• Strategy follows mining corridors and regional trade flows

• Expansion backed by record profits and pan-African growth plans

Kenya's Equity Group is seeking to acquire banks in Angola, Zambia and Mozambique as part of a pan-African expansion strategy targeting the continent's mining and trade corridors, the lender announced Wednesday.

Chief Executive James Mwangi confirmed the plans in an interview with Reuters, saying Equity wanted to seize those opportunities as soon as they arise. Angola appears to be the most advanced market: according to specialist website Billionaires Africa, the group is negotiating a majority stake in an undisclosed Angolan bank before the end of 2026.

Mwangi said there are opportunities in Angola, Zambia and Mozambique and that the strategy is not just about the countries but about following customers and trade routes.

The expansion builds on Equity's position in the Democratic Republic of Congo, where the group became the second-largest banking player after acquiring two lenders in 2015 and 2020. The DRC serves as an anchor point for the Washington-backed Lobito transport corridor, which connects central Africa's mining zones to ports in southern Africa. Mwangi added that the group cannot operate in Mozambique without Zambia.

The three target markets hold significant reserves of copper, cobalt, oil and natural gas and are benefiting from investment linked to the corridor. Equity is prioritizing acquisitions over greenfield operations in those markets, because language and cultural barriers make it harder to build from scratch in very different operating environments.

Expansion backed by record results

The push comes after record annual results. Equity posted a net profit of 75.5 billion Kenyan shillings (approximately $584.5 million) in 2025, up 55% year-on-year, according to figures published by the group. Regional subsidiaries contributed 51% of banking profit before taxes.

The DRC unit recorded a 58% rise in profit to 24.7 billion shillings, while Uganda surged 500% to 3.6 billion shillings from a low base. The dividend paid to shareholders was raised 35.3% to 5.75 shillings per share, for a total of 21.7 billion shillings.

The group's stated goal is to operate in 15 African countries by 2030, up from seven currently. Outside Kenya, Equity is present in the DRC, Uganda, Rwanda, Tanzania and South Sudan.

Mwangi confirmed that the group has maintained a representative office in Ethiopia for seven years, as it awaits a possible opening of the banking sector to foreign investors. Ethiopia's banking law enacted in December 2024 caps foreign ownership in a bank at 40%, which has delayed Equity's plans in the market of more than 100 million people.

The group also intends to strengthen its resilience against external shocks, including rising global geopolitical tensions, by diversifying into insurance and accelerating the deployment of technologies including artificial intelligence. Its financial technology subsidiary, FinServe, remains central to that strategy.

Fiacre E. Kakpo