NAIROBI, Kenya — Equity Group Holdings has revived plans to expand into Mozambique, signalling renewed interest in Southern Africa as the lender pursues regional growth.
Group Managing Director and CEO James Mwangi said the bank has secured an appointment on April 27 to advance the entry, following intervention by President William Ruto during a recent visit by Mozambique’s head of state.
Mwangi said the discussions are expected to restart formal engagement with Mozambican authorities and potential partners, reviving a strategy that had stalled during the COVID-19 pandemic.
Equity previously sought entry into Mozambique through the acquisition of banking assets owned by Atlas Mara.
The talks were, however, called off on June 23, 2020, as pandemic-related uncertainty disrupted cross-border investment plans and slowed regulatory processes.
The renewed push into Mozambique comes as Equity strengthens its footprint across Africa. The lender has already established operations in several markets, including Kenya, Uganda, Tanzania, Rwanda, South Sudan, and the Democratic Republic of Congo, and has been exploring further expansion southwards.
Mwangi indicated that Mozambique now forms part of a broader Southern Africa strategy, with the group also pursuing market entry into Angola.
The move would extend Equity’s presence beyond East and Central Africa into resource-rich economies with growing banking demand.
The renewed engagement follows increased diplomatic and trade cooperation between Kenya and Mozambique, with Nairobi positioning local financial institutions to support bilateral investment and regional integration.
