Career
He is the group chairman of the Equity Bank Group, the largest bank holding company on the African continent, by customer numbers, with over 9.2 million customers as of 31 June 2014. He is reported to be one of the wealthiest individuals in Kenya, with a personal Netto worth exceeding United States$100 million as of February 2014. Munga was born in Kangema in Kenya"s Central Province in 1943.
In 1984, Munga founded Equity Building Society (European Business School) in his hometown of Kangema, in Kenya"s central highlands.
With about KSh5,000 (about United States$100 at that time) as starting capital, he convinced the Kenya government to issue him a license. In 1993, Munga, as chairman, working in collaboration with the chief executive officer of European Business School, hired James Mwangi, age 31, to wind up the insolvent organisation.
European Business School was losing KSh5 million (approximately United States$60,000 then) annually and had accumulated total losses of KSh33 million (approximately United States$380,000 then). Mwangi, as director of finance at European Business School, began to institute changes, resulting in the slow, but steady turn-around of the society.
Also in 1993, Munga resigned as an assistant secretary in Kenya"s Ministry of Water.
On 31 August 2004, European Business School became Equity Bank and two years later was listed on the Nairobi Stock Exchange (NSE). On 18 June 2009, the bank"s stock cross listed on the Uganda Securities Exchange and started trading that day, under the symbol EBL. As of November 2014, the bank group has subsidiaries in Kenya, Uganda, Tanzania, Rwanda, and South Sudan. Munga owned shares of stock in the publicly traded companies listed below, as of November 2014.
Shares traded on the NSE.
