Equity Group, led by Kenyan banker James Mwangi, unveils $21.7-million scholarship

Timilehin Adejumobi -

Key Points:

  • Equity Group launches a $21.7-million scholarship initiative for 113 students to study at top global universities, including Harvard and Amherst College.
  • The scholarships cover placements at 71 institutions across 22 countries, with each student receiving a $1,500 airlift token for transition costs.
  • Equity Group announces a $116.54-million dividend and the creation of a new health insurance subsidiary, expanding its financial services.

Equity Group, East and Central Africa’s leading financial services group led by Kenyan banker James Mwangi, has unveiled a Ksh2.8 billion ($21.7 million) scholarship initiative aimed at funding the education of 113 students at top global universities.

The program, part of the bank’s Equity Leadership Program (ELP), will place scholars at 71 institutions across 22 countries, including Harvard University, Amherst College, and the University of Debrecen. Since its inception in 1998, the ELP has supported 23,825 university students. Each undergraduate will receive Ksh200,000 ($1,500) for relocation.

James Mwangi calls for innovation and networking

James Mwangi, CEO of Equity Group, urged the scholars to “build strong networks and innovate to create lasting solutions for your community,” highlighting that resilience and ingenuity will be crucial in their academic and professional journeys. 

Mwangi also stressed the importance of leveraging networks and contributing ideas to unlock Africa’s economic potential. “By establishing your networks and offering solutions to enhance Africa’s economic landscape, you can drive trade, expand markets, and accelerate technology adoption to realize our continent’s potential,” he stated.

Equity Group grows clientele and regional presence

Under the visionary leadership of James Mwangi, Equity Group has achieved remarkable growth, expanding its active client base by 10.73 percent from 17.7 million in 2022 to 19.6 million in 2023. Mwangi’s strategic direction has fueled the conglomerate’s aggressive expansion across East and Central Africa, cementing its position as a dominant regional player.

Equity Group delivered a strong financial performance in 2023, rewarding shareholders with a substantial $116.54 million dividend payout. The group reported an impressive Ksh41.98 billion ($324.92 million) profit, with total assets reaching Ksh1.82 trillion ($14.1 billion).

Notably, total shareholders’ fund grew by 20 percent to Ksh218.14 billion ($1.69 billion), up from Ksh182.21 billion ($1.41 billion), demonstrating the group’s robust financial health and commitment to delivering value to its shareholders.