Dr. James Mwangi, CEO and Managing Director, Equity Bank Limited and World Entrepreneur Of The Year 2012
interviewed by John Ferraro, COO, Ernst & Young Global
Dr. James Mwangi
CEO and Managing Director
Equity Bank Limited
World Entrepreneur Of The Year 2012
James Mwangi: serving bottom of pyramid takes him to top
By serving the banking needs of customers at the “bottom of the pyramid” in Kenya, Dr. James Mwangi, CEO and Managing Director of Equity Bank Limited, achieved remarkable success that earned him the honor of World Entrepreneur Of The Year 2012.
In a conversation with Ernst & Young Global COO John Ferraro, Dr. Mwangi explained how Equity Bank began as a modest source of micro-loans. Today, the bank has more than 8 million accounts across eastern Central Africa, with an average loan of $400. In fact, most of its customers have never had a bank account before.
Half of the bank’s loans go to women, who may put up their marital beds or a guarantee from their pastor as collateral.
Dr. Mwangi explains his entrepreneurial drive simply: “Nobody from the village I came from had a bank account. Now, every homestead can send their children to school because they can get a loan.”