KENYA’S EQUITY BANK MAKES INROADS IN USA
Equity Bank CEO,Dr James Mwangi (Right) is welcomed to the St Stephens Anglican Church in Lowell, MA by the Church Pastor, Rev Samuel Kimuhu (Left) and Horrace Kamau, the Assistant Pastor, during a morning church service before addressing Kenyans in an afternoon session on advances made by the Kenyan owned, fastest growing bank in Africa . H.Maina/AjabuMedia.com
By AjabuAfrica Staffer,
Boston, MA
02/29/2008
On Sunday, February 6th 2008, officials of Equity Bank had a field day recruiting and signing up new customers in Lowell, Massachusetts. The widely publicized event took place at the well-known St. Stephen’s Anglican Church in Lowell, 30 miles north of Boston.
Equity bank has 80 branches nationwide and boasts the fastest growth throughout the East and Central Africa region. Equity is currently in the process of appointing agents in USA, who will play a key role in its expansion and delivery of customer-focused quality service.
The bank’s prolific CEO, Dr. James Mwangi, skillfully delivered the main speech. He started by enumerating recent achievements the bank had made before giving a synopsis of the prevailing economic climate in Kenya and closed with nuggets of wisdom to prospective investors.
Dr. Mwangi assured the audience that ethnic clashes in Kenya over the disputed presidential elections had largely ended. “Since two weeks ago, there has been no fighting. Kenya will not deteriorate like Sudan or Sierra Leone”, he declared.
He said Kenya’s 7% GDP growth rate in the previous year would help the economy recoup the losses experienced during the election fracas. He also attributed Kenya’s impressive economic growth rate despite lack of significant mineral and oil exports to a culture of hardworking citizens. Dr. Mwangi noted that Kenya attracted subcontracting business from international service companies because the working population has excellent education and customer service skills.
“Do not worry much about the temporally loss of tourism business due to the political impasse. 80% of the tourism business in Kenya is not owned by Kenyans but by foreigners. Even if tourism deteriorates, improved sales of coffee and tea as a result of the depreciated shilling will keep the country going”, Dr Mwangi affirmed.
He was quick to note that none of Equity bank branches were burnt or vandalized. This contrasts sharply with negative media reports that claimed Equity’s branches in opposition strongholds had been destroyed.
In a question and answer session that followed his speech, Dr. Mwangi asked Kenyans in the Diaspora to borrow money from Equity bank and start investment projects back home. “Our main problem is that we don’t have enough borrowers”, he lamented. Sensing a window of opportunity for easy financing terms, the audience flooded Dr. Mwangi with questions on how to apply for funds. They were also eager to get tips on how a borrower could effectively implement investment projects in Kenya while resident in the U.S.
Dr.Mwangi, CEO of Equity Bank of Kenya, and his wife during the prayer service at the St Stephens Anglican Church, Lowell, MA. H.Maina/AjabuMedia.com |
Rev. George Gitau, from Malden, MA delivering a sermon during a Church service at the St. Stephens Anglican Church, Lowell, which was attended by a visiting team of managers of a Equity Bank of kenya. H.Maina/AjabuMedia.com |
Most of the application forms can be easily down loaded from Equity’s new e-Banking website (www.equitybank.co.ke). The website also provides valuable information on the current products on offer.
Dr Mwangi plodded Kenyans to change their mundane investment habits of acquiring non-income generating land and plots in rural areas as a means of investment. “Unless you are looking for a big name in your village, a plot in the rural area is a dead asset. Sell those plots and borrow more money to build in the urban centers. Buy shares and IPO’s and start new businesses”, Dr. Mwangi implored. "Even Equity Bank has an account here in the USA with Citibank", Dr Mwangi added, as he referred to some of the bank's offshore investments.
Equity bank is ready to lend Kenyans money to buy stocks on the Nairobi Stock Exchange (NSE) and is the official receiving bank for the upcoming Safaricom IPO. “We can now open CDS accounts and help you buy shares at the NSE. Some individual brokerage companies in Kenya have misused people’s money in their CDS accounts and caused customers big losses. Our bank is publicly owned and will therefore be more protective of your CDS account”, Dr. Mwangi added.
In April 2007, Dr. Mwangi was appointed advisor to Melinda and Bill Gates Foundation and economic policy advisor to the United Nations. The week prior to the Lowell event, Dr. Mwangi was a key speaker at the 10th Annual Africa Business Conference held at the prestigious Harvard University in Boston.
Other notable Equity bank officials at the recruitment drive included Mr. Alex Muhia, General Manager and Personal Assistant to the CEO, and Ms. Winnie Kathurima, Change and Corporate Affairs Director. Ms. Winnie oversaw the fundraising of 40 million Kenya Shillings in aid of the internally displaced people affected by the clashes arising from the disputed presidential election in Kenya.
The bank received an overwhelming response and the event progressed well into the night, prompting the battery of clerks to reschedule some appointments to the following day. Another similar event is in the planning stage for later this year.
St. Stephen’s Church is probably the largest Kenyan Community Church in USA. Reverend Samuel Kimuhu, Pastor, and Mr. David Ikanyi, Chairman, have been instrumental in inviting prominent Kenyan political, business and religious leaders to address and interact with the Kenyan community living in the greater Boston area. This is commendable and we urge the Church leaders and members to continue the good work of hosting events designed to improve the living standards of Kenyans in America.
Mr David Ikanyi, the Chairman of the St Stephens Anglican Church, Lowell, MA, talking to the Kenyans who had come to attend the Equity Bank Event. H.Maina/AjabuMedia.com |
Mr. Lawrence Kamau from Melrose, MA , asks Dr.Mwangi a question during the question and answer session of the Equity Bank event. H.Maina/AjabuMedia.com |
In his closing remarks, Dr. Mwangi pledged the bank’s support to prospective investors and he referred to Kenyans in the Diaspora as a pioneer generation that needed support in order to bring needed change in Kenya.
“Equity bank is a symbol of the capability of indigenous Kenyans as a people. If we can build a bank, what else can’t we do?” Dr. Mwangi asked.
Story by Harrison Maina, AjabuAfrica.com Staffer.
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