Kampala — Equity Bank Chief Executive, Dr James Mwangi has emerged African Business Leader of the year after his Bank won the2009 African Business Award. The Awards are an annual event to recognize those who have showed special skills in driving Africa's rapidly transforming economy through excellence and best practices in African businesses.

Speaking at the award giving ceremony in London on Tuesday, the Chairman of Rio Tinto and CBC, Paul Skinner, said that the African Business Awards are a demonstration of the strong business interest in Africa and the enthusiasm of investors and business leaders on the continent.

Mr Tinto said that the achievements of business leaders are changing the perception of Africa's potential in domestic and international markets. "Business leaders are creating new economic opportunities for citizens and communities all over the continent and inspiring the new younger entrepreneurs who will shape the future of Africa," said Tinto.

On receiving the Award, Dr Mwangi said: "We are delighted to receive the African Business award which is in line with our mission of making banking accessible and affordable to the majority of our African people who have been excluded from the financial system".

The competition which was organised by IC Publications - the publishers of African business magazine is an initiative by the Commonwealth Business Council and African Business to boost the sector through the provision of better services to clients on the African Continent. Equity Bank recently expanded to cover Uganda as its first move to the whole of East Africa after gaining firm roots in Kenya.

Dr Mwangi said that Africa had continued to lag behind because the majority of its people do not have access to finance. "We have revolutionised the concept of banking in the region by appreciating that wealth cannot be created if financial systems are exclusive," he said. Equity Bank beat the other five nominees that included BMCE (Morroco), Dangote (Nigeria), Ecobank (Togo), MTN (South Africa) and Orascom Constructio Industries (Egypt).