Equity Group Holdings is pursuing bank acquisitions in Angola, Zambia, and Mozambique, chief executive James Mwangi said, as Kenya's most profitable lender moves to extend its regional footprint along the continent's mineral and trade corridors.
- •The push into Southern Africa follows record FY2025 results in which the group posted a 55% rise in profit after tax to KSh75.50 billion, with regional subsidiaries contributing 51% of banking profit before tax.
- •The Democratic Republic of Congo, where Equity is now the second-largest lender after acquiring two banks in 2015 and 2020, posted a 58% jump in profit to KSh24.70 billion.
- •Mwangi said DRC's position as a hub within the US-backed Lobito transport corridor shapes the logic of the Southern African expansion.
"There is an opportunity we can get in Angola, Zambia and Mozambique. So it's not just about countries, it's about following our customers and following trade routes," Mwangi told Reuters in an interview on Wednesday, adding that Equity wants to enter those markets at the "earliest opportunity."
Angola sits at the Lobito corridor's Atlantic end, Mozambique handles minerals flowing toward Asian markets, and Zambia connects the two. "You can't do Mozambique without Zambia," he added.
Mwangi also credited President William Ruto for facilitating an introduction to Mozambique's President Daniel Chapo, and said he was scheduled to meet Chapo this week. If Mozambique entry proceeds, it would become Equity's sixth subsidiary outside Kenya. The group currently operates in DRC, Uganda, Rwanda, Tanzania, and South Sudan.
Angola is the most advanced target with Equity moving to acquire a majority stake in an undisclosed Angolan bank in 2026, having reprioritized after regulatory friction in Ethiopia, where foreign ownership in any single bank is capped at 40%, slowed its long-planned entry there.
The group's stated goal is to operate in 15 African countries by 2030, up from seven today. Angola, Zambia, Mozambique, Ethiopia, and Libya are all on the target list.
No acquisition targets have been named in any of the three Southern African markets, and no deal terms or timelines have been disclosed.
