Equity Group Holdings Plc, Kenya’s largest bank by customer base, has appointed six new independent non-executive directors to its board, replacing outgoing members who have retired.
The appointments were announced on Friday, shortly after shareholders approved plans to open a representative office in the United Arab Emirates (UAE) — the bank’s first expansion outside Africa.
In a statement, the bank said the new directors bring a combined 180 years of experience spanning multiple continents and sectors, strengthening the group’s governance as it deepens its pan-African and international ambitions.
Equity Group operates in six African countries — Kenya, Uganda, Tanzania, Rwanda, South Sudan, and the Democratic Republic of Congo (DRC) — and is positioning itself as a key driver of socio-economic transformation in the region.
“We are privileged to welcome a diverse and distinguished group of global leaders to the board. Their expertise in development finance, governance, investment, infrastructure, and sustainability will enhance our vision of championing the socio-economic prosperity of Africa,” said Isaac Macharia, chairman of Equity Group Holdings.
Profiles of the new appointees
Farida Khambata
A Chartered Financial Analyst (CFA), Khambata holds a Master’s in Science from the London Business School and a Master’s in Economics from the University of Cambridge. She has over 30 years of experience in investment and risk management, including as co-founder of Carta Capital, with deep expertise in emerging markets finance.
Nick Donohoe
Donohoe is an MBA graduate from the Wharton School at the University of Pennsylvania, Donohoe is a veteran in development finance. He previously served as global head of research at JP Morgan and was the founding CEO of Big Society Capital, bringing over three decades of leadership in financial services.
Aloysius Ordu
A PhD holder in Economics from the University of Sussex and a graduate of the Harvard Kennedy School, has over 30 years of experience in international development, financial innovation, and policy. He is currently a Vice President at the African Development Bank Group.
Obadiah Biraro
Biraro is a Certified Public Accountant in Rwanda, Kenya, and Uganda, holds an MBA from Uganda Martyrs University. With 37 years in public financial management, Biraro served as Rwanda’s Auditor General from 2005 to 2021 and has chaired multiple regional audit and governance bodies.
Lakshmi Shyam-Sunder
A PhD holder from MIT Sloan School of Management and recipient of the Excellence in Teaching Award, has over 30 years of expertise in financial risk management and control, holding senior roles in global financial institutions.
David Mutombo
Mutombo is an engineer by training, completed the Advanced Management Programme at Harvard Business School and holds an MBA from the University of the Witwatersrand. He brings over 20 years of international experience in infrastructure, energy, and water sectors.
Equity Bank’s Q1 profit dips amid inflation and currency pressure
Despite the strategic board refresh and international expansion plans, Equity Bank reported a slight drop in profitability for the first quarter of 2025. Net profit declined 3.86% quarter-on-quarter to $119.2 million, weighed down by high inflation and currency depreciation in South Sudan.
However, the group recorded strong growth in key fundamentals. Total deposits rose 7% to $5.64 billion, and revenue increased by 19%, driven largely by a 23% rise in non-funded income to $58.5 million. This helped deliver a 50% surge in profit before tax.
On the downside, non-interest income fell by 11.8% year-on-year to $151.7 million, down from $173.3 million in the same period in 2024, reflecting economic pressures in some markets.
Expanding beyond Africa
The planned UAE office signals Equity Group’s ambition to serve the African diaspora and tap into cross-border trade and investment flows between Africa and the Middle East. The move also aligns with the group’s strategy to diversify income streams beyond its traditional African markets.
Exchange rate used: $1 = KSh 129.18 as of June 27, 2025
