Equity Bank Group Holdings managing director, James Mwangi, addressing investors during the release of Q1, 2026 financial results.Equity Group Holdings is targeting 100 million customers and expansion into 15 African countries by 2030 as it accelerates its pan-African growth strategy through organic expansion and acquisitions.
The lender said the plan will be driven by deeper regional integration, technology-led financial services, and increased investment in trade finance, climate financing and digital banking solutions across the continent.
Its customer base has grown to 22.7 million, supported by 86,910 agency outlets and 1.4 million merchants across the region, strengthening its position as one of Africa’s largest financial services groups.
Group Managing Director James Mwangi disclosed the expansion strategy on Tuesday as the bank reported a 24 per cent rise in net profit to Sh19.1 billion for the three months ended March 2026.
The lender attributed the strong performance to improved contributions from regional subsidiaries, stronger asset quality, and increased use of digital banking channels.
Regional subsidiaries continued to play a bigger role in the business, contributing 50 per cent of banking profits and 52 per cent of total banking assets.
Equity Bank Kenya posted a 21 per cent rise in profit after tax to Sh10.3 billion.
Equity BCDC remained the group’s largest subsidiary outside Kenya, with assets rising to Sh760.6 billion. Loans grew 22 per cent to Sh308.7 billion, while profit before tax increased 53 per cent to Sh7.2 billion.
Tanzania emerged as the fastest-growing market across all key indicators, with assets rising 52 per cent, loans growing 68 per cent and deposits increasing 31 per cent. Profit before tax surged 150 per cent to Sh1.5 billion, giving the unit the highest return on average assets in the group at 5.5 per cent.
Rwanda recorded a 31 per cent rise in profit before tax to Sh2.1 billion, while Uganda was the only market to post a decline, with profit after tax falling 20 per cent to Sh0.8 billion due to higher funding costs.
The results underscore Equity’s long-term shift into a technology-driven regional financial services group focused on digital banking, operational efficiency and diversified revenue streams.
Although the lender did not provide details on the planned acquisitions or new markets, it has recently intensified its interest in Ethiopia, one of Africa’s fastest-growing economies.
Last week, Equity signed a partnership agreement with Sidama Bank to provide international money transfer services, foreign currency solutions and trade finance products.
The deal expands Equity’s footprint into Ethiopia, where the banking sector has historically remained inward-looking but is gradually opening up to regional and international partnerships.
Equity currently operates in Kenya, Uganda, Tanzania, Rwanda, South Sudan and the Democratic Republic of the Congo, reinforcing its position as a regional leader in SME and retail banking.
For the quarter, gross profit rose to Sh24.5 billion, while net interest income increased 15.6 per cent to Sh33.02 billion, helped by lower deposit costs and declining interest expenses.
Non-funded income grew 13.7 per cent to Sh22.3 billion and accounted for 40.3 per cent of total income. Loan loss provisions fell 16.9 per cent to Sh2.8 billion, reflecting improving credit conditions across most markets.
Total assets crossed the Sh2 trillion mark for the first time, rising 16.4 per cent year-on-year to Sh2.01 trillion. Customer deposits increased 11.9 per cent to Sh1.5 trillion, investment securities rose 12.2 per cent to Sh615.07 billion, while net loans grew 8.6 per cent to Sh873.5 billion.
Shareholders’ funds expanded 29.9 per cent to Sh326.5 billion.
The bank also maintained its dominance in MSME lending, disbursing 36.2 per cent of the Sh101 billion advanced to small businesses in Kenya between January and March 2026.