Equity Bank (Kenya) Limited has announced the appointment of Moses Okoth Nyabanda as its new Acting Managing Director, following the early retirement of Gerald Warui. Nyabanda, currently the Group Chief Finance & Strategy Execution Officer at Equity Group Holdings Plc, will take the helm at one of Kenya’s leading banks, pending approval from the Central Bank of Kenya.
Equity Bank Kenya is a key subsidiary of Equity Group Holdings Plc, a Pan-African financial services giant listed on the Nairobi Securities Exchange and cross-listed on the Uganda Securities Exchange and Rwanda Stock Exchange. The Group also has banking operations in the Democratic Republic of Congo (DRC), Rwanda, Uganda, Tanzania, South Sudan, and a Commercial Representative Office in Ethiopia. With a market capitalization of KSh 152.8 billion (USD 1.38 billion) as of August 16, 2024, Equity Group is the largest integrated financial services firm in Sub-Saharan Africa and has been recognized as the second strongest financial brand globally by Brand Finance in 2024.
As of June 30, 2024, Equity Group reported an asset base of KSh 1.746 billion (USD 13.51 billion) and customer deposits totaling KSh 1.299.5 billion, serving a customer base of 20.7 million. The Group’s vast distribution network includes 403 branches, 84,398 agents, over 1.1 million Pay with Equity (PWE) merchants, 37,755 Point-of-Sale (POS) merchants, and 873 ATMs, alongside robust digital banking channels. The Group’s strong brand recognition, solid liquidity buffers, and extensive adoption of digital and alternative distribution channels have reinforced its position as a regional leader in financial services.
Nyabanda, who joined Equity Group after a distinguished career with PricewaterhouseCoopers (PwC) in Rwanda, where he served as Managing Director and Country Senior Partner, brings a wealth of experience in strategic planning, business growth, and operational efficiency. At PwC, he played a critical role in driving digital transformation, innovation, and cost management across PwC’s Eastern Africa operations. Since joining Equity Group, Nyabanda has been instrumental in advancing the Group’s corporate philosophies and customer value creation.
The Board expressed confidence in Nyabanda’s leadership, emphasizing that his proven track record and commitment to the Group’s values will ensure Equity Bank Kenya continues to achieve sustainable, profitable growth while enhancing its customer value proposition and employee engagement. Nyabanda’s appointment marks a new chapter for the bank, which is poised to maintain its trajectory of excellence and further solidify its position as a leading financial institution in Kenya and the broader region.
Warui’s departure marks the end of a notable tenure at Equity Bank Kenya, where he served in various capacities, including heading operations, customer service, and human resources before becoming Managing Director. The Board acknowledged Warui’s long and dedicated service, thanking him for his significant contributions to the Group’s success.
