This archive report was first published on 29 August 2019.
Equity Group's Finserve Future Uncertain Amid Key Manager Resignations ¶
Published on August 29, 2019, Equity Group is considering separating its Finserve Africa business from the main business, following the resignation of two key managers.
According to an insider, Finserve's performance is part of the reason for the anticipated spin-off. Additionally, Bloomberg notes that it is unlikely that the subsidiary will achieve its $22 million revenue target in its first year.
Earlier this month, Finserve's Managing Director, Jack Ngare, left for Microsoft, while Eric Karobia, the Executive Director, quit Finserve to become Airtel Money's director in Uganda.
The separation of Finserve Africa from Equity Group spells uncertainty, as Finserve helped build the Bank's mobile banking business through Equitel.
Finserve Africa is a technology subsidiary that provides financial products such as Jenga API, Jenga Payment Gateway, Equitel, and mKey. The company also provides innovations through data insights and a customer-driven culture.
