Equity Group Holdings, is moving to extend its banking footprint across Southern Africa, with acquisitions planned in Zambia, Mozambique, and Angola. The plans were confirmed on 29 April 2026, when CEO James Mwangi disclosed the strategy in an interview with Reuters, saying Equity wanted to seize those opportunities as soon as they arise.
The expansion is specifically designed to leverage the Lobito Transport Corridor, a US backed trade route connecting the Atlantic coast of Angola to the mineral rich regions of the DRC and Zambia, with Angola sitting at the Atlantic end of the corridor and Mozambique serving as the gateway for minerals flowing toward Asian markets. Mwangi was direct in his reasoning
“There is an opportunity we can get in Angola, Zambia and Mozambique. It’s not just about countries, it’s about following our customers and following trade routes,” he told Reuters. He added a pointed observation on the interconnected geography: “You can’t do Mozambique without Zambia.”
Angola is the most advanced target, with Equity negotiating a majority stake in an undisclosed Angolan bank, a deal it aims to close before the end of 2026. The pivot toward Angola came after regulatory friction in Ethiopia, where foreign ownership in any single bank is capped at 40%, slowing Equity’s long-planned entry there. On Ethiopia, Mwangi remained measured
“Our presence in that country using a rep office signifies our readiness to enter the market.”
The target nations hold deposits of critical minerals including copper and cobalt, as well as oil and natural gas resources, and stand to benefit from the US-backed Lobito transport corridor, which is at various stages of development. Banking across the region remains fragmented, with credit penetration low and exposure to government debt high, a structural gap Equity sees as an opening.
The expansion is backed by strong finances. Following a historic 55 per cent rise in profit after tax to KSh75.50 billion for the 2025 financial year, Equity’s regional subsidiaries now contribute 51% of banking profit before tax. The broader ambition is to operate in 15 African countries by 2030 as part of what the group calls its “Africa Recovery and Resilience Plan.“
Mwangi has also signaled that the environment in which the group is expanding is an uncertain one. “We have assumed that the environment is characterized by shocks, and shocks are the norm now,” he said, pointing to geopolitical disruptions and the role of its fintech arm, FinServe, in building resilience through technology.
