Equity Group CEO, Dr James Mwangi has been appointed as an economic advisor to the International Finance Corporation’s (IFC) board.
According to the invitation letter by IFC vice president Hans Peter Lankes, Dr James mwangi will play a role in offering atrategic advise to the IFC.
‘We believe you can add significant value to how we execute our mission,” and further states that the new IFC Strategy 3.0 “puts a premium on sound economic and strategic advice” the letter states.
James Mwangi has over time, been recognised for his effort in transforming the banking sector. Among the recognitions he has been given include the Africa Investor’s CEO of the year award.
He also won the Ernst & Young World Entrepreneur Of The Year in 2012 at an awards ceremony that was held in Monte Carlo’s Salle des Etoiles.
In 2012, International Finance Corporation (IFC), extended a Kshs 8.3 billion ( US$100 million) loan to Equity Bank Group to support lending to small and medium businesses, agricultural projects and women entrepreneurs in the region.
The financing was to support the growth of Equity Bank Group’s lending portfolio in Kenya, Uganda, Tanzania, South Sudan and Rwanda.
Equity Bank Group focuses on extending inclusive financial services especially to the underserved populations in the region.
According to the CEO, a significant barrier to the growth of the SME sector, most of which are owned by women and the youth, is access to affordable credit.