Equity Bank’s James Mwangi– From Selling Charcoal As A Young Boy To Becoming The Most Successful Banker In The History Of Modern Africa

Equity Bank’s James Mwangi– From Selling Charcoal As A Young Boy To Becoming The Most Successful Banker In The History Of Modern Africa

James Mwangi has risen the ranks to one of the most admired entrepreneurs of our time . The main man has transformed the former building society into one of the top banks today . He is a hero in the eyes of most young people who aspire to be like him.

His is a story of determination. A story that proofs that you are the only limit to your success. Your future has nothing to do with what your present is.
So where did it all begin for the business guru. Lets us look at where he has come from;

1. He used to sell charcoal to make a living

Mr. Mwangi hails from the humble highlands of the Aberdares, as a young boy Mwangi got to witness the cruel hand of death as his father was snatched away from him. His father was a Mau Mau fighter who died in the struggle, leaving behind a young widow with seven children.

For him there was no time for childish games as it meant that everyone had to chip in so that there would be food on the table. Like his siblings he opted to selling charcoal, selling fruits and tending to livestock so that the fires in the house kept burning.

2. Got a government scholarship for his high school education

Despite the hard times in the family, his poor mother, Grace Wairimu choose to give all her children an education no matter what it took. Sad to say she went under scrutiny when she announced that all her children including daughter would get an education. Educating girls? That was unheard of!

Mwangi saw the determination in his mother and worked hard in school. His only goal in life was to make a better life for himself and the rest of his family.

His hard work would see him get good grades and it was from this that he got a government scholarship to study at Ichagaki Secondary School where he was introduced to the world of accountancy . He would later join Kagema High School for his A levels in economics, literature and geography.

Perhaps his struggles are the reason Mwangi is so passionate about young people getting proper education hence the Wings to Fly Foundation.

3. Took over the now Equity Bank at only 28 years of age

In the late 90s Kenya was struggling to transform from the colonial system to a new nation. Although the demand for credit services was high the industry was struggling. At that time, the then CEO of Equity Building Society requested Mwangi to take over and transform the industry.

4. Equity was on the verge of collapsing when he took over

At that time the Building Society was making Ksh 5 million in losses every year. By the time Mwangi took over, it was on the verge of making its major loss of Ksh 30 million. The employees had not been paid and their motivation was low  . Management had no hope in reviving the company but Mwangi saw things differently.

He vowed to do his best to make the society big once more. It was then that he took the bold step of turning the building society into a bank and the rest as they say is history.

5. Named World Entrepreneur of the Year

In 2012, 59 champs of business each having won the Ernest and Young Entrepreneur of the Year Award in their own categories, gathered in the state of Monaco to watch the crowning of the World Entrepreneur of the Year. There was pin drop silence as the envelope was opened and James Mwangi’s name was called out.

This was a victory not only for him or Kenya but Africa as a whole and an inspiration for black entrepreneurs all over the world.

6. His role model is Nelson Mandela

Mwangi attributes his success in business to the fact that he has leaders like the South African icon who have motivated him to always look out for others. Being an agent of social development in Africa and changing lives for the better keeps him going.

From a humble beginning, to one of the most successful business people in Africa – James Mwangi’s story is surely one that is bound to inspire us all.-