Equity to acquire ProCredit bank as DRC approves its m-banking infrastructure

Equity Group’s bid to acquire ProCredit bank Congo was given a boost by the DRC government’s approval of their M-banking infrastructure.

The announcement was made by Dr. James Mwangi, Group CEO Equity Group Holdings Limited during the bank’s Investor Briefing, where he said that this move would see Equity achieve exponential growth in a short time.

“Our acquisition of ProCredit bank is underway and DRC has already approved the agency, they have approved Mobile banking and we are now negotiating incentives,” Dr. Mwangi said,

“the most exciting thing is that we are going to hopefully sign with the government of DRC for us to process the payroll of all the civil servants, and if that happens we will be three times bigger in one year.” He added.

The only approval remaining for the deal to go through, according to Dr. Mwangi, is the consolidating authority’s approval, apart from which, the bank has the rest of the required approvals; some of which include approvals  from; CMA, Central Bank of DRC, Uganda, Rwanda, Tanzania and the COMESA.

Philip Sigwart who worked at ProCredit bank as the chief trainer was announced as the executive director of the, soon to be, Equity bank DRC, by Dr. Mwangi.

“We are very close to finalizing the transaction sale of ProCredit bank Congo to Equity group, and we are very excited about it because Equity group has the same vision and mission as ProCredit always had,” Mr. Sigwart said,

“the main focus of ProCredit in the DRC was to finance Small and medium sized companies. We have managed to transform the sector in the financing of SME’S, but we have not focused on financial inclusion and I think this is the next stage of development for the institution in the DRC and I think Equity is the strongest partner we could have imagined,” he added.