each his/her own.

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