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User:Gachangi/JM

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James Mwangi

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For the Kenyan long-distance runner, see James Mwangi Macharia.

James Mwangi
Mwangi in 2016
Born
James Njuguna Mwangi

1962 (age 61–62)
Kangema, Kenya
NationalityKenyan
Alma materUniversity of Nairobi
Occupations
Years active1993–present
EmployerEquity Group Holdings
Known forTurning around Equity Bank from a loss making entity in 1993 and making it one of the largest banks in East and Central Africa with an asset base of USD 7.5 billion as at 2020. [1]
TitleGroup managing director and Group CEO, Equity Group Holdings
PartnerJane Njuguna [2]
Children3

James Mwangi CBS (born 1962) is a Kenyan accountant, banker and entrepreneur. He is the current Group Managing Director and Group Chief Executive Officer of Equity Group Holdings.[3][4] Since 2009, he has also been the chairman of the Kenya Vision 2030 Delivery Board.[5]

Background and education

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Mwangi was born in Kangema, in Kenya's Central Province, circa 1962. With his father killed in the Mau Mau conflict, he and his six siblings were raised by their widowed mother Grace Wairimu. He attended Nyagatugu Primary School in Kangema Village, going on to attend Ichagaki Secondary School on a government scholarship. For his A-level education, he attended Kagumo High School, where he studied economics, English literature and geography. He graduated from the University of Nairobi with a Bachelor of Commerce degree, after which he sat and passed the Certified Public Accountant of Kenya (CPAK) examinations.[6] He is also a graduate of the advanced management programme at the IESE Business School in Barcelona, Spain.[7]

Mwangi holds five honorary doctorate degrees, including a Doctor of Business Administration from Kenya Methodist University, a Doctor of Humane Letters from Kenyatta University, and a Doctor of Entrepreneurship from the Jomo Kenyatta University of Agriculture and Technology.[8] He also serves as a guest lecturer at Stanford University,[9] Columbia University, the Massachusetts Institute of Technology (MIT), Harvard University, IESE Business School and Lagos Business School.[7]

Career

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Mwangi began his career in banking as an auditor at Price Water House but after a short period moved over to Ernst and Young where he worked for three years before he joined Trade Bank. In 1994, he left his job as the group's Financial controller at Trade Bank bank[10] on invitation by the then-senior executives of Equity Building Society (EBS), the precursor of Equity Bank, to steer the financial institution from insolvency. James joined Equity Building Society as the Finance and Operations Director, a position he held until 2004 when he became the CEO.[11] Together with the then Managing Director, John Mwangi and the Chairman, Peter Munga, they constituted the board. James converted his Kshs 7 million deposit at the time with Equity Building Society to ordinary shares and effectively this made him the majority shareholder.[10] The company was losing Ksh. 5 million (approx. US$60,000 at the time) annually and, at that time, had accumulated total losses of Ksh. 33 million (approx. US$380,000 at the time). Equity had been declared insolvent by its regulator, the Central Bank of Kenya in 1993.[12][13] Mwangi was appointed director of strategy and finance, and set about retraining staff with a focus on customer care. He also encouraged them to use their own networks to attract members to the society, and use 25% of their salaries to buy Equity Building Society shares. In 1997, the society began to sell shares to customers and pay annual dividends.[14]

In 2006, Equity Bank listed on the Nairobi Stock Exchange (NSE). On 18 June 2009, the group's stock cross listed on the Uganda Securities Exchange and began trading tge same day.[15] As of October 2014, the group has subsidiaries in five countries.[16] As of June 2020, Equity Group Holdings is a large financial services organisation in East Africa, with an asset base valued at over Ksh. 746 billion (approx. US$6.87 billion).[17]

In 2010, Mwangi was included in the Financial Times' list of 50 emerging market business leaders.[18]

Personal life

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Mwangi is married and has three sons.[19] Together with his wife, Jane Njuguna, they own shares in the stock of Equity Group Holdings and Britam Holdings. As of October 2014, their net worth is estimated at more than Ksh. 12 billion (approx. US$170 million).[20]

Philanthropy and social work

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Mwangi is the chancellor of the Meru University of Science and Technology,[21] and the chairman of the Kenya Vision 2030 Delivery Board.[5] He is also the executive chairman of the Equity Group Foundation (EGF), which he founded in 2008.[22][23][7]

Wing to Fly

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In 2010, under Mwangi's leadership, Equity Bank launched the Wings to Fly initiative, which provides scholarships to needy students in Kenya. Since its inception, a total of 17,304 students have benefited from the program with 633 having joined leading global learning institutions.[24]

In April 2020, Mwangi and his family donated Ksh. 300 million to provide personal protective equipment (PPE) to health workers battling the COVID-19 pandemic in Kenya, with EGF matching the donation and the Mastercard Foundation adding Ksh. 500 million for a total donation of Ksh. 1.1 billion.[25]

Notable Awards and Honors

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Mwangi pictured in 2007
Global
  • Winner 2020 Oslo Business for Peace Award. [26][27]
  • 2019 Bloomberg 50, 2019 [28][29]
  • Forbes African Person of the Year, 2012[30]
  • Ernst and Young’s World Entrepreneur of the Year, 2012 [31]
  • International Planned Parenthood Federation (IPPF) Award for Philanthropy, 2012
  • Financial Times’ Top 50 Emerging Market Business Leaders and the 20 Most Influential People in Africa, 2011
  • African Person of the Year Runner Up - Commonwealth Business Council, 2009
  • The G8 Global Vision Award, 2007
Regional
  • CEO of the Year - The Africa Investor Awards, 2009[32] and 2015[33]
  • Africa Investor Awards, CEO of the Year: 2009[34], 2015
  • African Banker Awards, African Banker of the Year: 2010, 2011, 2018[35]
  • Innovation Leader of the Year- The Africa Investor Awards, 2012
  • Ernst & Young World Entrepreneur of the Year: 2012
  • Forbes Africa Person of the Year: 2012[36]
  • African Business Leader of the Year - The Africa Investor Awards, 2013
  • Banker Africa (East Africa), Banker of the Year: 2017, 2018
  • ThinkBusiness Banking Awards, CEO of the Year: 2017,[37] 2018[38]
  • The Bloomberg 50 List, Finance: 2019[39]
  • The African Leader of the Year - African Leadership Network, 2012
  • All Africa Business Leader Award - ABN Group and CNBC Africa, 2012
National Honours

Source: Equity Group Holdings[42]

References

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  1. ^ "James Mwangi: A Life Stranger Than Fiction". African Business Magazine. 6 September 2012. Retrieved 31 August 2020.
  2. ^ "Ten least known Kenyan women billionaires". People Daily. 8 June 2020. Retrieved 31 August 2020.
  3. ^ Kwama, Kenneth (4 December 2013). "Success Story of Equity Bank CEO, James Mwangi". The Standard. Nairobi. Retrieved 21 October 2014.
  4. ^ "Equity Bank of Kenya: Our History". Equity Bank of Kenya. Archived from the original on 20 October 2014. Retrieved 21 October 2014.
  5. ^ a b "OBG talks to James Mwangi, Chairman, Kenya Vision 2030 Delivery Board". Oxford Business Group. 19 November 2014. Retrieved 23 November 2017.
  6. ^ Rix, Craig (24 July 2012). "The Education History of James Mwangi". KenyaYetu.net. Retrieved 21 October 2014.
  7. ^ a b c "Dr. James Mwangi". Columbia Global Centers. Retrieved 18 August 2020.
  8. ^ "Dr. James Mwangi | School of Business". University of Nairobi. Retrieved 26 May 2019.{{cite web}}: CS1 maint: url-status (link)
  9. ^ "Case Study of an African Bank Comes to Life at Stanford GSB". Stanford Graduate School of Business. Retrieved 9 September 2020.
  10. ^ a b Chris, Ogbechie (2009). "The Transformation of Equity Bank". Lagos Business School. Retrieved 9 September 2020.{{cite web}}: CS1 maint: numeric names: authors list (link)
  11. ^ John, Ratichek (2011). "Equity Bank and the Hunger Safety Net Programme (HSNP) in Kenya". FSD Kenya. Retrieved 9 September 2020. {{cite web}}: Unknown parameter |DUPLICATE-url= ignored (help)
  12. ^ Coetzee, Gerhard; Mnjama, Andrew; Kabbucho, Kamau. "Understanding the Re-birth of Equity Building Society in Kenya" (PDF). Microsave.net. Retrieved 9 September 2020.
  13. ^ Omar, Sigomba Ramadhan. "Peaks and valleys of Equity's 35 years expedition". The Standard. Retrieved 31 August 2020.
  14. ^ "The career profile of Equity Bank CEO James Mwangi". Bizna Kenya. 14 February 2016. Retrieved 23 May 2019.
  15. ^ "Equity Bank Cross-Lists on USE". New Vision. 21 June 2009. Archived from the original on 21 October 2014. Retrieved 22 October 2014.
  16. ^ Kangethe, Kennedy (17 April 2014). "Equity In 20pc Profit Rise To Sh3.8bn". Capital Business. Retrieved 22 October 2014.
  17. ^ "Investor Relations". Equity Group Holdings. Retrieved 19 August 2020.
  18. ^ Wheatley, Jonathan; Lapper, Richard; Burgis, Tom; Jopson, Barney; Wallis, William; Bryant, Chris; Cienski, Jan; Clover, Charles; Olearchyk, Roman; Anderlini, Jamil; Hille, Kathrin; Mitchell, Tom; McGregor, Richard; Dyer, Geoff; Aglionby, John; Kassel, Johanna (29 April 2010). "50 emerging market business leaders". Financial Times. Retrieved 19 August 2020.
  19. ^ "James Mwangi: A Life Stranger Than Fiction". African Business. 6 September 2012. Retrieved 18 August 2020.
  20. ^ Juma, Victor (20 October 2014). "Mwangi family's fortune in Equity tops Sh12bn". Business Daily Africa. Retrieved 22 October 2014.
  21. ^ "Uhuru reappoints James Mwangi as Meru University chancellor". Business Daily Africa. 20 July 2018. Retrieved 18 August 2020.
  22. ^ "Equity Bank's Group Managing Director & CEO Dr. James Mwangi, talks philanthropy during Covid-19 at Africa.com Webinar". Africa.com. 20 July 2020. Retrieved 18 August 2020.
  23. ^ "Equity Group Foundation (EGF)". Devex. Retrieved 19 August 2020.
  24. ^ Wanzala, Ouma (11 December 2015). "Equity Bank's Wings to Fly scholarship targets 30,000 students". Daily Nation. Retrieved 27 August 2020.
  25. ^ Njugunah, Margaret (30 April 2020). "James Mwangi, Family Donate Sh300mn To Fight COVID-19 In Kenya". Capital Business. Retrieved 18 August 2020.
  26. ^ "Equity's James Mwangi wins 2020 Oslo Business for Peace Award". The Standard. Retrieved 10 September 2020.
  27. ^ "Equity's Mwangi feted for financial inclusion effort". Business Daily. Retrieved 10 September 2020.
  28. ^ Mutai, Anthony (10 December 2019). "Equity Group's Dr. James Mwangi Honored in the 2019 Bloomberg 50". Horticultural News. Retrieved 31 August 2020.
  29. ^ "James Mwangi of Equity honored in the 2019 Bloomberg 50". Capital Business. 10 December 2019. Retrieved 31 August 2020.
  30. ^ "Dr. James Mwangi". COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK. Retrieved 31 August 2020.
  31. ^ "James Mwangi". www.ey.com. Ernst & Young Global Limited. Retrieved 31 August 2020.
  32. ^ "Best of African Capital Markets: 2009 Africa investor Index Series Awards Winners | African Capital Markets News". Retrieved 31 August 2020.
  33. ^ "Africa: Dr. James Mwangi Scoops CEO of the Year Award At the Africa Investor Summit". Retrieved 31 August 2020.
  34. ^ Ndonga, Elsie (24 May 2018). "Equity CEO Dr James Mwangi Wins The Banker Of The Year In The African Banker Awards. Check Out His Other Achievements". Potentash. Retrieved 31 August 2020.
  35. ^ "African Banker Awards". African Banker Awards. Archived from the original on 18 August 2020. Retrieved 18 August 2020.
  36. ^ Mulunda, Luke (14 April 2016). "James Mwangi, Equity Bank CEO, is Forbes Africa Person of the Year for 2012". Business Today. Retrieved 23 May 2019.
  37. ^ "Banking awards in Kenya 2017: Think Business Best Banks in Kenya, Financial Institutions ranking". KenyaYote.com. 5 May 2017. Retrieved 18 August 2020.
  38. ^ "Equity Bank scoops 22 Think Business Banking Awards". Business Today. 15 May 2018. Retrieved 18 August 2020.
  39. ^ Malingha, David (4 December 2019). "James Mwangi Is the Banker Who Has Big Plans for Africa". Bloomberg News. Retrieved 18 August 2020.
  40. ^ "THE KENYA GAZETTE Published by Authority of the Republic of Kenya" (PDF). Government of Kenya. Retrieved 31 August 2020.
  41. ^ Kihiu, Njoki (1 June 2020). "Health DG Amoth among 68 Kenyans conferred Presidential Order of Service Award » Capital News". Capital News. Retrieved 31 August 2020.
  42. ^ "About Equity". Equity Group Holdings. Archived from the original on 18 August 2020. Retrieved 18 August 2020.
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See also

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Category:Living people Category:1965 births Category:Kenyan businesspeople Category:Kikuyu people Category:Kenyan accountants Category:Kenyan bankers Category:University of Nairobi alumni Category:Kenyan business executives

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