Kenya’s Equity Group is pursuing acquisition opportunities in southern Africa as it seeks to deepen its regional footprint and tap into fast-growing economies driven by natural resources and infrastructure investment, its chief executive said on Wednesday.
The lender, Equity Group Holdings, is targeting expansion into Angola, Zambia and Mozambique, according to CEO James Mwangi, who said the move is part of a broader strategy to follow trade flows and customer activity across the continent.
“There is an opportunity we can get in Angola, Zambia and Mozambique. So it’s not just about countries, it’s about following our customers and following trade routes,” Mwangi told Reuters, adding that the bank aims to enter the markets at the “earliest opportunity.”
Equity Group’s ambitions come as parts of southern Africa attract renewed investor interest due to their vast deposits of critical minerals such as copper and cobalt, as well as oil and natural gas reserves. These resources are increasingly in demand globally, particularly as economies transition toward cleaner energy and electrification.
The bank is also positioning itself to benefit from infrastructure projects reshaping regional trade, including the Lobito Corridor, a U.S.-backed transport network linking mineral-rich inland regions to Angola’s Atlantic coast. The corridor is expected to boost cross-border commerce and improve export capacity for landlocked countries such as Zambia.
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Equity Group has steadily expanded beyond its home market of Kenya over the past decade, transforming from a rural building society into one of East Africa’s largest financial institutions. Its growth has been driven by a strategy focused on financial inclusion, digital banking and regional integration.
A key pillar of that expansion has been its operations in the Democratic Republic of Congo, where the bank acquired two lenders in 2015 and 2020. The DRC unit has since become a major contributor to the group’s earnings, with Equity now ranking as the country’s second-largest bank.
Mwangi said the DRC plays a central role in the bank’s regional strategy, acting as a gateway to trade corridors that connect East and Southern Africa. By expanding into neighbouring markets, Equity aims to strengthen its ability to serve clients engaged in cross-border trade and large-scale infrastructure projects.
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Analysts say the lender’s focus on acquisitions reflects both the opportunities and challenges of entering new markets in Africa. Buying existing banks can provide a quicker route to scale, offering established customer bases, regulatory approvals and operational infrastructure.
However, expansion into resource-rich economies can also expose banks to commodity price volatility and political risk, factors that lenders must carefully manage.
Still, Equity Group appears confident in its model, which has combined traditional banking services with a strong emphasis on technology and partnerships to reach underserved populations.
The move also underscores a broader trend among African banks seeking growth beyond their domestic markets, as competition intensifies and regional trade integration gathers pace under initiatives such as the African Continental Free Trade Area.
If successful, Equity’s planned expansion into Angola, Zambia and Mozambique would further cement its position as a pan-African banking player, extending its reach into some of the continent’s most strategically important and resource-rich economies.
The timing of any acquisitions was not disclosed, but Mwangi said the bank was actively exploring opportunities and would move when the right deals emerge.
