Equity Group Expands Regionally, adding 538 Jobs

Last year, Equity Group hired 538 more people to work at more branches, mostly in the Democratic Republic of the Congo (DRC), which is also home to its most successful subsidiary.

The lender stated in its most recent annual report that the number of permanent employees increased from 7,688 to 8,226 in the year ended December 2022.

According to the most recent figures, Equity has increased its workforce by 1,908 over the last four years, underscoring the effect of the area’s ongoing expansion. It employed 6,318 people in 2018.

Equity had added 16 branches by September of last year, increasing its total to 353 from 337 in December 2021, with DRC’s Equity Banque Commerciale du Congo (Equity BCDC) branches increasing from 70 to 81.

The organization is now present in Kenya, Uganda, South Sudan, Tanzania, Rwanda, and the Democratic Republic of the Congo. The subsidiaries’ share of Equity’s total profits has grown as a result of expansion and new investment.

According to Equity’s most recent disclosures, the growth of subsidiaries has reduced the share of Kenyan operations in group profits from 85 percent in 2018 to 72.4 percent at the end of last year.

The increase in employee numbers caused Equity’s staff costs to rise 29.8 percent to Sh24.8 billion in the review period, up from Sh19.1 billion the previous year.

The increase in payroll costs increased the group’s total operating costs from Sh61.5 billion to Sh86.1 billion.

According to Equity Group CEO James Mwangi, the increase in staff costs was also caused by salary increases during the review period. The increase in employee numbers caused Equity’s staff costs to rise 29.8 percent to Sh24.8 billion in the review period, up from Sh19.1 billion the previous year.