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Tuesday, August 18, 2009

Is It Time To Drop Equity Bank?

The evidence is no longer anecdotal. Equity Bank is not for us all!

Over the years, since this bank started operating in Kenya, there have been recurrent complaints from a growing section of the Kenyan populace who feel the bank serves only the interests of a certain community. In keeping with my practice to breath fire when I think things aren't going right, let me say that the community folks refer to is our brothers and sisters from Central Province. It doesn't help matters that the bank is heavily staffed by men and women from that region. So if perception is anything to go by, it is time for people across the country, who feel the bank does not serve their interests, to close their accounts and walk away.

A secret analysis of the bank's trends was conducted by folks I won't name here after complaints about the bank's lending patterns reached a crescendo early this year. The findings are indeed troubling. First and foremost, it is now clear that the bank generally lends larger sums of money to Kikuyus than it does to folks from elsewhere, unless those folks are supper-rich and would pay back the money lent to them within a few days. according to that study, this amounts to the bank using funds from communities across the country, who bank with it, to enrich the region from where its top management emanates. This is a morally indefensible practice.

Then there is the practice of loading key positions within the banks hierarchy with members of the House of Mumbi. In another lifetime, we used to call that kind of thing tribalism. The problem with this practice is that the decision-making committees are automatically dominated by folks from Central Province. Given that state of affairs, chances that loan applications from non-Central Kenyans are scrutinized and turned down at a higher rate than would be ordinarily acceptable if the decision-makers were a lot more mixed.

If you add the fact that Equity Bank's ATMs are down at the end of every month to the troubling lending trends, and the fact that the bank boasts some of the longest lines in the history of Kenyan banking, what you have is a bank that people should be fleeing, not celebrating. And by the way, those rumors you've heard about the bank's political connection are not unfounded. Looking at where the donor funds to the government are pumped and where top politicians from Central Province bank, you can't deny this political-connection reality. Lest I sound naive, let me say that in and of itself, the fact that Central political and corporate heavyweights bank at Equity is not a problem; the problem is whether the bank will survive when President Kibaki is no longer its unofficial patron.

Can Equity Bank be trusted to get it right?

As it's presently constituted and run, NO!

Fellow Kenyans, what I'm saying is that the time to walk away from a bank that does not serve the interests of this nation's people is now. From Kisumu to Nakuru to Kakamega to Isiolo, the time to reassess our allegiance to this institution is today, not tomorrow. If we wait till tomorrow, we'll have unwittingly participated in the empowerment of one community at the expense of the ones we come from. That is not what we set out to do when we opened accounts at Equity.

So let's work with banks that will empower Kenyans equally. Unless Equity meets the Lord and gets baptized!


Anonymous said...


Anonymous said...

"It doesn't help matters that the bank is heavily staffed by men and women from that region."

Uongo!! I am a member of the Kisumu Branch and the greater percentage of the tellers and the people behind the tellers are people from the lake.

Equity Bank is a private enterprise, why do you want it to be regionally and equitably represented and staffed? Equity Bank has shareholders and is listed at the NSE. Have you ever heard the shareholders complaining? I usually take the NYAUGENYA Bus when going to and from Kisumu. All its manambas, turnboys, drivers and owner are people from the lake. Are you willing to write a similar thread for NyaUgenya Bus?
Stop being myopic and writing pieces whose sole purpose is to inflame tribalistic responses. Hey, Marianne Briner, save us from this man!!

Phil said...

"Anonymous said....Stop being myopic and writing pieces whose sole purpose is to inflame tribalistic responses. Hey, Marianne Briner, save us from this man!!"

Sam I urge you to ignore this lunatic who keeps posting here as anonymous - he forgets that his numerous IP addresses give him away. He's the same fellow who has been fighting chris all these years, and lately attacking Taabu for publishing the folly of fraudulent leadership in Kenya.

Back to your post Sam, I couldnt agree with you more. Equity has benefited at the expense of state enterprises like NBK where, for instance, donor funds are forcibly channeled through equity instead of some of the state owned banks or even other publicly owned like Co-op Bank.

Any fund that has been set up by government, be it for youth, women, or even the rural electrification, these loans can only be obtained through Equity Bank. One wonders what happened to KCB, NBK, Co-op Bank and the rest? Equities growth is directly linked to the tax paid by the citizens of Kenya.

Someone yelled heere that Equity is a private business. Then, for crying out loud, why should state enterprises like NSSF, NHIF, KRA and most of those parastals falling under the ministry of Agriculture be compelled to open accounts at Equity, and deposit a a minimum amount in hundreds of millions, as well as apply for overdrafts for any publicly funded development projects? Is this not open corruption?

What Iam saying is, the banks rapid growth is not as a result of hard work and proper business practices. The aim here is to economically empower one group of people so that they hopefully can continue to economically control the country even after the tenure of one Kibaki ends in 2012. This is not a secret.

Nobody in their sane minds should even have opened the so-called free bank account at Equity in the first place.

Anonymous said...

Are you serious? YOu actually take the banking sector and then turn it into some tribal tension topic?

Get real, you say there are complaints, but at the same time, why havent those complaints been aired in the media?

At the end of the day, if you are going to raise an issue you better show hard facts to back it. What you are doing is starting a fire where its not needed, and using explosive arguments.

Perhaps even if it were true you are even talking about a small percentage of Equity bank that has done this. If that is an issue, people should band together and complain!! They do that for equality for ethnic minorities in many countries, so why not complain to the actual bank? Secondly, you and many Kenyans seem to think that everything has such a strong political undertone that it is dysfunctional, well you are wrong.

Injeraz said...

Ill be sending this blog post to the police. its irresponsible crap like this that leads to Kenyans dying. Shame on you sam okello.

M-Pesa said...

FIRST, this is another thinly veiled attack on Kikuyus and not Equity, precisely what one expects from Kumekucha especially when everyone has been running away from it's shallow analysis. Sam Okello the self styled "analyst" has now been wheeled in to revitalize the ailing blog. Karibu Kumekucha's own "Mutahi Ngunyi." Hehe hehe...

SECOND, in the board of directors, 6 out of 10 directors are actually non-Kikuyus and you can prove it from their website in just under 1 minute. These six non Kikuyus are movers and shakers, house hold names in Kenya who are there because they are able and can deliver and they have!

They have not been appointed just for inclusivity or to please doomsayers. Unlike Sam Okello who has been consistently accused of massive fraud in his publishing works, these men and women could have resigned ages ago if indeed Equity is a tribal monolith that is on it's death bed. So, What are they still doing there?

Equity is going places in Uganda, Southern Sundan etc. As a seal of confidence in the bank, it's now 25% owned by a private equity and has won over 10 international awards! Eat your hearts out!

THIRD. I challenge you to publish the findings of the "secret" analysis which you claim was conducted by some unnamed ghosts, otherwise it all hearsay and cheap bar talk that should be treated with the contempt it deserves!

Fourth: I agree that Equity's ATM are always non functioning at the end of the month due to over withdrawal by it's millions of loyal clients. This should not be surprising considering that Equity is the biggest bank in Kenya by virtue off it's client base.

However, this can be blamed on Kenyan's primitive culture of paying everyone at the same day. In our herd mentality, we work the same shift and get paid the same day. That's why the roads are constantly jammed. This madness also makes Safaricom and other giant companies to fail their clients. We need to change this backward culture. Why for example. can't all teachers be paid on 15 of every month?

Fifth: If indeed you qualify for a loan and you are turned down by this bank, why not come out openly and table your claim in front of the Kikuyu bashing media like KTN, Kumekucha and Standard newspapers. They will just relish publishing your allegations and you will also get handsomely paid!

I know this blog has been shunned of late by it's readers due it's dull, shallow and boring content, but Sam Okello may have just spiked it with time tested formula of stirring ethnic hate to attract more hits.

What a genius!

Mwarang'ethe said...


We have written a number of posts here on the question of MONOPOLY of money by the state and its consequences for democracy and equal opportunity. Some guys out of sheer ignorance on the question of money have dismissed that view as misguided.

A few days ago, we explained that the economic and political domination of Kikuyu/Gema is due to money monopoly we have given the govt. Without dismantling this state monopoly on creation of money, the cries of the marginalised Kenyans shall be in vain, and their votes shall be useless.

Now, let us make something very clear. Banks DO NOT LEND MONEY. we repeat that statement for when it is understood, it is a powerful statemen. BANKS DO NOT LEND MONEY. So, what do they do? Simply, banks only ALLOW PEOPLE TO CREATE MONEY. One may ask, so what? Lets explain.

In the days of aristocracy, a man's/woman's worth was judged by WHAT HE OWNED and HIS PLACE OF BIRTH. Now, that kind of aristocracy died, but, its principles live in the modern banking without knowledge of many bankers and the masses.

Under our current monetary and banking system in Kenya, as well as around the world there are two sources of money:

(a) The PRIMARY money, i.e. legal tender money, i.e. the Central Bank of Kenya, and

(b) the source of SUBSTITUTE money, i.e. borrowers from banks.

Simply, our money supply is monopolised. It is through this monopoly the aristocratic principles has been kept alive by the modern state and the bankers who are nothing but agents of the state.

Given that modern banking stems from pawnbroking, the modern banker uses WEALTH as the criterion for giving credit (REMEMBER, WE SAID CREDIT IS PERMISSION TO CREATE MONEY, i.e. the modern banker allows ONLY THE WEALTHY TO CREATE MONEY. Can u ask why the gap and the rich is widening once u understand what we have written above??

More so, to the modern banker, it is the PROPERTIED who are regarded as good risks. i.e. only the PROPERTIED under our current monetary system are allowed TO CREATE MONEY.

From the above, it is clear that, modern banking is ARISTOCRATIC while EXCHANGE is DEMOCRACTIC. As a result, he rates very high the materialised while denigrading POTENTIAL.

The inescapable conclusion from what we have written is this. By monopolising money power, the states through bankers, are in a position to give IMMUNITY to SELECT FEW to CREATE money while denying the masses the same rights.

As we know, money is power and power is money. The select few who are allowed to create money in our current DEBT BASED monetay system, are the lords of the majority who are not allowed to create money. It is from this point we have noted for many days here, political democracy without economic democracy is a waste of time.

There are those who will attack our considered position. If they think we are wrong, let us also establish BABY DIAPER ACT and establish a BABY ISSUING GOVERNMENTAL AUTHORITY. Thereafter, we shall see whether:

(a) Such a body can provide ADEQUATED diapers.
(b) such a body can provide baby diapers to all regions without discrimination.

If u consider the above, u shall come to the conclusion that, only those who are pregnant and have babies can determine how many diapers they need and the quality.

The same applies to money. Let us abolish money monopoly and allow the CREATORS OF WEALTH issue their own money. That is the real democracy. However, as we noted yesterday, the right wing communists believe that the state should control money supply. The results of this practice is self evident to those who have eyes. Unfortunately, many are unable to see the REAL ISSUE.

Anonymous said...

Ya, this was to attract respenses. I mean am not kikuyu and i have no account with Equity but i still find the post too stupid. If it is a kikuyu bank, so what? There are wahindi banks catering mainly for wahindis. Other communities can start their own banks.

Phil knows nothing about parastal accounts. These are not the nyayo days when a corporation could be ordered to put money into some bank. Most parastals have accounts with most of the major banks. a bank like CBA because of its specilisation in corporate banking dominates these accounts. Equity has very little parastal money. And I know what am talking about.

Phil said...


It is six out of 11 including the Chairman, which makes 5 (or 40%) of them sharing origins. In a country of nearly 40million, with 43 different groupings, how does it sound for one group to take 40% of the Board (given board decisions are more often reached by voting)? Private Business? Nonsense.

Moreover, would you also care to give us an analysis of those occupying the senior management positions that Okello alludes to? The same link is one click / one minute away, hehehe!

While you are at it, please also give us the exact shareholding structure of Equity Bank(starting with the notorious individuals behind Trans Century Group) well known group of businessmen fronting for the powers that be currently occupying State House.

This bank and the individuals behind it are 'successful' purely on account of riding on the backs of tax paying Kenyans, enjoying proximity to the presidency and having the right kind of genes (as Taabu would put it).... Nothing else, at hardwork!

M-Pesa said...


I'm very sure you would not complain if some of your fellow illiterate tribesmen in shuka were to sit on the board of Equity Bank just like in Moi days although they have never seen a computer. What percentage of other tribes as employees or board members would satisfy your tribal appetites, 50%... 60%... 90%, just say it.

Then after the tribal arithmetics is complete, women groups will start their agitation, then disabled groups, lesbian groups, marginalized Ogieks, would never stop.

As a shareholder in the most exciting bank in Africa, the main thing for me is to see it's continued success that translates into more cash in my pocket. No one is forced to open an Equity account at gunpoint, if you find it annoying, shove out, since there are other 40 plus banks in our beloved nation. That's the beauty of it.

Mimi bado ni memba! Mta do?

Anonymous said...

This is why intelligent people have stopped posting here. The crowd here is too stupid for its own good. I hope rao keeps the phils and okellos of this world very far from him.

luke said...

ati Kumekucha is an e-member of equity

Anonymous said...

My advice to those who have accounts at Equity is this, heed Okello's call and flee. If you don't do it now, do it in 2011 before kibs leaves office.

Anonymous said...

This member advert is definitely working if it can make the likes of Sam Okello and moronic Phil so pissed off.This is a private entity not a government parastatal and they can employ whomever they damn please without having tojustify it to anyone.Can the above morons give us the shareholding of the Kisumu Molasses plant and the list of names of all the employees and see how it reads.Shameless mezeni wembe.'Nyumite central,na ndi memba!'

Anonymous said...

Am a kale and am a member. I have no problem in getting loans from the bank,sam u shud promote national unity if this blog wants to remain relevant.By the way what are objectives of kk?

Anonymous said...

If you read okellos bokk The Mau Mau Prophecy, you will understand the thingking of this dangerous writer. arrest this man,

Ken said...

Instead of dealing with more serious issues like lack of water en electricity in this country we are dealing with this kind of crap??

As someone said, we have enough Muhindi banks in Kenya en no one complains. Sam Okello, please open a Jaruo bank and no one will bother you... Or you lack the brains and capital for it??

Sam, you are such an idiot. Such a motherfucker. You are the cource of Kenya's problems. You are the assholes who promote tribalism in this country.

I had stopped reading Kumekucha coz of crap en when I come back I find more crap. Stupid idiots

Anonymous said...

When a bank is as succesful as Equity is, it bears more responsibility for moral rectitude. Is that so difficult to understand? By the way, if Equity is what Africa is proud of, mercy!

Philip said...

Equity this, Equity that, I don't care, all I know is that my father left KCB and joined Equity, I also don't know why he did that.

But what I care most is that these sentiments were there in 2007 and contributed to the bitterness against Kikuyus that nearly engulfed the country. I have never verified whether it's true, and I'm not ready to verify at the moment when there is TJRC.

Therefore I call on Bethuel Kiplagat to put this among the issues to investigate.


Yours is news to me, you mean that's what's happening?


Can it be that it appears that way simply because majority of those who go for loan are Kikuyus? Maybe you'll find that even on other banks it's Kikuyus who go for loan. Therefore if other tribes don't go for loan then Kikuyus should not be blamed. How many cases how you come across where other tribes are being denied loan while Kikuyus are given?

I think we need to call Bethuel Kiplagat to find the truth here.

Bethuel! Bethuel! Where are you?

Anonymous said...


If someone asked me who between you and Okello is an asshole, I would bet on you!

Mwarang'ethe said...

Firstly, we do not share Okello's view that, Equity or Kikuyu's are not the problem. To think that putting other tribes in the Equity will improve things is nothing but, an improvement of a perversion.

Our message is this:

You tell us that Equity is a private business and therefore we should be happy about that. We know more than that. Let’s trace the origin of money power through banks in modern times.

When USA declared independence, Washington chose Jefferson as the Secretary of State one of the most accomplished scholars the USA has ever produced.

He was a man of great practical ideas on how to constitute a proper government of any age, so as to ensure liberty for all.

Above all, he was a firm believer and a friend of humanity who believed in the capacity of the common people to govern themselves. In that sense, Jefferson represented the industrial class who produce wealth through their labour.

In the same Cabinet, there was Hamilton as the Secretary of Treasury. Hamilton was an aristocrat by birth and was also connected via marriage to the wealthiest families of the landed aristocracy of New York. He therefore represented the trading, banking and the commercial interests of that day.

It is the presence of these two men with complete antagonistic ideas in the Washington’s government which produced the current political division in the USA (as well as around the world) and the dominant monetary and banking system in the world today. Therefore, their influence is right here with us. To understand their ideas, it to appreciate where we are.

One of the first things Hamilton did was to aid and sanction the Act of Congress of 25th Feb. 1791 which chartered the Bank of the United States. Jefferson, being a very brilliant man of all ages, was able to see the danger inherent in this act. He thus advised the president to veto the bill. Unfortunately, Washington went with Hamilton ideas.

So, what was kind of bank was this? It was a private bank whose capital was fixed at 10 million dollars. It was given powers to issue its circulating notes as money having full legal tender for taxes etc. It was also made the DEPOSITARY of the revenues of the USA govt. It therefore became the fiscal agent of the Treasury Department. For these extensive powers and exclusive privilege granted for 20 years conferred by Congress, it paid the US a small bonus.

Is this not what Equity and all banks are today? I.e. chartered monopolies to produce money for wealth creators?

Therefore, through this charter, we see the first appearance of ORGANISED MONEY POWER in the USA which has spread to all nations. It is this same power that the USA founders led by Jefferson wanted to disband.

It did not take long for this bank to show its true colours. When it was denied charter in 1811, it caused the great panic of 1811 by contraction of currency.

More importantly, Jefferson did give this warning to the USA in May 28, 1816:

"The system of banking we have both equally and ever reprobated. I contemplate it as a blot left in all our constitutions which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens. Funding I consider as limited rightfully to a redemption of the debt within the lives of a majority of the generation contracting it; every generation coming equally by the laws of the Creator of the world to the free possession of the earth He made for their subsistence unincumbered by their predecessors. And I sincerely believe with you that banking institutions are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale."

As a result of these monopolies, wealth of around 45 trillion dollars has been wiped out in this current depression.

Can a standing army create such a loss of wealth and burden on present and future generations as the banks have done?

Mwarang'ethe said...

Ken said...
Instead of dealing with more serious issues like lack of water en electricity in this country we are dealing with this kind of crap??

Our response:

Lack of water and electricity is a question of ecology. However, have u ever taken a few hours to inform yourself the connection between CURRENT BANKING PRACTICES AND DESTRUCTION OF ECOLOGY?

If you dared to do some little research, you will find that the ongoing ecological destruction around the world is to a large extent caused by present monetary and banking system.

Anonymous said...


Ken said...

My anger is in the manner Sam puts his points across.

In as much as luck of elec and water is ecological, our resources have been destroyed by our leaders, starting with Kenyatta all the way to Kibaki. Moi owns 10,000 Ha of tea in Mau yet has the balls to tell people to go slow on Mau.

Bundalangi has been flooding for years yet people in N. Eastern are dying of drought.

Israel imports soil from Kenya to grow crops yet we cannot move water from Budalangi to N. Eastern hence killing two birds with one stone.

These are the issues Sam should be discussing.

Equity is PRIVATELY owned and EVERYONE has a choice of where to bank. Those who bank at equity do so out of choice.

Even if 100% of its directors and employees are Kikuyu, I don't see the problem with that. What Sam and the rest who have problems with that can do is STOP banking with equity in protest. When customers withdraw, they will be forced to shutdown or do the famous power sharing.

The problem with Kenyans is we keep complaining over issues but NEVER do anything. We voted the assholes currently in power, we will complain for 5 years then vote them in again. That is the problem with Kenyans.

Constantly singing kikuyu this kikuyu that on blogs will NOT help you.

PS: The common Kikuyu is suffering as much as the common man from all the other tribes while the well to do Luo, Kalenjin or any other tribe is enjoying life as much as the well to do Kikuyu HENCE the problem is Kenya is not tribe but the rich and the poor.

Mwarang'ethe said...

CKen wrote that:

onstantly singing kikuyu this kikuyu that on blogs will NOT help you.

PS: The common Kikuyu is suffering as much as the common man from all the other tribes while the well to do Luo, Kalenjin or any other tribe is enjoying life as much as the well to do Kikuyu HENCE the problem is Kenya is not tribe but the rich and the poor.

Our views:

We concur fully.

Kikuyus/Gema are not and cannot be the problem. The truth is that, even we transfer power to another man from another tribe, he/she will use the money monopoly to enrich a few guys from that tribe. It will be the same old story.

The same will be with land question. Thus, let us not in our anger delude ourselves and start blaming Gema people.

From where we stand, we think the real solution lies in these non - exclusive ideas:

(a) 100% taxation of land value increament. In such a case, the idea of grabbing land for speculation will be ended.

(b) An end to money monopoly by the state. Let those who create wealth, issue money, for they are competent as sellers and buyers.

(c) Shift tax from labour and capital so as to create jobs. For instance, how can we create wealth when we tax and thereby hinder wealth creation via taxes like VAT?

Wangu wa Makeri said...

All you ODmorons complaining about Equity, did your demi-god not tell you to boycott the bank?
What's the issue now? You boycott and shut your mouth! - not come here kupayuka ovyo ovyo! We have more important urgent matters facing our nation not some stupid juvenile elementary analysis.

Her Majesty
Wangu wa Makeri

M-Pesa said...

Is it a bird, plane or rocket? No it's Equity Bank soring towards the stratosphere despite all the odds. Some few years go decent and hardworking Kenyans were being shunned by the big banks and asked to take their broke asses back to their farms and slums. Our fellow countrymen were treated like foreigners in their own country by these greedy banks owned by Wazungus.

That was until Equity the first indigenous bank trotted along and embraced all and sundry regardless of class. You never got asked for some fat payslip or staggering deposit to have some financial freedom. For once, most Kenyans felt liberated, like free men in their own country. Today, Barclays and co try to copy and paste Equity's methods and strategies.

The same tribalists beating drums of war claimed Equity was facing collapse after the elections and asked the masses to flee. But of course, truth always prevail and the bank is still engaged like never before.

The same Mad Mullahs of bigotry and negative ethnicity campaigned for Kenyans to boycott Citi Hoppas, Brookside milk and swore Kibaki would not last 2 weeks. Hehe hehe, it's now 2 years since and the doomsayers have not been silenced by their lunch of humble pie.

Na mimi bado nacheka tu!

Thriller said...

"Tribalists" to the core, in thought and in conduct, whether intellectual or daft. In Kenya there are only two groups (tribe is such a primitive term such that even progressive societies outside of Africa use ethnicity or other terminologies to indicate common socio-biological heritage)the rich and the poor

Anonymous said...


Professor Joseph Stiglitz (right), former Chief Economist of the World Bank, and former Chairman of President Clinton's Council of Economic Advisers, goes public over the World Bank's, "Four Step Strategy," which is designed to enslave nations to the bankers.

I summarize this below,

* Step One - Privatization
This is actually where national leaders are offered 10% commissions to their secret Swiss bank accounts in exchange for them trimming a few billion dollars off the sale price of national assets. Bribery and corruption, pure and simple.

*Step Two - Capital Market Liberalization
This is the repealing any laws that taxes money going over its borders. Stiglitz calls this the, "hot money," cycle. Initially cash comes in from abroad to speculate in real estate and currency, then when the economy in that country starts to look promising, this outside wealth is pulled straight out again, causing the economy to collapse.

The nation then requires IMF help and the IMF provides it under the pretext that they raise interest rates anywhere from 30% to 80%. This happened in Indonesia and Brazil, also in other Asian and Latin American nations. These higher interest rates consequently impoverish a country, demolishing property values, savaging industrial production and draining national treasuries.

*Step Three - Market Based Pricing
This is where the prices of food, water and domestic gas are raised which predictably leads to social unrest in the respective nation, now more commonly referred to as, "IMF Riots." These riots cause the flight of capital and government bankruptcies. This benefits the foreign corporations as the nations remaining assets can be purchased at rock bottom prices.

*Step Four - Free Trade
This is where international corporations burst into Asia, Latin America and Africa, whilst at the same time Europe and America barricade their own markets against third world agriculture. They also impose extortionate tariffs which these countries have to pay for branded pharmaceuticals, causing soaring rates in death and disease

There are a lot of losers in this system, but a few winners - bankers. In fact the IMF and World Bank have made the sale of electricity, water, telephone and gas systems a condition of loans to every developing nation. This is estimated at 4 trillion dollars of publicly owned assets.

In September of this year, Professor Joseph Stiglitz is awarded the Nobel Prize in economics.

UrXlnc said...


in the absence of clear laws defining or outlawing discriminatory practice (be it perception or real) the first part of your post/argument is unfortunately very weak i.e the bank favors a region/community in the staffing and lending opportunities, leading to some discontent

...a growing section of the Kenyan populace who feel the bank serves only the interests of a certain community.

...the bank is heavily staffed by men and women from that region..loading key positions within the banks hierarchy with members of the House of Mumbi

...complaints about the bank's lending patterns ...lends larger sums of money to Kikuyus than it does to folks from elsewhere

as a private entity they can do whatever they damn well please

as i said regrettably that in itself (in present day kenya) is not really or necessarily criminal and not only very hard to prove (since as you've seen above, counter arguments would be based on bottom line, minimum qualifications etc) but also long winded and would yield absolutely nothing in the end

either those complaining need to economically empower themselves within the structures of the bank to become decision makers within the bank, or as you suggest move on to other pastures. the onus in this case is on the consumer of these products to make wise or appropriate decisions and is almost entirely a private affair and really should not concern us (the public in general)

the 2nd part is of more interest and phil captures it in his response

if the bank is unfairly/unscrupulously or otherwise inappropriately leveraging political patronage to feed off public funds such as donor funds, and other govt projects, then this should be of concern especially if there are other govt owned banks or institutions that should generally be used to channel such funds. i would be drawn to such findings, the other findings regarding internal operations and prejudices may be of interest but really what can you do? even the most dingiest of pubs will post a notice at the door "management reserves the right to admission" which simply states they have the right to discriminate on patronage.


now on the other hand, if you have been following closely mwarang'ethe has been posting some very interesting argument on re-tooling a population with alternate economic or more specifically alternate trading methodology or model that could potentially have some significant impact. only one other contributor has queried its viability so far, but it is certainly food for thought.

Anonymous said...

I also conducted a "secret study" which showed that the reason Kikuyus dominate the Equity top brass and end up qualifying for more loans is because they are much more entrepreneurial.Banks wants profit and any fool who thinks that they would turn money down just because it is from a different tribe is really bonkers. If you were a banker and were approached for a loan by a former hawker who grew his business to fledging kiosk and a "political activist" who specializes in hauling projectiles and is in the rail business (uprooting it), who would you trust with your money?

Anonymous said...

LOL! Sam does not even pay attention to their own warning:

Any post/s breaking the house rules of COMMON DECENCY will be promptly deleted, i.e. NO TRIBALISTIC, racist, sexist, homophobic, sexually explicit, abusive, swearing, out of topic, impersonation and spam AMONG OTHERS.

Anonymous said...

anon 7:58, you made my day! ati one of the guys is in the rail business!

Phil said...


Now that sensible commentators like yourself and Mwarengethe have come into this, I can add to what I already said.

First off, Cap 11 of the Laws of Kenya (Employment Act) Chapter 5 reads as follows:
(2)An employer shall promote equal opportunity in employment and strive to eliminate discrimination in any employment policy or practice.
(3) No employer shall discriminate directly or indirectly, against an employee or prospective employee or harass an employee or prospective employee―
(a) on grounds of race, colour, sex, language, religion, political or other opinion, nationality, ethnic or social origin, disability, pregnancy, mental status or HIV status;

Obviously, and even from data gathered from their own website, Equity Bank, despite them being a private company, have contravened sections of this act and their licence ought to be suspended pending further investigation by the ministry of labour. There is no way that 80% of the population can be unqualified to work for Equity, ppuleeaazzzz!

On top of this, one of the leading shareholders in Equity is a group calling itself Trans Century. Just do a google search on this group and tell me how many positive articles you come across touching on its dealings.

Secondly, it does not require anyone to be a rocket scientist to figure out why Equity Bank (and in this instance Family Finance Bank) are the first choice institutions when it comes to disbursing any major funds to the public. You just look at it; save for the ODM driven Kazi Kwa Vijana, the rest including the youth and women funds have been channelled through Equity although under normal circumstances this should have been done through either NBK, Co-op Bank or KCB. Even the Why? Your guess is good as mine.

Thirdly, through the efforts of our hard working Energy Minister – one Kiraitu Murungi – KPLC has been forced into a partnership with Equity Bank to disburse funds to the public in what is known as the Stima Loan. With only 10% of Kenya’s population having access to the national grid, this move holds huge business opportunity for Equity Bank. KPLC has regional offices up to the district level. Why did someone see it fit to usurp the previous rural electrification programme (that was incidentally killed by former KANU regime lighting up nondescript rural towns in Rift Valley at the expense of the rest of Kenya) and opted to give this to Equity? Why wasn’t this deal advertised for competitive bidding by all financial institutions as required by the public procurement act? I need not tell you that the Stima Loan attracts interest rate of 15%. With this kind of political goodwill, why shouldn’t a bank not win international awards for its CEO? Again, your guess is a good as mine. The bank has the right genes.

It is truly idiotic to shout about Equity Bank being a private business can operate as it wishes when in reality it is surviving on the goodwill of tax payer funds. Because the government controls the exchequer, our imperial executive uses its powers to channel our money to what was once a mere village micro-finance company. So, why not also consider other credible and transparently microfinance institutions like KWFT or FAULU or JAMII BORA to disburse funds to the grassroots? After all these institutions started operations way back, during the time the likes of Michuki and Githunguri were milking our banking industry dry because they had better genes than the rest of all Kenyans? Both gentlemen now own two of the best 5-star hotels in Nairobi, and are sitting pretty in the 10th parliament deciding which laws will govern us.

Sam captures it very well. It is high time to show Equity and its deranged members the middle finger..........and I agree with pleasure.

Anonymous said...

why then for heaven's sake can't odm goons in parliament raise this (non) issue then??

Mwarang'ethe said...

Philip wrote:

It is truly idiotic to shout about Equity Bank being a private business can operate as it wishes when in reality it is surviving on the goodwill of tax payer funds. Because the government controls the exchequer, our imperial executive uses its powers to channel our money to what was once a mere village micro-finance company.

Our views:

As we noted above, Equity and any other bank is as private as the bank Hamilton chartered against the wise counsel of Jefferson in the USA. It is therefore a continuation of this perversion.

Whoever wants to understand the battle of Banks against freedom of mankind, should read the biography of former USA president General Jackson. In fact, his farewell address on 3rd March, 1837 was nothing but a warning to Americans of the coming financial slavery if they let bankers come back.

General Jackson fought one of the most difficult battles with bankers. On the banker's side, were such eloquent and great men of the day such as Clay, Webster and Calhoun.

The battle was so royal, just we see today. Thats why his biographer described it thus:

"In these Jacksonian contests, therefore, we find nearly all the talent, near1y all the learning, nearly all the ancient wealth, nearly all the business activity,
nearly all the book-nourished intelligence, nearly all the silver-forked civilization of the country, united in opposition to General Jackson, who represented the country's untutored instincts."

Furthermore, economic discrimination is also rampant in the USA against the African - American. There have been legal attempts as Philips suggests since 1970's to check this anomaly. Has it worked? No. And, it will not work. (

The problem is not that the whites who control banks in the USA. In the same manner, the problem in Kenya is not Kikuyus or Indians.

The problem is the monoploy of money power erected by right wing communists. As we noted, these types of communists call themselves free trade people, but, it is a lie. They hide behind free economy so deceive the masses as they enslave them.

UrXlnc said...


on the issue of public funds from state institutions i agree

but as i said earlier and as the saying goes "the devil is in the details" i.e to prove discrimination is a huge, expensive and difficult undertaking, not impossible, but will just run endlessly in circles, thats why for some other countries, rather than expend energy on litigation they opted for affirmative action and specified criteria to be followed to reduce/minimize imbalance or marginalisation or discrimination (perceived or real).

so if the kenya govt can create and enforce affirmative action by compelling institutions to follow the census statistics or some other criteria in staffing and product/service delivery, then by all means let it do so.

the real cure for any form of discrimination is sustained effort such as boycotts of goods and products by those who are adequately informed, upright enough and economically (within the present context) or numerically empowered (i.e the consumer). it would therefore help a great deal to publish evidence of such discrimination. govts may act within the law to crack down on such firms, but this largely has no effect because whatever penalties imposed on firms, subsequently get passed to the consumer.

for as long as there is a willing customer, any enterprise will flourish, from illegal logging to poaching, changaa brewing, banking services, hawkers, you name it. the idea would be to make it economically unviable to operate through severe cash or operational penalties (by govt) or sustained and informed consumer boycott. for effective boycott there must be compelling evidence otherwise it would be hard to discount business envy/rivalry in its various forms.

heck dude, its even impossible to prove there is is is no discrimination in the various cabinet and govt appointments, even when we can see it in plain sight.

Mwarang'ethe said...

Phil said...

First off, Cap 11 of the Laws of Kenya (Employment Act) Chapter 5 reads as follows:
(2)An employer shall promote equal opportunity in employment and strive to eliminate discrimination in any employment policy or practice.

Our response:

As we noted, economic discrimination is not a Kikuyu or Indian thing.

In the USA, to address banks discriminatory practices, they enacted COMMUNITY REINVESMENT ACT of 1977.

Has the Act helped? Not really. Will such an approach work in Kenya. No.

We have explained why these measures are nothing but cutting the branch and not the root causes of these prractices that impoverise the marginalised. Cut the root and the tree will fall.

Anonymous said...

aki Okello, thank Godness your demi god and idiots like you did not get anywhere near statehouse.

Wasted education, your mother should have bought a boat and just fished instead of educating a retard like you

Anonymous said...

Mimi Kenya si rudi.

Anonymous said...

More bottom-feeding here. Honestly, when God wants to punish you, he takes your mind away first.

Anonymous said...

We need our own Usain Bolt to save this blog from Sam Okello!
I always wonder if sam okello is a normal human being??

Anonymous said...

I guess this means your loan application did not go through....

Anonymous said...

Are we to say the same of Muslim "Sharia complaint" banks whose products and services are specifically made to cater for our Muslim brother's and sister's?

I would really like to know why this was not brought up......

The biggest enemies of Kenya are those "educated junkies" who spend hours high on cheap concoction's spewing this kind of nonsense!!!

washindwe wote!!!

Anonymous said...

those who call this guy names just play into his trap. engage okello in a sober discussion and the facts may stand against him.

Anonymous said...

Happy Birthday, Sam Okello!

Sam Okello said...

Thank you anon@11:14 pm. I'd forgotten my own birthday!

Anonymous said...

One wonders what is going on in our governmetnt today, These members of parliament are all proving to be usless, just utter rubbish. I hear now that cabinet approved the deal for gov to buy into De la Rue seriously.....If what Sam says about equity is even half true then why did we elect these idiots, when will they do anything for the people? The conclusion here is that 'democracy' is rubbish, this system of electing mps is crap, 5yrs is too long we should have parliamentary elections every two yrs and presidential every 4yrs whatever the cost its better than the price we are now paying of having pigs snoozing in parliament at our expense....

Sir Alex

Anonymous said...


Mwarang'ethe said...

Sir Alex wrote that:

If what Sam says about equity is even half true then why did we elect these idiots, when will they do anything for the people? The conclusion here is that 'democracy' is rubbish, this system of electing mps is crap, 5yrs is too long we should have parliamentary elections every two yrs and presidential every 4yrs whatever the cost its better than the price we are now paying of having pigs snoozing in parliament at our expense....

Our response:

Shorten the elections to 6 months if you want. It shall make no difference. Political vote in debe bwana tuu.

Once you have cast your useless political vote, the economic vote shall always have the last word.

And, thats the way it shall be until humanity understands how to constitute a govt. as a SERAVNT and not as a MASTER as it was the intention of the French and American revolutions.

Anonymous said...

I can never understand sam, one day he is a nationalist, another day he is a tribalist. may the real sam stand up,

Anonymous said...

the truth hurts!
We need people who sick to the true facts...dint you ever hear that equity atm's ask how much you want in kikuyu!
nothing against kikuyu's but WE ALL KNOW equity is synonymous with a cerrtain tribe.
remember what you ignore today will come back to haunt you later

Anonymous said...

Okello, Phil, Taabu - What do they have in common?

Okello, Phil, Taabu - Who do you hate with passion?

Okello, Phil and Taabu - When time comes to judge your role in breaking Kenya and entrenching tribalism and politics of seclusion and hatred - How will our maker Judge you?

Bright guys - thriving in the murky waters of yester year - Guys - Kenya has moved on!

Mzee wa Kijiji

Jaluo Tero Buru said...

Sam Okello, Phil & the rest of your jaluo supporters continue thinking with your foreskins. As Kikuyu's make money you continue with this hatred you have which blinds you to meritocracy. You my friends shall never triumph in anything. I am very happy your kind shall never rule Kenya. Even if we have to rig elections a million times to keep you out we will do so. Now I understand why Kikuyu Presidents and even Moi could not tolerate your kind. The reason is simple you think with your foreskins. If you are a man delete this comment because I know it hurts you alot but you deserve it soooo much. Before posting such crap again I suggest you go wash your foreskin.

Anonymous said...

Isn't the "foreskin" argument or invocation so "yesterday"?

To Jaluo Tero Buru, you water down any point or argument once you invoke such shallow notions on men's genitalia.


Let's leave that topic to our beautiful Kenyan sisters, shall we!

As an aside, Kikuyu presidents have ridden on the backs of the so-called "foreskin bearers" to get to that house on the hill, without whom we would still be a British Colony or singing "baba tawala, ohh baba tawala."

Anonymous said...

Phil 8/18/09 8:49 AM:
Thanks for your well balanced and illuminating comments.
This "ku nyakua" attitude is sending .Ke on the way to ruin.
I ronically these selfish/unfair gains will be lost when things go bad just as happened in PEV. i.e. in the rest of .Ke as marginalised groups rise up and in central by marginalised poor "mungikinising".....
Only a "fair" (not equal)society can engender the prerequisite stability necessary for prosperity.

Anonymous said...

Lack of water and electricity is a question of ecology.

What kind of a stupid statement is this?

Anonymous said...

The real sam okello is a balanced nationalist

Anonymous said...

profound words of wisdom from a book thief. Ho many kenyans from other communities are employed at East African Spectre?

Anonymous said...

okello your name in the waki envelop?

Anonymous said...

The only good thing is that nobody believes this bogus Kumekucha blog.

Anonymous said...

Hey quit and form a luo bank, you have the right. But can you? can luos build something as wonderful as equity? that has won accolades world over? FUCK YOU

Anonymous said...

Which is worse, having YOUR business with your tribesmen or Govt positions with your kinsmen? why did raila appoint 50% of "his" cabinet with luos?

Anonymous said...

Pumbavu ! do some research Equity opened its first branch in muranga most of its customers are mainly from central which is reflected in its lending and be knowing that it survived the moi error it does not need political patronage to survive!
You have conveniently forgotten when big banks kicked out small depositors it was equity that stepped in. You can't resiist the urge to destroy success its called crab mentality.
If you are so dissatisfied with equity ask Raila to start a bank he has the wealth and clout you can he can also ask you guys to raise funds like he did with the malasses plant ...ooops I forgot he kept the plant for himself.... perhaps the those funds, if they still exist, could be used to set up a bank to break gema monopoly of capital
PS the last i checked barclays, standard, ABN, baroda and I&M bank were not central owned, monopoly indeed !

shakes said...

someone says he's gona send this blogpost to the police. this is one avenue through which we can complain when things arent right in the society.kwani you people think its only through equity? no' these people want to literally take controll of every institution in this country. i noticed a similar thing and closed my account with this bank in december last year. wamezidi.

Anonymous said...

It was certainly interesting for me to read that post. Thanks for it. I like such topics and anything that is connected to this matter. I definitely want to read a bit more on that blog soon.

Anonymous said...

Keep on posting such articles. I like to read articles like that. Just add some pics :)

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