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Schools across the country bagged cash prizes of up to Ksh50,000 as the regional competitions of the Kenya Music Festival ended, with top honours awarded for creative performances that championed insurance adoption by rebranding it as a vital “vaccine” and a protective “ark” against life’s journey.

These messages align with this year’s KMF theme Enhancing the Creative Economy through Artistic Expression for Sustainable Development and reflect Equity Bank’s theme “Securing Lives Transformed and Wealth Created through Life, Health, and Wealth Insurance,” with the financial entity as the main sponsor of the festivals.

Educators at the festival championed the push for early financial literacy, arguing that these creative platforms are ideal for instilling crucial life skills. Abel Mariaka, a teacher and composer from CGHU Primary School, Starehe, stressed the necessity of starting early. “It’s important for them to save early because they need to prepare well for their future lives,” he said, adding that such planning is vital for covering future school fees amid inflation. As a composer, Mr. Mariaka also noted a significant shift in the festival’s creative themes, which now embrace topics like digital technology and finance. He sees this as a positive development, suggesting that even AI can be used as a tool to “encourage creativity and innovation among the students.”

John Njuguna, a trainer at Mirema School, echoed this sentiment, particularly on the subject of insurance. He stressed the practical importance of this education, arguing that it provides a foundation for future security. He noted that when today’s students face challenges like illness later in life, they can “rely on what you learned when you were young about the insurance.” Mr. Njuguna added that understanding that education has a cost and that insurance can help secure it is a vital lesson for learners.

Leading the charge at the regionals showcased across the country, Kyeni Girls High School, in a compelling narrative performed at the Chuka regionals, declared that “Insurance is your vaccine.” Their piece argued that just as a vaccine shield against illness, insurance provides a crucial defence against financial distress, covering everything from funeral expenses to ensuring “quality health without you.”

Echoing this sentiment of security, Mabe Twinkling Stars, a Primary School in Nairobi, showcased “The Ark” as their central metaphor for insurance. This ark, they explained, is a haven where individuals and their investments are protected from life’s storms. “Consider Insurance, for you never know when tragedy will attack,” they explained, highlighting the comprehensive nature of policies that cover everything from life and health to property and even work-related injuries. Their performance culminated in a powerful call to action: “Come on, come on. Let’s be assured we are insured.”

Meanwhile, Mtopanga Secondary from Mombasa championed insurance as a steadfast shield. Their recitations consistently reinforced the idea of protection and peace of mind. While preforming at Kenyatta High School Mwatate in Taita Taveta County, the high school students confidently declared, “We have removed worries. We are shielded with a shield.” This shield, they articulated, extends to various aspects of life, from ensuring financial stability in the face of illness – “It will treat cancer” – to covering funeral expenses and even providing for retirement and in times of crisis, will ensure families are not burdened.”

Mwenje Girls also detailed how insurance supports education, provides a comfortable retirement, ensures good health, and even offers support during times of disability.

With Ksh25 million sponsorship from Equity Group, the partnership has proven fruitful at the regional levels ending this July. The nationals, set to be held in Meru this August, will see top performers like Precious Blood Secondary School, Alliance Girls High School, Statehouse Girls, Meru School, St Martin Kaewa, compete for the final honors.

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Unilever and Equity Bank have announced a strategic partnership to offer a Distributor Financing Solution, designed to strengthen manufacturing supply chains, improve product availability, and accelerate growth across the markets.

This initiative is part of a broader effort to empower small and medium-sized enterprises (SMEs), enhance distribution efficiency, and fuel sustainable growth in the fast-moving consumer goods (FMCG) manufacturing sector.

Under the partnership, Equity Bank will provide tailored working capital financing to Unilever’s distributors, enabling them to access credit, improve stock availability, and expand their reach into underserved markets.

Key Highlights of the Partnership:

  • Accelerated Access to Finance: Distributors within Unilever’s network will benefit from customized credit solutions that support day-to-day operations, drive inventory management, and unlock growth potential
  • Supply Chain Optimization: The solution will support Unilever’s critical last-mile delivery, ensuring that products remain available and accessible to consumers across the region.
  • Financial Inclusion: The initiative also supports broader financial inclusion by extending credit facilities to MSMEs within Unilever’s ecosystem through Equity Bank’s innovative financial products.

Equity Bank Kenya Managing Director Moses Nyabanda described the partnership as a strategic alignment of purpose. “Our mission is to empower consumers, businesses and communities,” said Nyabanda.

“This collaboration with Unilever allows us to extend affordable, accessible credit to traders who form are key drivers of Kenya’s economy and with Equity’s reach across all 47 counties, we’re positioned to scale this quickly. Manufacturing is a vital pillar of Kenya’s economy, contributing 7.8% to the national GDP. We are proud to partner with Unilever, to offer tailored distributor financing solutions. This initiative not only empowers SMEs but also fosters inclusive economic growth by channeling capital to where it’s needed most: into the hands of entrepreneurs who drive the supply chain from end to end.”

Speaking on the partnership Luck Ochieng, Managing Director, Unilever East Africa said “We are delighted to continue empowering our business partners through this transformative partnership with Equity Bank, enabling them to access affordable financing, build capacity, and unlock new commercial opportunities. This initiative is a testament to our unwavering commitment to sustainability and inclusive growth, ensuring that every distributor, regardless of size or location, has the tools to thrive.”

“By investing close to KES 2.4 billion annually, we are not only strengthening our supply chain but also creating meaningful employment and promoting economic development within our business communities across Kenya,” he added.

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Kenya’s economic vitality is significantly driven by its grassroots enterprises and community groups, often known as chamas. These collective entities play a crucial role in fostering local development and economic activity.

Despite their economic contribution, these small and medium sized enterprises often face limited access to credit, compounded by low financial literacy and informal operations.

Recognising this immense potential, and the critical need for capital, financial inclusion, and a robust savings culture within these groups, Equity Bank has strategically positioned its Pamoja Banking to offer a comprehensive suite of financial solutions designed to empower groups and individuals.

Pamoja Banking offers tailored financial solutions, primarily targeting registered groups of 12-40 members across various sectors like agriculture, trade, and investments. These groups can be undergoing Business Development Services trainings offered by Equity Bank Kenya, registered with the bank, other MFIs and Banks for at least one year.

It also empowers individual micro-entrepreneurs aged 18 and above, who gain financial access through their group affiliations and individual members looking to start or expand their businesses.

Benefits of Pamoja Banking products 

Pamoja Banking offers several key advantages that extend beyond traditional credit provision. It cultivates disciplined saving habits within groups and ensures accessibility and convenience for joint and group accounts.

Furthermore, groups gain remarkable flexibility by being able to access up to three loans simultaneously. Members also benefit from free training that equips them with essential financial management knowledge, complemented by guidance from Equity’s relationship managers on productive fund utilization.

Additionally, the service provides access to 24-hour banking through a Multiple Approval Service for Joint & Group Accounts.

These advantages are delivered through a comprehensive suite of Pamoja Banking products, each designed to meet specific financial needs. These are:

Fanikisha Jamii Loan

Supports household needs, from school fees to medical bills, with amounts up to Kes 2 million and flexible repayment terms.

Pamoja Kilimo Loan

A lifeline for the agricultural sector, providing up to Kes 10 million for production, farm inputs, and machinery, with a repayment period extending to 60 months.

Pamoja Biashara Loan

Fuels entrepreneurship with up to Kes 10 million for startups, stock financing, and business expansion, repayable over 36 months.

Pamoja Investment Loan

Facilitates significant investments like movable asset financing, land purchases, and micro-housing, offering up to Kes 10 million with a generous repayment period of up to 120 months.

Beyond these core offerings, Pamoja Banking extends its reach to specialized areas:

Group Insurance Premium Financing

Supports various insurance payments (health, crop, motor, etc.) up to Kes 1 million, helping groups manage risk effectively.

Chama Investments Loan

Empowers local micro-entrepreneur groups to invest collectively, with substantial loan amounts up to Kes 100 million for project financing and real estate development.

Diaspora Chama Investment Loan

A strategic initiative targeting Kenyans in the diaspora, enabling them to collectively invest back home, with facilities up to Kes 200 million. This taps into the significant remittances flowing into the country and channels them into productive investments.

For groups and micro-entrepreneurs keen on leveraging structured financial solutions, exploring the detailed provisions of such initiatives is a crucial next step towards sustainable growth.

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Part of the delegates who participated in the 2025 Tanzania – Uganda Trade and Investment roadshow, during a site visit to GALCO LIMITED, a member of GSM Group Of Companies, in Dar es Salaam. They are joined by AQ Hamza, Equity Group Director International Trade Relations (Centre Left)

Equity Group spearheaded a high-impact Trade and Investment Mission to Tanzania and Uganda, bringing together investors from across Africa and beyond to explore trade and investment opportunities in the region’s fast-growing markets. The week-long mission, which spanned Dar es Salaam, Zanzibar, and Kampala, was designed to promote cross-border trade and investment and strengthen regional value chains under the Group’s Africa Recovery and Resilience Plan (ARRP).

Organized in partnership with Equity Bank Tanzania and Equity Bank Uganda, the mission convened over 50 investors from Asia, Africa, Middle East and Europe, including entrepreneurs, private equity firms, development partners, and institutional investors. Delegates participated in panel discussions, B2B networking, government and business forums, and strategic site visits in sectors such as agribusiness, energy, tourism, infrastructure, financial services, manufacturing and the Blue Economy.

“This mission is a strategic effort to unlock the enormous potential that exists in Tanzania and Uganda by connecting global capital to local opportunities,” said Dr. James Mwangi, Equity Group Managing Director and CEO. “Our goal is to catalyze investment and trade that deliver lasting impact, creating jobs, enhancing value chains, and driving inclusive economic growth.”

In Tanzania, the mission explored opportunities in agro-processing, tourism, renewable energy, ICT, and more. Investors visited key developments in Dar es Salaam and Zanzibar, where the blue economy and sustainable real estate are drawing rising interest.

“Tanzania is not just an emerging market, it is a rising economic powerhouse,” said Isabela Maganga, Managing Director, Equity Bank (Tanzania) Limited. “This is more than a roadshow; it’s a strategic platform aligning capital with national and continental priorities under AfCFTA. At Equity, we’re proud to help turn potential into progress.”

Government officials echoed the private sector’s enthusiasm.

“Tanzania is open for business, and institutions like Equity Bank are helping accelerate that momentum,” noted James Maziku, Director of Investment Services at the Tanzania Investment Centre (TIC). “With a supportive investment climate and bold reforms, this initiative is timely and aligned with our national development goals.”

In Zanzibar, leaders praised the bank’s approach to inclusive investment facilitation.

“Equity’s initiative to connect local businesses with global investors is commendable,” said Hon. Omar S. Shaaban, Zanzibar’s Minister of Trade and Industrial Development. “It’s rare to see a financial institution so actively building cross-border investment bridges.”

Hon. Rashid Ali Salim, Deputy Principal Secretary in Zanzibar’s President’s Office, added, “This mission is a gateway for our people to access international markets, especially in tourism and the blue economy. It’s a true example of impactful public-private collaboration.”

The Uganda leg of the mission focused on value addition, manufacturing, and agri-tech, with delegates touring industrial zones and holding discussions with policymakers and entrepreneurs.

“Uganda is emerging as a dynamic investment destination, thanks to its stable economy, rich resources, and reform-oriented environment,” said Gift Shoko, Managing Director, Equity Bank Uganda. “This mission showcases real opportunities to create local value for regional and global markets.”

The Private Sector Foundation Uganda (PSFU) highlighted the importance of such partnerships in shaping a stronger regional economy.

“This mission reflects our readiness to collaborate with the private sector in attracting investment, boosting industrialization, and building resilient economies,” noted a PSFU representative. “Such partnerships are key to unlocking Africa’s next growth frontier.”

The trade mission built on the legacy of successful Equity-led trade and investment missions in recent years, including Kenya-DRC, US-Tanzania, Belgium-DRC-Rwanda, Singapore-Kenya, India-Kenya, South Africa-Kenya, US-Tanzania-Kenya, India-Rwanda-Uganda, and DRC Investors Roadshows. These missions have helped catalyze billions in investment, facilitate new business partnerships, and supported regional trade integration helping to facilitate the Africa Free Continental Trade Area Agreement, of which Equity Group is a signatory. In addition, through a formal partnership with the East African Community (EAC), Equity is actively supporting the creation of a common market by accelerating the implementation of the ARRP.

As part of its Africa Recovery and Resilience Plan, Equity Group is redirecting liquidity equivalent to 2% of the region’s GDP toward the private sector, targeting critical value chains in agriculture, manufacturing, MSMEs, and infrastructure. The plan aims to reach 100 million people and businesses by 2030 and create up to 50 million jobs across the continent.

Ronny Mulongo, a representative from the Private Sector Foundation Uganda (PSFU) said, “This mission reflects our region’s readiness to collaborate with the private sector in attracting investment, driving industrialization, and building resilient, inclusive economies. Partnerships like these are essential for unlocking Africa’s next phase of growth.”

The Tanzania-Uganda Trade Mission is a continuation of the Group’s commitment to transforming lives and livelihoods by connecting people, capital, and opportunity across Africa.

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East African Cables

East African Cables PLC has faced a significant blow in its legal battle with Equity Bank (Kenya) Limited, as the Court of Appeal dismissed its application for an injunction, effectively allowing the bank to proceed with the sale of four prime properties.

This ruling marks a critical development for the struggling cable manufacturer, which has been seeking to prevent the forced sale over a reported debt exceeding Kshs. 2.2 billion.

The decision, delivered by Justices J. Mohammed, Tuiyott, and Nyamweya, upholds a High Court ruling from November 11, 2024, which had also dismissed East African Cables’ initial application to halt the sale.

East African Cables had sought to prevent Equity Bank from advertising, selling, or otherwise dealing with properties identified as L.R. No. 209/4235, L.R. No. 209/8176, L.R. No. 209/6982/1, and L.R. No. 209/6982/2, pending the outcome of an intended appeal. The company argued that the appeal had strong prospects of success and that a sale of the properties would render their appeal nugatory.

However, the Court of Appeal, while acknowledging that East African Cables had an “arguable appeal” concerning the interplay of existing interim orders from another case, ultimately ruled against the injunction. The court’s decision hinged on Section 99(4) of The Land Act 2012, which stipulates that any person prejudiced by an improper exercise of the power of sale has a remedy in damages.

“That is the complete answer to any person who offers his or her property as security in exchange of a Bank facility and pleads that the lender is acting improperly,” the judges stated in their ruling.

Given Equity Bank’s status as a “tier 1 Bank” the judges said it has the ability to pay any damages incurred should East African Cables receive a favourable final judgement in the dispute.

This means Equity Bank is now at liberty to proceed with its statutory right to sell the four properties, which were offered as security for facilities granted to East African Cables. The interim orders that had temporarily protected the properties have been discharged.

For East African Cables, this ruling intensifies the pressure on its financial standing and could lead to the loss of significant assets. The company’s next steps will likely involve pursuing the full appeal, although the immediate threat of the property sales looms large.

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It’s the last week of April Holiday. The kids are rushing to finalize their homework and arrange school bags in readiness for the new term.  As a parent, you are scrolling your calendar in disbelief, school starts next week. And let’s not even talk about the school supply list the school sent you, did the pencils and the rubbers go missing again over the holiday?

You’re somewhere between excitement that the kids are going back to school and full-blown panic of where to get cash for all that’s required. As the back-to-school hustle intensifies, one thing is clear: parents everywhere are feeling the strain. From school fees to buying supplies, the costs add up quickly. What every parent needs right now is a financial partner, someone who can provide handy, adaptable solutions to assist them deal with these stresses while saving time and keeping them focused.

Digital loans are the ultimate solution for quick, reliable funds, without the hassle. Eazzy Loan is designed to help cover back-to-school expenses, whether it’s paying fees or shopping for supplies. Access funds instantly by dialing *247*6#, using the Equity Mobile App, or Equitel, with no paperwork or branch visits required. You can borrow up to Kshs. 3 million to meet your back-to-school needs.

And if you find yourself short when making payments using Equity *247#, the app, or Equitel, simply accept the Boostika prompt to top up your funds. Simple, fast, and secure.

When it comes to paying school fees, digital payment solutions such as Equity Online provide a seamless and convenient way to settle payments directly to the school’s account in real-time. This service is available on both laptops and mobile devices, allowing you to monitor your payments and ensure everything is settled on time. Simply enter the school’s account number, followed by the student’s name and admission number in the remarks field. You can also download a payment summary for sending to the bursar or school treasurer and for easy reconciliation with the school.

For back-to-school shopping, Pay with Equity offers a convenient, zero-charge solution. Look for the One Equity Till Number sign or ask the merchant if they accept payments via Pay with Equity when shopping. Payments can be made via *247#, the Equity Mobile App, or Equitel, and you can also use your Equity Visa, Mastercard, or Amex cards for FREE. Every shilling counts. Look out for shopping discounts and where you can save a shilling here and there.

To safeguard your child’s pocket money and ensure they can manage their spending with ease, equip them with an Equity Prepaid Card. The card is easily available at any Equity branch and is issued instantly. This secure card ensures your child’s funds are safe from theft or misplacement, giving you peace of mind while allowing your child the freedom to manage their purchases.

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Equity Bank Kenya Managing Director Moses Nyabanda addresses High Networth Individuals and SMEs during the customer engagement breakfast.

Equity has challenged Small and Medium-sized Enterprises (SMEs) to partner with the bank in their expansion plans. The bank has also committed to facilitating SME’s regional and global market linkages as well as enhancing their access to affordable credit.

Addressing select High Networth Individuals (HNIs) and some of the high-impact SMEs in Nairobi, Equity Bank Kenya Managing Director Moses Nyabanda stressed the banks willingness to support the entrepreneurs and foster business growth and job creation.

“We gather here not just as a bank and its customers but as partners in progress. At Equity Bank, we recognize that SMEs are the lifeblood of our economy. Your tenacity, creativity, and perseverance drive Kenya forward, creating jobs, expanding industries and uplifting communities. You are not just business owners; you are nation builders,” said Nyabanda, emphasizing the need for feedback from the HNIs and SMEs, majority of whom are captains of industry, leading industrialists, decision-makers and thought leaders who play a catalytic role in value chains growth.

Addressing the power of partnership for business growth, Nyabanda hailed the entrepreneurial spirit of the businessmen and women, drawn from within the Nairobi CBD Cluster, comprising six key branches—Harambee Avenue, Tom Mboya, Moi Avenue, Knut House, Kenyatta Avenue and Kahawa House— from the wider Nairobi East Region.

“We are here to reconnect, exchange ideas and get feedback from you. It’s also about the trust you place in us and the impact we create together. At Equity, we don’t see banking as a transaction. We see it as a relationship. We are committed to empowering you with financial solutions tailored to your unique needs, whether it’s working capital, trade finance, digital banking solutions, or investment advisory,” said Nyabanda.

“We are here to explore how we can support your businesses in unlocking growth opportunities across the country, the region and in the global markets.  We are committed to supporting our customers through every phase of their business journey. Please challenge us with blended requests, don’t just come to us with fixed requests of loans,” said Nyabanda, stressing that Equity is driving the Africa Recovery and Resilience Plan (ARRP), which focuses on empowering the businesses, fostering economic transformation and ensuring sustainable prosperity communities.

Nyabanda reassured the businessmen and women affordable access to finance, saying: “We continue to enhance access to affordable credit, ensuring that businesses can invest in expansion, working capital and innovation. Through solutions like SME lending, asset financing and trade finance, we are providing the financial muscle needed to drive growth”

The MD also highlighted the bank’s commitment to digital banking solutions, saying they ensure that transactions are seamless, secure and efficient. He further said: “Equity Bank is more than a financial institution, we are an ecosystem built to nurture growth, empower entrepreneurs, and enable success through offering many other integrated services, including insurance. Our commitment to you as we look ahead, our mission remains clear; to be your financial partner of choice, walking with you every step of the way.”

Equity Bank Kenya Head of HNIs, Kevin Bwaley said the bank has a wide range of services and products targeting HNIs, including a “dedicated Relationship Manager, Priority Banking Services, Exclusive Investment Products, Higher Credit Limits and Competitive Rates, Wealth Management Integration, Tax Optimization and Advisory as well as Estate and Succession Planning”.

The breakfast, which is part of a wider plan to win over the hearts and minds of HNIs, aimed to strengthen relationship with HNIs and cooperate clients, while positioning Equity as a premium financial partner. Besides previous events targeting HNIs such as golf tournaments, Padel Tennis tournaments and others, this was also an opportunity to showcase the bank’s tailored services and offer networking opportunities, enhancing Equity brand positioning among affluent clients and creating cross-selling opportunities for our HNIs.

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East African Cables has welcomed the court injunction stopping Equity Bank from placing it under administration as it announced that its operations would continue as usual.

High Court on Monday stopped attempts by Equity Bank to take over East Africa Cables and its parent company Transcentury PLC.

The Court Injunction issued on the appointment of an administrator to East African Cables took effect immediately ensuring business operations continue as usual.

“East African Cables PLC (“EAC”) would like to inform shareholders, partners, and the public that the company has obtained a court injunction in regard to the notice dated 16th June 2023 issued by Equity Bank to appoint an administrator to EAC,” said EAC chairman Michael G Waweru.

Waweru said the injunction is on the basis that the bank appointed an administrator while parties were engaged in negotiations.

He said: “I am glad that the brief setback that this unfortunate action had brought to the business is behind us and we can now focus on what we do best, providing quality cables to our customers across the region.”

In a press statement, Waweru decried the “ extreme and unfortunate action” by Equity Bank.

“ We have been in what we viewed as positive discussions with the bank up until a day before the appointment of the administrator, therefore the extreme and unfortunate action taken by the bank came to us as a surprise,” he said. “EAC is a renowned and astute business and we’ve been committed to meeting our obligations and continue to do so despite the prevailing challenging macro environment.”

The injunction by Justice Alfred Mabeya of the Milimani Commercial Courts put a stop to the appointment of the administrator and restrained them or their agents from performing any actions in the capacity of administrator of the company.

The move allows EAC to return to focusing on the business operation and strategy.

East African Cables is a household brand in the region, with the largest electrical cable manufacturing plant in East and Central Africa.

Since 1966, the company has played a key role in the electrification drive across the region, connecting households, factories, and streets with power.

EAC has over 200 employees in Kenya and Tanzania and works with a wide network of electricians, traders, distributors, consultants in the business ecosystem.

EAC CEO Paul Muigai added that “East African Cables is the undisputed number one cable brand in the region, we have built an admired brand that is powering nearly all homesteads, factories, streets in this country and beyond. We are synonymous with the electrification success of this country and are confident of our business model and the unwavering support from our customers, staff and shareholders. We are delighted to resume serving our customers in every corner of our country!”

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East African Cables

East African Cables PLC (“EAC”) has obtained a court injunction in regard to the notice dated 16th June 2023 issued by Equity Bank to appoint an administrator to EAC.

The injunction is on the basis that the bank appointed an administrator while parties were engaged in negotiations.

“I am glad that the brief setback that this unfortunate action had brought to the business is behind us and we can now focus on what we do best, providing quality cables to our customers across the region,” said Dr. M.G Waweru on receiving the injunction.

“We have been on what we viewed as positive discussions with the bank up until a day before the appointment of the administrator, therefore the extreme and unfortunate action taken by the bank came to us as a surprise. EAC is a renowned and astute business and we’ve been committed to meeting our obligations and continue to do so despite the prevailing challenging macro environment,”added Dr.Waweru.

The injunction puts a stop to the appointment of the administrator and restrains them or their agents from performing any actions in the capacity of administrator of the company.

This will allow EAC to return to focusing on the business operation and strategy.

East African Cables is a household brand in the region, with the largest electrical cable manufacturing plant in East and Central Africa.

Since 1966, the company has played a key role in the electrification drive across the region, connecting households, factories, and streets with power.

EAC has over 200 employees in Kenya and Tanzania and works with a wide network of electricians, traders, distributors,
consultants in the business ecosystem.

East African Cables CEO Paul Muigai added, “East African Cables is the undisputed number one cable brand in the region, we have built an admired brand that is powering nearly all homesteads, factories, streets in this country and beyond. We are
synonymous with the electrification success of this country and are confident of our business model and the unwavering support from our customers, staff and shareholders. We are delighted to resume serving our customers in every corner of our country!”

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The move by Equity Bank to place the infrastructure based investment firm Transcentury and its subsidiary East African Cables under receivership over a debt of Shs 4.8 billion is a wake up call to President Ruto and his government.

As President Ruto strives to create a conducive environment for investors to create and grow businesses in order to create jobs, the predatory move by creditors like Equity Bank will definitely derail the KK government job creation agenda.

Equity Bank this week announced that Muriu Thoithi and George Weru of PriceWaterhouseCoopers (PWC) have been appointed joint receivers of Transcentury with effect from June 16th 2023.

The bank also appointed Thoithi and Weru as joint administrators of East Africa Cables.

In an advertisement placed on local dailies, Equity Bank stated that “ The powers of director (of Transcentury) in terms of dealing with the company’s business and assets no longer apply. Any person who purports to hold, receive, use, or attempt to buy or sell, contract or otherwise deal with the company without the prior written consent of the receivers will be acting in contravention of the law and will be liable to legal action.”

The move has predictably alarmed the business community and every one else who cares about the Kenyan economy.

Everyone understands very well how such drastic and draconian actions by banks have in the past killed healthy companies, leading to massive job losses and sending thousands into poverty.

It’s common knowledge that receiver managers in kenya are like morticians whose clients never live after. Blue Chip companies such as Nakumatt, ARM Cement and Deacons East Africa never survived receivership.

Its still fresh in many people’s minds how the Kenyan horticulture sector suffered when the country’s largest flower firm Karuturi Limited was placed under receivership by Stanbic Bank over a Shs 383 million debt.

More than 3,000 workers lost their livelihood and Naivasha town has never been the same ever after.

The effects of the collapse of Nakumatt chain of supermarkets are still felt today.

Other companies which have suffered under these banks include Kinangop Wind Park, Pan Paper Mills, Spencon, Mumias Sugar and Eveready East Africa.

It is high time President Ruto intervened and saved local investors and businesses from these vulture-like banks who seem to derive sadistic joy in killing companies.

For starters the government must initiate amendments to the receivership laws to curb the cannibalistic tendencies of banks like Equity Bank who hardly care about public interest.
If not checked, the move by Equity Bank will take down another local success story and send thousands of employees into poverty during these hard economic times.

The banks must not be allowed to operate unilaterally without taking into consideration the interests of the staff, other creditors, clients, taxman, regional integration and the economy at large.

The president must intervene and bring together the business community to charter a new way forward for the country before these banks kill kenya’s economy.

Equity Bank must be told in no uncertain terms that its frustrating the government and the country’s economic aspirations .

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Members of parliament have summoned Equity Bank CEO James Mwangi over an alleged Ksh15 billion loan to Deputy President William Ruto Turkish associate Harun Aydin.

According to the letter addressed to Mwangi by Homa Bay Woman MP Gladys Wanga-led National Assembly Committee on Finance and Planning, he is supposed to appear before it on Wednesday.

He is set to shed light on the loan allegedly given to the Turk who was deported after being linked to terror and money laundering activities.

Ruto claimed that he made a phone call to Equity Bank to facilitate the loan for Mr Aydin to set up a vaccine manufacturing plant in Uganda.

“The purpose of this letter is to invite you to a meeting with the committee scheduled for August 25 in the mini-chamber,” reads a letter by the committee.

The MPs will be seeking to know whether the bank adhered to section 43 of the Proceeds of Crime and Anti-money Laundering Act while advancing the loan to Mr Aydin.

Also, the committee will seek understanding onwhether Mr Aydin holds or operates any accounts with Equity Bank and the particulars on the security used to guarantee the Ksh15 billion credit.

During his arrest, Aydin was in the company of a Ugandan businessman, Paul Bamutaze, who was also arrested and later deported to Kampala by road.

Bamutaze has apparently filed a case at the East African Court of Justice over remarks by ODM politicians against Uganda’s ruling National Resistance Movement (NRM).

Ruto claimed that Aydin was a victim of bad politics and not a terrorist.

He alluded that the businessman, who has a valid Kenyan work permit, was being frustrated by top government officials over links with him.

Harun was among businessmen and politicians who were scheduled to travel with Ruto in an aborted private trip to Uganda.

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