:Equity Group CEO James Mwangi appointed to World Bank’s High-Level Advisory Council on Jobs, co-chaired by Singapore’s President Halimah Yacob.

Dr James Mwangi, CEO and Managing Director of Equity Group Holdings, has been appointed to the prestigious World Bank High-Level Advisory Council on Jobs, solidifying his reputation as a transformative leader in finance and development.

 The announcement, made on December 3, 2024, places Dr. Mwangi among an elite group of global thought leaders tasked with addressing the pressing issue of job creation and employment sustainability.

THE HIGH-LEVEL ADVISORY COUNCIL ON JOBS: LEADERSHIP AND ROLE

Singaporean President Halimah Yacob and Axel van Trotsenburg, Senior Managing Director of the World Bank co-chair the council.

 It brings together a diverse array of leaders from politics, business, and academia to advise the World Bank on strategies to tackle unemployment and create meaningful, inclusive job opportunities globally.

Key members of the council include:

• Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF)
• Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO)
• Ban Ki-moon, former UN Secretary-General and SDG advocate
• Ajay Banga, President of the World Bank Group

The council’s role is to guide on enhancing labour market policies, fostering private sector innovation, and identifying emerging trends that will shape the future of work. Its focus spans youth unemployment, digital transformation, and policies to support small and medium enterprises (SMEs).

Dr. MWANGI’S VISION AND EXPERTISE 

Dr Mwangi’s appointment comes as no surprise, given his track record of fostering financial inclusion and economic empowerment in Africa.

 Under his leadership, Equity Group has transformed from a microfinance lender to East Africa’s largest banking institution by asset size, serving over 18 million customers across six countries.

Speaking on his appointment, Dr. Mwangi stated:
“Jobs are the cornerstone of economic empowerment and social stability. I am honoured to join this council and contribute to global efforts to create sustainable employment opportunities. Equity’s model has shown that empowering communities through inclusive financial systems drives job creation and economic resilience.”

EQUITY GROUP’S CONTRIBUTIONS TO JOB CREATION

Equity Group has been instrumental in driving employment and economic growth through initiatives like:

• The Young Africa Works partnership with the Mastercard Foundation targets over 5 million jobs across the continent.
• The Equity Leaders Program equips young scholars with skills for the labour market.
• Support for SMEs through affordable credit and capacity-building programs.

GLOBAL RECOGNITION OF AFRICAN LEADERSHIP

President Halimah Yacob lauded Dr Mwangi’s appointment, noting:
“Dr. Mwangi’s leadership in Africa’s financial sector demonstrates how innovative solutions can create inclusive economies. His insights will enrich the council’s efforts to address unemployment on a global scale.”

Axel van Trotsenburg echoed this sentiment:
“Jobs are central to the World Bank’s mission of poverty reduction and shared prosperity. Leaders like James Mwangi bring invaluable experience from regions with unique challenges and opportunities.”

THE COUNCIL’S GLOBAL MISSION

As part of the High-Level Advisory Council on Jobs, Dr Mwangi will play a critical role in shaping policies to reduce unemployment and address the challenges of a rapidly evolving global labour market.

 From advocating for investments in digital skills to fostering public-private partnerships, his expertise will help align the World Bank’s job creation strategies with the needs of developing economies.

LOOKING AHEAD

Dr Mwangi’s inclusion in this influential council is a testament to the growing recognition of African leadership on the global stage.

 His vision for financial inclusion and job creation resonates not only with Kenya’s developmental goals but also with the global mandate to foster equitable growth.

This milestone underscores Kenya’s emerging role in shaping international economic policies, further cementing its reputation as a hub for innovation and progress.

: DTB Group posts an 8.4% profit increase to Sh6.5B for nine months ending Sept
2024, driven by higher loan income and banking services. Results announced
Nov 28, 2024.

Diamond Trust Bank (DTB) Group posted an 8.4% rise in net profit for the nine months
ending September 2024, reaching KSh 6.5 billion.

This marks an increase from the KSh 5.9 billion recorded in the same period in 2023.
The bank attributes this success to diversified income streams and strategic
investments.

DRIVERS OF PROFIT GROWTH

● Higher Loan Income: Increased lending activity contributed significantly to the
rise in net interest income.
● Government Securities and Foreign Exchange Trading: Enhanced returns from
Treasury bills and bonds, alongside robust foreign exchange trading, boosted the
bank’s non-interest income.
● Fee-Based Services: Growth in fees and commissions further strengthened the
bottom line.

CEO’S PERSPECTIVE

Nasim Devji, DTB Group CEO, expressed confidence in the bank’s strategy, stating:
“Our commitment to innovation and customer-centric solutions has positioned us as a
leading financial institution in East Africa. This growth underscores the resilience of our
strategy in a challenging economic environment.”

STRONG ASSET AND DEPOSIT GROWTH

DTB’s total assets rose to KSh 600 billion, while customer deposits climbed to KSh 450
billion, reflecting increased market confidence and an expanding customer base.

TACKLING CHALLENGES IN NON-PERFORMING LOANS

Despite the strong performance, DTB is managing rising non-performing loans (NPLs).
The bank increased its loan loss provisions to address default risks, a prudent step
given the economic pressures affecting borrowers across the region.

REGIONAL AND SECTORIAL CONTRIBUTIONS

DTB’s regional subsidiaries in Uganda, Tanzania, and Burundi made notable
contributions to the group’s profitability.

The bank’s emphasis on sustainability and its support for key sectors like agriculture
and technology has diversified its revenue base and enhanced its resilience.

OUTLOOK FOR THE FUTURE

DTB’s robust financial health positions it well for future growth, with ongoing
investments in digital banking and customer acquisition expected to drive further
profitability.

These results, announced on November 28, 2024, reflect DTB’s commitment to
maintaining its upward trajectory despite industry challenges​

: Anthony Kituuka steps down as Equity Bank Uganda MD on Nov 28, 2024.
Explore his career, achievements, and challenges in Uganda’s volatile banking
sector.

The surprise resignation of Anthony Kituuka as Managing Director of Equity Bank
Uganda, effective November 28, 2024, has sparked conversations about the dynamics
within Uganda’s banking sector.

Kituuka, who took the helm in 2022, brought a wealth of experience in banking and
financial management to the role, overseeing significant milestones during his tenure.

A STELLAR CAREER IN BANKING

Before joining Equity Bank Uganda, Kituuka served in various capacities, positioning
him as a banking industry leader. He was instrumental in driving strategic initiatives and operational efficiency across Equity Group’s network, particularly in digital banking and customer acquisition strategies.

His academic background includes a degree in Finance and postgraduate certifications
in strategic leadership and business management, underscoring his technical acumen
and forward-thinking approach to leadership.

Under his leadership, Equity Bank Uganda saw a notable expansion in customer reach,
aligning with Equity Group’s regional strategy.

Kituuka was celebrated for enhancing the bank’s digital banking platforms, a move that
modernised service delivery and improved financial inclusion.

CONTEXT OF RESIGNATION

Kituuka’s resignation coincides with heightened challenges in Uganda’s financial sector.
The sector has recently faced turmoil, including a UGX 60 billion heist from the Bank of
Uganda and Standard Chartered Bank’s announcement of its exit from the country.
These events underscore underlying structural vulnerabilities that have impacted
confidence in the industry.

While Kituuka expressed pride in Equity Bank Uganda’s accomplishments in his
farewell statement, industry analysts speculate that these sector-wide challenges,
coupled with evolving leadership demands, may have influenced his decision to step
down.

IMPLICATIONS FOR EQUITY BANK OF UGANDA

Kituuka’s resignation presents an inflection point for Equity Bank Uganda. The
institution will need to maintain its growth momentum under new leadership while
addressing sector-specific risks.

Equity Group Holdings, one of East Africa’s largest financial institutions, is expected to
leverage its resources and reputation to ensure a smooth transition and continued
growth in the Ugandan market.

LOOKING AHEAD

As Uganda’s banking industry navigates its current challenges, Kituuka’s departure
highlights the need for innovative leadership and strengthened institutional governance.
His successor will inherit a mixed legacy of strong performance under pressure and
significant external challenges.