Equity Group, led by star Kenyan banker James Mwangi, to raise salaries for female employees

Timilehin Adejumobi -
Key Points
  • Equity Group plans to raise salaries for female employees to address the gender pay gap, aligning with its commitment to pay equity.
  • In 2023, Equity Group reduced the gender pay gap to 25% from 32% in 2022, but disparities remain in Kenya.
  • Equity Group reported a 12% profit increase in H1 2024, reaching $229 million, and launched a $21.7-million scholarship initiative.

Equity Group, East and Central Africa’s leading financial services group led by Kenyan banker James Mwangi, is set to raise salaries for its female employees as part of its ongoing efforts to narrow the gender pay gap. This move marks a significant step in the bank's commitment to achieving pay equity across its operations.

Gender pay gap improvement and challenges

In 2023, Equity Group improved its gender pay gap, with male employees earning 25 percent more than female counterparts, down from 32 percent in 2022. However, disparities persist in Kenya, where women earned 52 percent less than men in equivalent roles in 2022.

The bank’s latest sustainability report details efforts to address the imbalance, including gender-balanced recruitment, salary equity adjustments, and increased female representation in senior management. The report also notes the challenge of male dominance in senior roles contributing to ongoing pay disparities.

Regional data from 2022 show Kenya and Tanzania with the highest gender pay gaps at 52 percent, while gaps were lower in DRC (13 percent), Rwanda (12 percent), South Sudan (29 percent), and Uganda (22 percent).

By 2023, women made up 41.3 percent of the workforce, a slight rise from 41 percent in 2022. Tanzania and Uganda led in female representation at 49 percent, while Sudan had the lowest at 31 percent. Women held 27 percent of senior management roles, up from 25 percent, and 34.8 percent of managerial positions.

James Mwangi’s strategic leadership fuels expansion

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 group’s aggressive expansion across East and Central Africa, cementing its position as a dominant regional player. The group delivered a resilient financial performance in the first half of 2024, posting a profit of $229 million, up 12 percent year-on-year, and driven by regional diversification and innovation in its financial offerings.

The bank recently launched a Ksh2.8 billion ($21.7 million) scholarship initiative, providing funding for 113 students to attend prestigious global universities. Equity Group also formed a strategic partnership with the World Food Program (WFP) to deliver financial literacy training and concessional financing to smallholder farmers.