Equity Bank is considering expanding into Mozambique following an intervention by President William Ruto, as announced by the bank’s Chief Executive Officer (CEO), James Mwangi.
According to James Mwangi, a deal with the Mozambique on opening doors for the Kenyan Bank would have been impossible without the connection of the president.
Speaking after a State Lunch attended by Mozambique’s president, Mwangi said Ruto personally endorsed him and requested Mozambican authorities to support Equity’s entry.
“On Thursday, I was very privileged to be invited to State Lunch, and when the President walked in with his guests, the President of Mozambique, the first business of the order was to come close to where I was seated and introduce me, and said, open the door for this young man, we establish Equity in Mozambique,” Mwangi stated.
The State Lunch hosted Mozambique President Daniel Francisco Chapo at the State House, Nairobi, ahead of his three-day State Visit to Kenya.
Speaking during a live event at State House, Nairobi, on Thursday, March 26, 2026, Ruto highlighted the deep cooperation between Kenya and Mozambique.
He also added that the country was introducing new measures to remove trade barriers and facilitate investment between Kenya and Mozambique.
“We are strengthening our trade and economic cooperation, building on the progress already achieved while unlocking untapped and underutilized opportunities. We are also addressing barriers to trade – tariff and non-tariff – to facilitate greater trade and investment between our two nations,” the president stated.
Kenya and Mozambique signed investment agreements worth Sh387 billion on several key sectors during the Fourth International Investment Conference.
The investments will benefit counties, including Mombasa, Bungoma, Uasin Gishu, Kericho, Nakuru, Nairobi, Kiambu, and Tana River, according to the president.
Investors from nearly 10 countries, including India, Australia, the United States (US), the United Kingdom (UK), and China, as well as Kenyan businesses, took part in the agreements.
Following the intervention of the president, Mwangi secured an appointment to discuss the business further on April 27, 2026.
He added that getting such an appointment in a foreign country with which no one had a connection would have required the High Commissioner or an ambassador’s intervention.
Currently, the bank operates in five markets, including Uganda, Tanzania, Rwanda, South Sudan, and the Democratic Republic of Congo.
Also Read: Analysis: Equity, KCB Lead as Top Kenyan Banks Fight for Profits
Mozambique President on Kenyan Investment
President Chapo stated that the three MoUs signed between the two nations on diplomatic training, research and capacity building, correctional services, youth development and sports collaboration, and cooperation agreements will strengthen ties, ensuring significant gains for the people.
He also noted that Kenya and Mozambique have signed 20 MoUs over the years, benefiting both nations.
In addition, he disclosed that driving licenses from the two nations are mutually recognized, allowing citizens to travel by road.
Mozambique will leverage the sports cooperation agreement to enable its athletes to train in Kenya, according to the president of Mozambique.
Also Read: Equity Bank Among Top 10 Strongest Global Banking Brands
Equity Bank Shares Acquisition
Equity previously pursued market entry into Mozambique through the acquisition of the banking businesses of Atlas Mara, before calling off the discussions on June 23rd, 2020.
Through the acquisition of market entry in Mozambique, Equity was expected to gain approximately 252,482,3000 new ordinary shares.
The shares had a monetary value of approximately Sh. 10.7 billion. The deal also included 62 percent of the share capital of Banque Populaire du Rwanda, 100 percent of the share capital of African Banking Corporation, and the Capital of African Banking Corporation in Tanzania and Mozambique.
