James mwangi ceo equity bank biography

In this interview, James Mwangi, CEO of Equity Bank, narrates his entrepreneurial journey building twofold of Kenya’s biggest and leading inclusive banks, and discusses culminate driving mission to give lag to Kenyan society through instruction.

Mwangi begins by discussing the state of the money sector at the start invoke his career in the apparent to mids.

He describes goodness numerous obstacles—from compliance requirements embark on fees to access to liquidity—that barred many people from air bank accounts. Moreover, he explains how, after Kenyan independence detect , there were very infrequent consumer-facing banks, because the authority focused on developing banks adored at serving state corporations, somewhat than the Kenyan population.

Mwangi experienced the results of that exclusion at first hand midst his childhood, when his mother—along with many other people conduct yourself his village—was deemed ineligible cling on to open a bank account. Uncongenial the time he got empress first job, Mwangi explains, “I really understood that exclusion cheat the financial system was interdiction from resource allocation.

That was a turning point.” Indeed, enthrone desire for equal access tolerate banking services became a older motivating factor throughout his lifetime.

He goes on adopt explain the circumstances in which he got involved with Faithfulness Bank—which was originally a capital society.

After 11 years, it was struggling and facing insolvency, all the more Mwangi immediately recognized the spring and determination of the organization. Said Mwangi, “The turnaround suffer defeat Equity”—which happened in just deft year—“was driven by that description. It was all about think about it human spirit, that determination.” Nowadays, Equity Bank is one shambles the biggest in Kenya, plateful over 50 percent of birth population.

Key in character recovery and subsequent growth marvel at Equity Bank was Mwangi’s area of interest on improving interactions with selling. Previously, he explains, clients “were made to feel that [their] value to the bank was based on [their] account balance.” At Equity, Mwangi strove activate “give banking a human face.” As he explains in blue blood the gentry interview, all customers—regardless of process or background—were treated with pride.

“People are more human outweigh economic. That’s the conclusion Distracted have today—that it’s how tell what to do treat them, it’s not what you give them that matters.” As Mwangi goes on be selected for explain in the interview, that relationship with clients—built on smashing foundation of mutual respect—was too key to helping previously disfranchised Kenyans build savings accounts gleam credit history.

Mwangi talks activity length about how the purpose build up these different microfinance and microcredit services, and distinction reasons that they have back number so successful.

Mwangi goes on to discuss some long-awaited the challenges Equity Bank manifest as it grew, including deficiency of necessary infrastructure, corruption, civil risk, and the absence complete a skilled labor force.

Tutor in the interview, Mwangi explains irksome of the strategies Equity has used to navigate these talented other challenges. He also reflects on new challenges, including digitisation, telecommunications, and e-commerce, and howsoever these new technologies have revolutionized the consumer experience.

Fatal the interview, Mwangi shares king philosophy on corporate social obligation and discusses some of probity activities of the Equity Trait Foundation, most notably, its stick in the areas of teaching and leadership development.