Equity CEO calls for citizen control of financial data to drive digital economy

Equity Bank CEO James Mwangi has called for greater control of financial data by individuals, saying it could play a key role in expanding Africa’s digital economy.

Speaking in Nairobi during a visit by MBA students from the Stanford Graduate School of Business, the Equity Group Managing Director and CEO said citizen-controlled data could support financial inclusion and economic growth.

He said there is a need to move towards open banking systems where individuals own and manage their personal data, granting access to financial service providers when necessary.

“The future belongs to citizens who own their data, not institutions that warehouse it. Once people can freely grant access to their own data, we unlock new scoring models, new services, and entirely new business models,” he said.

Mwangi said open banking and banking-as-a-service models are likely to shape Africa’s financial infrastructure.

He noted that such systems allow retailers and technology platforms to offer financial services, while regulated institutions provide licensing and financial backing. He also raised concerns about the risk of exclusion in the shift to digital systems.

“We must create digital economies without creating digital exclusion. If data becomes the new currency, then digital literacy becomes the new basic education. Inclusion must be intentional; otherwise, we deepen inequality instead of driving shared prosperity,” he said.

Joanne Korir said partnerships, talent development and knowledge exchange are part of efforts to support a technology-driven economy

. “Our focus is building a tech-enabled economy driven by research and innovation,” she said.

Korir said such engagements contribute to linking African scholars with international opportunities.

Zhingou He, who led the delegation, said the visit offered insights into Kenya’s financial sector.

“What stands out is how Equity has built systems that go beyond traditional banking to drive inclusion and real economic participation,” he said. The visit included discussions on digital inclusion, data governance and platform-based banking.