Equity Group is reportedly considering separating its main fintech arm, Finserve Africa, from the main business.
This move has come after the exit of key Finserve managers. Most recently its head, Jack Ngare, left to join Microsoft’s research and development establishment, The Africa Development Center.
Eric Karobia, the Executive Director exited the company in favor of heading up Airtel Money’s operations in Uganda.
According to an insider speaking to Bloomberg, the fintech is unlikely to meet its USD 22 million revenue projections for its first year. This is likely the reason its parent company, Equity Group, is looking to separate its operations with the fintech.
Finserve was a key player in the development of Equity’s mobile banking service, Equitel.
It also provides a number of innovative financial products such as Jenga API, Jenga Payment Gateway, Equitel, and mKey.
More to follow soon…
