Nairobi — Equity Group Holdings plans to expand into Mozambique, its CEO and Managing Director James Mwangi has revealed.

Speaking during the 19th Ambassadors and High Commissioners Conference held in Nairobi, Mwangi credited William Ruto for facilitating an introduction to Mozambique's President Daniel Chapo during his recent visit to Kenya.

Following the meeting, Mwangi said he secured an appointment with President Chapo scheduled for the week of April 27, 2026.

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"As a result of that introduction, I have been given an appointment for the week of April 27th (2026)," Mwangi said.

"As a business person, it is impossible to secure such an appointment in a country where you have no connections without the help of a high commissioner or ambassador. That single introduction provided me with trust, as I was endorsed by my country and was there representing it. This is truly the essence of what diplomats do."

If the lender secures regulatory approval to enter the Southern African country, it will become its sixth subsidiary outside Kenya. The Group currently operates in the Democratic Republic of Congo (DRC), Uganda, Rwanda, Tanzania, and South Sudan.

Regional subsidiaries have increasingly driven the Group's profitability. In 2025, Equity Group's profit after tax rose by 55 percent to Sh75.5 billion, supported by strong performance across both local and regional operations.

Equity Bank Kenya remained the largest contributor with a 63 percent jump in profit to Sh39.2 billion, while the DRC subsidiary posted a 58 percent increase to Sh24.7 billion. Uganda recorded a 300 percent surge in earnings to Sh3.6 billion, with Rwanda and Tanzania units also registering growth to Sh5.4 billion and Sh2.7 billion respectively.