Business & Money
Equity Bank’s Africa Recovery Plan: Leading Transformation Projects
Equity Bank’s Africa Recovery and Resilience Plan represents a bold and forward-thinking approach to addressing Africa’s challenges while unlocking its immense potential for prosperity and development.
: The Africa Recovery and Resilience Plan is at the heart of Equity Bank’s vision of advancing financial inclusion and empowering underserved communities.
: Equity Bank has a dedicated SME financing facility, offering tailored financial solutions and advisory services to support the growth and expansion of small businesses.
By Charles Wachira
In the wake of unprecedented challenges brought about by the global pandemic and economic downturns, Equity Bank Plc has emerged as a beacon of hope and resilience in Africa’s financial landscape.
Embarking on an ambitious journey to drive recovery and foster sustainable growth, Equity Bank unveils its Africa Recovery and Resilience Plan, spotlighting its flagship projects poised to transform communities and economies across the continent.
Reinventing Financial Inclusion
At the heart of Equity Bank’s vision lies a commitment to advancing financial inclusion and empowering underserved communities. The Africa Recovery and Resilience Plan amplifies this commitment through innovative initiatives such as:
Digital Transformation Hub: Leveraging cutting-edge technology and digital infrastructure, Equity Bank establishes a Digital Transformation Hub to democratize access to financial services.
This hub catalyses digital literacy and inclusion, offering training programs and resources to equip individuals and businesses with the skills needed to thrive in the digital economy.
Mobile Banking Expansion: Recognizing the transformative power of mobile banking, Equity Bank expands its mobile banking footprint across Africa, particularly in remote and rural areas.
By providing convenient and secure access to banking services via mobile devices, the bank empowers millions of unbanked individuals to participate in formal financial systems and unlock opportunities for economic advancement.
Empowering Small and Medium Enterprises (SMEs)
Small and Medium Enterprises (SMEs) form the backbone of Africa’s economy, driving innovation, creating jobs, and fueling economic growth. Equity Bank’s Africa Recovery and Resilience Plan champions SMEs through the following initiatives:
SME Financing Facility: Equity Bank has a dedicated SME financing facility, offering tailored financial solutions and advisory services to support the growth and expansion of small businesses.
The bank empowers SMEs to scale their operations and contribute to economic development by providing access to affordable credit, mentorship, and networking opportunities.
Entrepreneurship Incubation Centers: Equity Bank establishes Entrepreneurship Incubation Centers in key strategic locations to nurture the next generation of African entrepreneurs.
These centres serve as hubs for innovation and collaboration, providing aspiring entrepreneurs with access to training, mentorship, and resources to turn their ideas into viable business ventures.
Driving Sustainable Development
Equity Bank recognises the interconnectedness of economic growth, social progress, and environmental sustainability. As such, the Africa Recovery and Resilience Plan incorporates sustainable development initiatives, including:
Green Financing Initiatives: In alignment with global sustainability goals, Equity Bank launches green financing initiatives to support environmentally friendly projects and initiatives.
From renewable energy ventures to sustainable agriculture practices, the bank provides financing and expertise to accelerate the transition towards a more sustainable future.
Community Impact Projects: Equity Bank remains deeply rooted in the communities it serves, actively engaging in projects that address pressing social needs and improve quality of life. The bank catalyses positive change and fosters inclusive growth across Africa through investments in education, healthcare, and infrastructure.
Conclusion
Equity Bank’s Africa Recovery and Resilience Plan represents a bold and forward-thinking approach to addressing Africa’s challenges while unlocking its immense potential for prosperity and development.
Equity Bank reaffirms its commitment to driving positive change and building a brighter future for generations to come through its flagship projects centred around financial inclusion, SME empowerment, and sustainable development.
As these initiatives take root and flourish, they serve as a testament to the transformative power of strategic vision, innovation, and collaboration in shaping Africa’s economic destiny.
Keywords:Africa Recovery and Resilience Plan:Financial Inclusion:SME Empowerment:Digital Transformation Hub:Sustainable Development Initiatives
Business & Money
Patricia Ithau: CEO of WPP-Scangroup, Leading Africa’s Marketing Giant
Patricia Ithau was honoured with the Head of State Commendation in 2020 for her impactful contributions to Kenya’s economic growth and business development. As an accredited executive coach and certified Emotional Intelligence practitioner, she remains dedicated to nurturing future leaders who champion emotional intelligence and holistic leadership
: She leads WPP-Scangroup PLC, the largest marketing and communication group in sub-Saharan Africa, driving innovation, business growth, and social impact across the region.
Patricia Ithau leads WPP-Scangroup PLC, the largest marketing and communication group in sub-Saharan Africa. She took over as CEO on March 14, 2022, succeeding Bharat Thakrar at the helm of this Nairobi Securities Exchange-listed company.
Under her visionary leadership, WPP-Scangroup continues to redefine the marketing and advertising landscape in East Africa through a multi-agency, multi-disciplinary approach.
Her focus on pushing the boundaries of creativity and innovation has positioned the company to drive growth and deliver groundbreaking solutions across the region.
Early Life and Academic Foundation
Patricia’s leadership journey grew from a strong academic foundation.
Patricia Ithau studied at Loreto Convent Msongari in Nairobi before earning her Bachelor of Commerce degree from the University of Nairobi.
Further expanding her knowledge, she earned an MBA in Strategic Management from the United States International University-Africa.
She also completed advanced management programs at prestigious institutions like Strathmore University, IESE Business School, INSEAD, and Oxford University, laying the foundation for a distinguished career in business leadership.
Career Milestones: L’Oréal Africa and Beyond
Before joining WPP-Scangroup, Patricia was the founding CEO of L’Oréal Africa, where she significantly drove the company’s growth and success in the region.
Under her leadership, L’Oréal’s African subsidiary generated $25 million in annual revenue, employed over 270 people, and produced 40 million units annually.
One of her key achievements was leading one of the first acquisitions of a local business by a multinational in East Africa, demonstrating her ability to drive growth and market penetration in the competitive FMCG sector.
Advocacy for Women in Leadership
Patricia has actively championed women in leadership, advocating for creating opportunities that allow women to thrive in the corporate world.
As an Ambassador for the Women on Boards Network (WOBN) in Kenya, she has worked to elevate women into leadership positions.
She holds board positions at organisations such as ABSA Bank Kenya, Jambojet Ltd, Vivo Fashion Group, and the British Chamber of Commerce.
Furthermore, Patricia actively supports corporate governance and social impact as a Trustee for the Vodafone Foundation (UK) and the M-PESA Foundation.
Overcoming Personal Challenges and Building Resilience
In addition to her professional achievements, Patricia’s journey has been marked by resilience.
She was crowned Miss Kenya in 1986 during her first year at the University of Nairobi.
Navigating societal judgments and stereotypes during this period helped shape her leadership abilities, teaching her invaluable lessons in self-confidence and perseverance.
Recognition and Awards
Patricia’s contributions to Kenya’s economic growth and development have not gone unnoticed.
In 2020, she was awarded the Head of State Commendation (HSC) for her outstanding role in business development.
Patricia is also an accredited executive coach and certified Emotional Intelligence practitioner, emphasising her commitment to fostering future leaders who embrace emotional intelligence and holistic leadership practices.
Corporate and Social Impact
Patricia’s leadership extends beyond the corporate world.
As East Africa Regional Director for the Stanford Institute for Innovation in Development Economies (SEED), Patricia has driven sustainable business growth and job creation across sub-Saharan Africa.
Through SEED, she has supported over 200 businesses in tackling leadership challenges and fostering innovation, contributing significantly to the region’s economic transformation.
Family and Personal Values
Patricia is also deeply committed to her family.
She proudly raises her two daughters, Mueni and Makena, instilling in them the values of hard work and resilience.
Her role as a mother aligns with her broader mission of mentoring and guiding the next generation of leaders.
Conclusion: A Legacy of Leadership and Innovation
Patricia Ithau leads with vision, innovation, and a strong commitment to social sustainability, from her strategic achievements at L’Oréal Africa to her current role as CEO of WPP-Scangroup.
Her dedication to advancing women in leadership, her contributions to the business community, and her efforts in developing future leaders make her a lasting influence on Africa’s corporate sector, inspiring and driving progress across the region.
Leadership
Dr Peter Ndegwa Leads East Africa’s Top Company by Market Value
Dr. Peter Ndegwa leads Safaricom’s enterprise expansion, driving innovation in cloud services, cybersecurity, and IoT to empower sectors like healthcare and education, shaping Kenya’s digital economy.
: Discover how Safaricom, East Africa’s top company by market cap at $5.5 billion, continues to lead the region’s telecom sector under visionary CEO Dr. Peter Ndegwa.
Since taking the helm at Safaricom PLC in April 2020, Dr Peter Ndegwa has steered the telecommunications giant into a new era of growth and transformation.
Safaricom, best known for M-PESA, its groundbreaking mobile payment platform, has continued to evolve under Ndegwa’s leadership, further cementing its position as a key player in Africa’s digital economy.
Known for his strategic focus and innovative mindset, Ndegwa has achieved a series of significant milestones that reflect both his dedication to Safaricom’s mission and his responsiveness to the demands of a fast-changing industry.
In 2024, Safaricom made headlines by reducing Ndegwa’s annual bonus by KSh62 million.
This decision, though surprising, aligns with the company’s broader strategy of reinvesting in expansion, especially in Ethiopia.
Safaricom’s entry into Ethiopia, one of Africa’s most untapped telecom markets, is a major achievement under Dr. Ndegwa’s leadership, requiring substantial capital and adept navigation of regulatory hurdles.
By 2024, Safaricom Ethiopia had attracted 4.6 million subscribers, a feat that not only signals the potential of this market but also demonstrates the resilience and agility that Ndegwa has instilled within Safaricom.
The bold decision to channel resources into this high-stakes venture underscores the company’s commitment to long-term growth over immediate executive rewards, signalling a strategic shift towards sustainable development.
Central to Dr Ndegwa’s vision has been the continued evolution of M-PESA, which he expanded into a comprehensive financial ecosystem through integrations with global platforms and the introduction of the M-PESA Super App.
This app, with a variety of mini-apps catering to different services, has strengthened M-PESA’s position as a pillar of financial inclusion across East Africa.
Safaricom’s commitment to enhancing digital financial services has driven up transaction volumes and revenue, making M-PESA a vital part of Kenya’s economic framework and a model for other markets looking to bridge financial access gaps.
Ndegwa has also championed digital transformation through products that respond directly to customer needs.
The Safaricom MyCounty app, launched in partnership with county governments, is one of these innovations. By offering essential services through mobile, the app represents Dr Ndegwa’s commitment to customer-centric innovation, further reinforcing Safaricom as a digital solutions leader.
Beyond consumer services, Dr Ndegwa has prioritised the expansion of Safaricom’s enterprise segment, offering technology solutions such as cloud services, cybersecurity, and IoT to various sectors including healthcare and education.
This growth in enterprise offerings reflects Safaricom’s role as an enabler of Kenya’s digital economy, diversifying revenue streams while positioning itself as a trusted partner for businesses.
On the technology front, Ndegwa oversaw the rollout of Kenya’s first 5G network in 2021, expanding its reach to multiple cities.
This advancement not only offers faster, more reliable internet but also lays the foundation for future innovations across sectors, reinforcing Safaricom’s competitive edge in data services.
Social responsibility is a key component of Dr Ndegwa’s approach. Safaricom, under his leadership, has committed to becoming a net-zero carbon emitter by 2050, setting a new standard for corporate sustainability in Kenya.
Safaricom’s programs in education, healthcare, and economic empowerment have further cemented its brand as a socially responsible organisation that contributes meaningfully to society.
Despite challenging economic conditions, Dr Ndegwa has maintained Safaricom’s strong financial performance by focusing on operational efficiency and product innovation.
His resilience and adaptability have enabled Safaricom to thrive amid inflation and currency fluctuations, with M-PESA and data services driving revenue growth.
In recognition of his accomplishments, Ndegwa received an Honourary Doctorate in Business Management from Meru University in October 2024, where he also serves as Chancellor.
This accolade reflects his contributions not only to Safaricom but also to Kenya’s business landscape, underscoring his commitment to inspiring future leaders.
Dr.Ndegwa’s appointment as Safaricom’s first Kenyan CEO was a pivotal moment, as previous CEOs were expatriates.
Following the passing of his predecessor Bob Collymore, both the board and the government showed strong support for appointing a local leader.
Michael Joseph, Safaricom’s former CEO and interim head during the transition, highlighted the desire for a Kenyan to lead the company, a sentiment echoed by former
By aligning executive rewards with Safaricom’s evolving performance goals and reinvesting resources into expansion, Ndegwa demonstrates a long-term commitment to growth.
His journey as CEO showcases how he has successfully balanced local roots with a global outlook, driving Safaricom’s mission to transform lives across Kenya and beyond.
Business & Money
Dr Joshua Oigara Powers Stanbic, Africa’s Top Bank with SA Roots
Dr. Joshua Oigara blends a strong foundation in finance and economics with a doctorate in leadership effectiveness and sustainable growth, shaping his leadership approach with both practical expertise and academic insight.
: He leads Africa’s largest Bank by assets, driving innovation and growth across the continent with a focus on sustainable banking
When Joshua Oigara took the reins as Chief Executive of Stanbic Bank Kenya and South Sudan on December 1, 2022, he brought with him a rare combination of practical expertise and scholarly insight.
His predecessor, Charles Mudiwa, had cultivated nearly 20 years of growth at Standard Bank Group, leaving behind a solid foundation.
Oigara, a seasoned leader known for his transformative tenure at Kenya Commercial Bank (KCB) from 2013 to 2021, took on the new role fortified by a recent academic milestone—an honourary degree of Doctor of Humane Letters, from the Kibabii University which he received on Friday, March 3, 2023.
Dr. Oigara’s doctorate is not merely an academic achievement; it is a foundational element of his leadership philosophy.
The university emphasised that his nomination was based on his exceptional accomplishments in finance, economics, and leadership, as well as his achievements and dedication to shared values and charitable endeavours.
In addition to his doctorate, Dr Oigara holds an MBA with distinction in International Business Management from Edith Cowan University in Australia, a Bachelor of Commerce degree from the University of Nairobi, and has completed the Advanced Management Programme at INSEAD in Fontainebleau, France.
With his doctoral focus on leadership effectiveness and sustainable growth in financial institutions, Oigara’s education and experience have significantly informed his strategic direction at Stanbic.
With a background in finance and economics, bolstered by a doctorate in leadership effectiveness and sustainable growth, Oigara’s leadership philosophy is rooted in both practical expertise and scholarly depth.
The bank has made substantial strides under his guidance, growing its customer base, expanding its network of branches, and enhancing its digital services.
Under his leadership, Stanbic has seen a 35% increase in digital transactions, driven by new mobile banking innovations and SME-focused lending platforms– 93 per cent of transactions at the local lender are processed digitally.
This digital-first strategy reflects Dr Oigara’s goal to align the bank’s services with Kenya’s increasingly tech-savvy population, an approach that not only meets client needs but also ensures Stanbic remains competitive in a crowded market.
And it also reflects Oigara’s commitment to aligning the bank’s offerings with the needs of Kenya’s increasingly tech-savvy population.
Rapid Expansion and Financial Growth
In his first year, Dr Oigara focused on expanding Stanbic’s regional footprint while solidifying its position as a leader in digital banking and sustainable finance.
Under his leadership, the bank has added five new branches, expanding its reach to more customers across Kenya.
In terms of financial growth, Stanbic Kenya has seen an 8% increase in deposits, totalling Ksh 300 billion in 2023.
The bank’s loan book also grew by 6%, driven by a focus on SMEs and digital lending platforms.
This growth is evident in Stanbic’s strong performance in customer acquisition, with the number of active customers increasing by 10% year-on-year.
These efforts have also positioned Stanbic as the third-largest bank by assets in Kenya, with total assets valued at over Ksh 500 billion.
Focus on Sustainable Finance and Innovation
A cornerstone of Oigara’s strategy is the promotion of sustainable finance.
In 2023, Stanbic launched a $150 million SME facility aimed at empowering small and medium-sized enterprises—described by Oigara as “the heartbeat of Kenya’s economy.”
His leadership has seen the bank increase its support for businesses prioritising environmental, social, and governance (ESG) principles.
Notably, Stanbic has financed over Ksh 1.2 billion in renewable energy projects, including solar energy ventures, since 2022.
Dr Oigara’s commitment to sustainable development also extends to Stanbic’s adherence to the United Nations Principles for Responsible Banking (PRB), positioning the bank as a leader in promoting environmentally and socially responsible investments.
This aligns with Oigara’s philosophy that financial institutions must drive the transition to a greener, more sustainable economy.
“We are at the frontier of a new era in African trade,” Oigara shared during an African Continental Free Trade Area (AfCFTA) forum, highlighting Stanbic’s potential to leverage regional trade financing to foster cross-border business.
Challenges and Complex Markets
However, the terrain Dr Oigara navigates is arguably challenging. Stanbic competes in a high-stakes market, with other major players like Equity Bank and KCB, as well as digital lenders, all vying for market share.
This competition requires both resilience and innovation, traits that Dr Oigara has emphasised throughout his career.
In South Sudan, the complexity multiplies, given the country’s political and economic volatility.
“South Sudan remains a complex but promising market,” he said at a recent shareholder meeting. “Through a data-informed approach, we’re able to make strategic investments while managing the inherent risks.” His research on risk management in dynamic environments has informed Stanbic’s cautious yet optimistic stance in South Sudan.
Another challenge has been adapting to Kenya’s increasingly stringent regulatory landscape.
Heightened Central Bank oversight on data privacy and credit management adds a layer of compliance, one that Oigara’s strategic background helps him manage.
His academic foundation in sustainable business has enabled him to balance these regulatory demands with innovative solutions, implementing secure digital platforms that meet both client needs and regulatory standards.
Vision for the Future
Looking ahead, Dr. Oigara is focused on expanding Stanbic’s digital offerings and enhancing its regional presence through strategic partnerships.
His leadership has set the stage for further growth, with Stanbic poised to continue increasing its footprint across Africa.
Opportunities on the Horizon
Despite these challenges, Dr. Oigara sees substantial opportunities for Stanbic’s growth.
The African Continental Free Trade Area (AfCFTA) opens new doors for cross-border trade financing, allowing Stanbic to facilitate regional commerce.
“We’re at the frontier of a new era in African trade,” he shared during an AfCFTA forum, underscoring his vision for positioning Stanbic as a key financial enabler across East Africa.
Building a Legacy of Informed Leadership
Dr. Joshua Oigara’s leadership of Stanbic Bank represents a powerful combination of industry experience and academic rigour.
With assets totalling $20 billion and a presence in 20 countries, Stanbic is a testament to the vision of Standard Bank Group, which was founded over 160 years ago to serve the financial needs of Africa.
Dr. Oigara’s contributions build on this legacy, as he guides the bank through a rapidly changing financial landscape.
Reflecting on his leadership journey, Dr Oigara said, “Education has empowered me to lead with a strategic, forward-thinking approach, ensuring we meet the evolving needs of our clients and foster resilience in the communities we serve.”
As Stanbic Bank continues to expand its footprint across Africa and innovate in the digital and sustainable finance spaces, Dr Oigara’s leadership ensures that the bank remains well-positioned for future success, solidifying its role as Africa’s largest and most dynamic banking institution.
Key Figures:
- 35% increase in digital transactions (2023)
- 93% of transactions processed digitally
- 5 new branches added in 2023
- 8% growth in deposits totaling Ksh 300 billion
- 6% increase in loan book
- Ksh 1.2 billion invested in renewable energy projects since 2022
- $150 million SME facility launched in 2023
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