Fordham University            The Jesuit University of New York

Mwangi lecture

Dr. Mwangi's Lecture on Commercial Microfinance Models
Sept. 18th, 2008

Pictured: Dr. James Mwangi (CEO of Equity Bank), Dr. Erick Rengifo (Director of CIPS) and Dr. Mwangi's son
Dr. Mwangi came to Fordham on Sept. 18th to deliver a lecture on the microfinance model used by Equity Bank in Kenya.  He spoke about how Equity Bank has managed to become one of the most successful banks in Kenya, currently holding 45% of deposits, and being considered, for 2 years running, the best bank in Kenya by Euromoney, a prestigious financial publication.  They have achieved this by creating a model that eliminats the hurdles normally keeping the poor from utilizing financial services.  These included eliminating minimum balances and withdrawal fees on all savings accounts and promoting responsible loans combined with reasonable interest rates.  They also have the most extensive ATM network in the country and allow clients to accomplish most of their banking needs on a cell phone.  They have recently received a large grant from the Soros Foundation and have signed an agreement to expand into Uganda.  We are currently in the planning stages of forming a partnership between CIPS and Equity Bank.

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